• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Commodities

Gold suffers worst week in 15 months 

Ajibola Akamo by Ajibola Akamo
June 19, 2021
in Commodities, Markets, Spotlight
Why Gold's demand is so high right now, within the range of $2,000 an ounce
Share on FacebookShare on TwitterShare on Linkedin

Gold suffered its worst week since the 2020 Covid-19 outbreak as its price declined by 6% as a result of the US Federal Reserve’s (FED) expedited timetable for rate hikes and stimulus tapering. The announcement by the FED generated fear which caused Gold to plummet amidst a stronger dollar index. 

Gold futures on New York’s Comex settled at $1,769 per ounce on Friday, after declining 0.3 for the day. For the week, Gold declined by $110, representing a 5.9% drop, the biggest drop in Comex gold since the week ended March 6, 2020. The spot price of gold closed the week at $1,765.53 representing a 0.4% drop on Friday. For the week, Gold dropped by $111, which represents an approximately 6% decline. 

READ: Iran bans Bitcoin Mining

RelatedStories

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 

Bitcoin drops below $100,000 following FOMC Fed cut rates  

December 19, 2024
US Federal Reserve slashes interest rates by 0.5% as Nigeria awaits return of foreign investors 

US Federal Reserve slashes interest rates by 0.5% as Nigeria awaits return of foreign investors 

September 18, 2024

What caused the decline?

The Federal Reserve signaled at the end of its monthly FOMC (Federal Open Market Committee) meeting on Wednesday that it will raise interest rates at least twice by the end of 2023 to 0.6% from current levels of zero to 0.25%. 

The FED also said it was looking out for data on when to start tapering its monthly asset purchase of $120 billion. The central bank has been buying at least $80 billion in treasury bonds and $40 billion in mortgage bonds to support credit markets and the economy since the COVID-19 outbreak last year. 

READ: U.S dollar stays fairly stable amid rising U.S Treasury yields

Although the move by the FED was anticipated, it still managed to generate more market panic than necessary, sending the Dollar Index rallying on the rate hike expectations and hammering commodities priced in the currency in the process. This news has also affected the stock market and the controversial cryptocurrency market as Bitcoin traded below $36,000 as of the time of writing this report.

Short sellers in Gold loaded up massively after the FED’s announcement, despite U.S. weekly jobless claims on Thursday that had been supportive to gold. 

Ed Moya, an analyst at online trading platform, OANDA stated, “The reflation trade is no more and this selling across commodities could see further short-term pressure with gold prices”. 


Follow us for Breaking News and Market Intelligence.
Tags: Federal Open Market CommitteeFOMCGold futuresUS Federal Reserve
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 
Cryptos

Bitcoin drops below $100,000 following FOMC Fed cut rates  

December 19, 2024
US Federal Reserve slashes interest rates by 0.5% as Nigeria awaits return of foreign investors 
Breaking News

US Federal Reserve slashes interest rates by 0.5% as Nigeria awaits return of foreign investors 

September 18, 2024
Naira, Dollar
Blurb

US Fed has signalled its time to cut interest rates; Here is what it means for Nigeria’s exchange rate 

August 23, 2024
Naira , dollar, exchange rate
Currencies

Naira on a 5th losing streak against the U.S. Dollar; Fed interest rate decision takes spotlight

July 31, 2024
Crypto long traders lose $420 million in 24 hours following Bitcoin dip  
Cryptos

Crypto long traders lose $420 million in 24 hours following Bitcoin dip  

June 18, 2024
Global Markets: U.S Fed delivers another rate cut
Cryptos

Crypto market loses $400 million to liquidations as US policy meeting sparks sell-offs

June 13, 2024
Next Post
How Shecluded is providing funding opportunities to female entrepreneurs

How Shecluded is providing funding opportunities to female entrepreneurs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Pump.fun raises $600 million in 12 minutes as memecoin craze heats up again 
  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

Follow us on social media:

Recent News

Pump.fun raises $600 million in 12 minutes as memecoin craze heats up again 

Pump.fun raises $600 million in 12 minutes as memecoin craze heats up again 

July 13, 2025
10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics