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Gold Gains, Still Poised for Small Weekly Loss

Summary:
Gold futures are rising to finish the trading week, but they are still on track for their first weekly loss since the middle of January. The yellow metal has been posting modest gains on dovish central banks, but the rally has mostly been capped by a strengthening US dollar this week. April gold futures rose .80, or 0.29%, to ,318.00 per ounce at 14:31 GMT on Friday. Gold prices are poised for a tepid weekly decline of 0.3%, though they are still up more than 2% year-to-date. Silver, the sister commodity to gold, is mirroring gold’s performance to close the trading week. March silver futures tacked on %excerpt%.055, or 0.35%, to .77 an ounce. The white metal, which has advanced 1.3% so far this year, is getting ready to record a weekly drop of 0.9%. Precious metals are seeing their

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Gold futures are rising to finish the trading week, but they are still on track for their first weekly loss since the middle of January. The yellow metal has been posting modest gains on dovish central banks, but the rally has mostly been capped by a strengthening US dollar this week.

April gold futures rose $3.80, or 0.29%, to $1,318.00 per ounce at 14:31 GMT on Friday. Gold prices are poised for a tepid weekly decline of 0.3%, though they are still up more than 2% year-to-date.

Silver, the sister commodity to gold, is mirroring gold’s performance to close the trading week. March silver futures tacked on $0.055, or 0.35%, to $15.77 an ounce. The white metal, which has advanced 1.3% so far this year, is getting ready to record a weekly drop of 0.9%.

Precious metals are seeing their increases capped on a rising US dollar as the greenback rose 0.02% to 96.58. The dollar is on track for a weekly boost of more than 1%. A stronger buck is bad for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase.

The metals market is rallying on the recent trend among central banks worldwide. In recent weeks, the major central banks have turned dovish, including the Federal Reserve, the European Central Bank, the Reserve Bank of Australia, and the Bank of England. Most of these central banks have also lowered their economic outlooks on downbeat data and projections, primarily because of global trade tensions and uncertainty surrounding a US-China trade deal.

Chinese President Xi Jinping and President Donald Trump do not plan to have a meeting before the crucial March 1 deadline that was agreed by both sides to complete a new trade agreement.

Overall, there has been renewed interest in gold this year, but demand has somewhat weakened this week because of concerns pertaining to the world’s second-largest economy, which is also one of the biggest consumers of the precious metal.

Gold has also been affected by initial weekly jobless claims tumbling to 234,000 in the week ending February 2, according to the Department of Labor.

In other metal commodities, March copper futures were unchanged at $2.82 per pound. March platinum futures edged up $1.40, or 0.18%, to $798.70 an ounce. March palladium tacked on $13.40, or 0.99%, to $1,371.50 per ounce.

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Andrew Moran
I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

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