Gold reached the lowest level since 2010 due to expectations of fed rate hike


Moscow. November 27. The price of gold during trading on Friday fell to its lowest level in more than five years amid growing expectations of an increase of the basic interest rate of the Federal reserve system (the fed) in December, Bloomberg reported.

Platinum fell almost to the lowest level in 7 years.

The spot price of gold during trading fell by 1.5% to $1056,48 per Troy ounce, its lowest level since February 2010. A decrease has been observed for the 6th consecutive week.

In 2015, gold has lost nearly 10% value in connection with predictions that stabilization of the U.S. economy will push fed officials to raise interest rates.

In this case, the quotation of the contract for platinum for immediate delivery fell 1.8% to $837,33 per ounce, the lowest level since December 2008. The price of palladium decreased 1% to $55,05 per ounce.

On Friday, traders estimate the probability of the first for more than 9 years of the fed rate hike in December to 74% against 72% on Thursday. The US dollar gained 0.2% against a basket of major currencies of developed countries.