Gold futures slipped below ,900 to finish the trading week, potentially giving the yellow metal a weekly loss. Gold prices have seesawed around the ,900 mark for weeks, driven primarily by on-again, off-again coronavirus stimulus and relief negotiations. In the background, investors are trading the precious metal based on the resurgence in coronavirus cases, the US dollar, and uncertainty surrounding the 2020 presidential election. December gold futures tumbled .00, or 0.26%, to ,899.60 per ounce at 16:11 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold is on track for a tepid weekly loss of 0.2%, paring its year-to-date rally to below 25%. This is the second straight week gold has slumped. Silver, the sister commodity to gold, is ending the week below
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Gold futures slipped below $1,900 to finish the trading week, potentially giving the yellow metal a weekly loss. Gold prices have seesawed around the $1,900 mark for weeks, driven primarily by
December gold futures tumbled $5.00, or 0.26%, to $1,899.60 per ounce at 16:11 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold is on track for a tepid weekly loss of 0.2%, paring its
Silver, the sister commodity to gold, is ending the week below $25. December silver futures dropped $0.064, or 0.26%, to $24.645 an ounce. The white metal has advanced 1.5% on the week, adding to its 2020 surge of 38%.
Although gold prices had topped $1,917 in intraday trading, they wiped out their gains on doubts regarding another
The latest fiscal developments sent the leading stock benchmark indexes lower, led by the Dow Jones Industrial Average’s 100-point slide. The bond market was higher on Friday, with some
A weaker greenback supported gold and silver prices. The US Dollar Index, which gauges the greenback against a basket of currencies, tumbled 0.09% to 92.87, from an opening of 92.93. A lower buck is good for
In industry data, the central banks were net sellers of gold in the third quarter for the first time in a decade, and China and Russia were absent in their usual purchases. Overall, physical demand decreased by 30%
Cameron Alexander, director of precious metals research at Refinitiv, remained optimistic about gold’s outlook in a recent research note:
The underlying macroeconomic conditions such as economic headwinds, the low interest rate environment, ongoing tension between the United States and China, rising inflationary expectations and the looming second wave of COVID-19, remain highly favourable for gold in the
In other metal markets, December copper futures dipped $0.019, or 0.6%, to $3.1345 a pound. December platinum futures added $30.00, or 3.39%, to $914.00 per ounce. November palladium futures shed $6.60, or 0.28%, to $2,389.30.
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