Fed's interest rate policy makes gold cheaper

16:36 - 7.07.2023

July 7, Fineko/abc.az. Fed’s expectations to raise interest rates also devalued gold for the fourth week in a row.

ABC.AZ reports that the precious metal suddenly lost 7% in price after it approached its historical maximum in early May.

This is due to the fact that a number of data published in the U.S. over the past month suggested that the Fed would raise interest rates to curb inflation.

Currently, gold is sold at the price of $1,914 per ounce.