Saturday , December 7 2019
Home / Commodity Blog / Gold Falls on China Trade Deal Hopes, Still Poised for Weekly Gain

Gold Falls on China Trade Deal Hopes, Still Poised for Weekly Gain

Summary:
Gold futures are trading lower at the end of the trading week, buoyed by hopes that the US and China are poised for a trade agreement. As administration officials touted progress, the market was sold on the sentiment, lifting the leading stock indexes to fresh record highs. The yellow metal’s losses were capped by a weaker US dollar. December gold futures tumbled .60, or 0.38%, to ,467.80 per ounce at 16:59 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold prices are on track for a weekly boost of 0.55%, lifting their year-to-date gains above 14% again. Silver, the sister commodity to gold, slipped below the  mark to finish off the trading week. December silver futures fell %excerpt%.065, or 0.38%, to .965 an ounce. The white metal will record a weekly

Topics:
Andrew Moran considers the following as important:

This could be interesting, too:

Andrew Moran writes Gold Settles Lower on Upbeat US Manufacturing, Capped by Trade Woes

Vladimir Vyun writes Video: Weekly Commodity Forecast – Gold, Palladium Silver, Crude Oil for December 2– 6, 2019

Marc Chandler writes The Dollar Continues to Flirt with Key Chart Points

Andrew Moran writes Gold Quiet on Thanksgiving as US-China Trade Concerns Intensify

Gold futures are trading lower at the end of the trading week, buoyed by hopes that the US and China are poised for a trade agreement. As administration officials touted progress, the market was sold on the sentiment, lifting the leading stock indexes to fresh record highs. The yellow metal’s losses were capped by a weaker US dollar.

December gold futures tumbled $5.60, or 0.38%, to $1,467.80 per ounce at 16:59 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold prices are on track for a weekly boost of 0.55%, lifting their year-to-date gains above 14% again.

Silver, the sister commodity to gold, slipped below the $17 mark to finish off the trading week. December silver futures fell $0.065, or 0.38%, to $16.965 an ounce. The white metal will record a weekly advance of at least 1%. So far this year, silver is up more than 9%.

On Friday, speaking at the Council on Foreign Relations (CFR), White House economic advisor Larry Kudlow said that Beijing and Washington have enjoyed constructive negotiations. While he did note that a deal is on the horizon, Kudlow refrained from giving further details.

We’re getting close. The mood music is pretty good, and that has not always been so in these things.

He also said that President Donald Trump “likes what he sees, he’s not ready to make a commitment, he hasn’t signed off on a commitment for phase one, we have no agreement just yet for phase one.”

Despite the same language being used for the last 18 months, financial markets still bought into the positivity. The Dow Jones posted triple-digit gains and helped the index reach a new all-time high. The Nasdaq Compositive and the S&P 500 also enjoyed new record highs, rising 0.7% and 0.6%, respectively on Friday. The gains were supported by a better-than-expected jump in retail sales in October as they popped 0.3%, but traders were concerned that purchases of big-ticket items slumped last month.

The US dollar declined 0.18% to 97.99, from an opening of 98.17. A weaker buck is good for dollar-denominated commodities because it makes it cheaper for foreign investors to purchase.

In other metal markets, December copper futures climbed $0.0175, or 0.67%, to $2.64 per pound. December platinum futures surged $12.00, or 1.36%, to $894.80 an ounce. December palladium futures shed $19.10, or 1.12%, to $1,683.00 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.


© AndrewMoran for Commodity Blog, 2019. | Permalink | No comment | Add to

Better Feed from Ozh

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

Leave a Reply

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