As aggressive interest rate hikes by the U.S. Federal Reserve and commitment to deliver more have reduced metal's appeal to Yielding zero, gold prices were ready on Friday, September 30, 2022 for their biggest quarterly fall since the start of 2021.

Aggressive interest rate hikes by the U.S. Federal Reserve and commitment to deliver more have reduced the appeal of zero-yield metal . The Dollar Index fell from a 20-year high and made the metal cheaper for buyers holding other currencies, while spot gold rose 0.1% to $1,661.04 per ounce, at 04:05 GMT.

Similarly, the gold price rose 1% this week after two consecutive weeks of decline despite falling by around 8% so far in the quarter. For their part, American gold futures rose 0.1% to $1,673.10.

According to City Index analyst Matt Simpson “Already, gold's bullish momentum is fading.” “He also paused in a later consolidation zone around the $1,660/$1,680 zone. Unless we see another lower leg for the dollar, then the rise could be limited for gold,” he said.

Platinum fell 0.2% to $863.28 while cash remained stable at $18.81 per ounce and both metals headed for their second quarterly decline consecutive. For its part, palladium fell by 0.8% to $2,182.69. However, it has increased by around 13% so far in the quarter.