Gold Sees the Lowest Worldwide Over US interest Hike Fears

Iraqi Dinar 123 News:– On Monday, the World Gold showed its lowest level in last consecutive four weeks. The continuous downfall in the month of October 2015 bounded the investors. The important point is that interest rates have been increased this year by the U.S Federal Reserves. This factor decreased the gold price significantly and it was recorded yesterday at 1134.60 U.S dollars per ounce, it is considered as the lowest gold price since 5th October 2015 and the price was at 1141.50 U.S dollars per ounce at that time. Point to be noted that last year weakening in the global economy halted the U.S Central Bank to take a break for increasing their interest rates until next year.

The Iraqi Central Bank arrange a special meeting last week and some major steps were taken in this meeting to make stronger its monetary policy in the inspiring situation of selling the metal. Most of the traders are selling gold since Wednesday when the Iraqi Central Bank amazed them and predicted about an expected rise in the U.S interest rates after a long time. It is important that last Friday gold prices showed a major drop in the last week after at least nine weeks. The other metals also showed a significant decline and recorded that silver decreased at 0.4 percent to 15.46 U.S dollars per ounce, Platinum decreased 1.1 percent to 971 U.S dollars per ounce and Palladium decreased 0.9 percent to 667.3 U.S dollars per ounce.

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