Gold News: Gold Set For Biggest Quarterly Drop Since Q3 2014
Gold News
Gold is on track for it’s biggest quarterly drop in a year, making it the fifth consecutive quarter that it’s value has fallen. Traders are looking at U.S. data and a Fed for clues about the economy and the timing of a possible interest rate hike.
Gold is not the only commodity falling, as platinum is heading for its worse quarter since 2008. Platinum went up 0.4% this week but hast still fallen nearly 15% this quarter alone.
According to Capitalist Economics Analyst Simona Gambrani the drop is related to a lack of investments in the Gold and Platinum market. Investors are currently expecting there to be a interest rate hike soon, making it a bad time to get involved in the market. Gold was also impacted by news of Volkswagen’s falsification of U.S. vehicle emission tests, which some investors believe could affect demand for diesel cars.
Spot gold was down 0.3 percent at $1,123.50 an ounce, while Platinum was up 0.4 percent at $916.99 an ounce.
