Gold futures are ending the trading week in negative territory. Following a pledge made by US President Donald Trump to make a tax announcement soon, which helped the US dollar climb and increase expectations that the Federal Reserve will move ahead with raising interest rates, gold prices dipped, but it will still finish with a weekly gain.
April gold futures tumbled $1.40, or 0.11%, to $1,235.40 per ounce at 16:42 GMT on Friday. Despite the
Silver, meanwhile, is rallying to finish the trading week. March silver futures rose $0.23, or 1.30%, to $17.97 per ounce. Silver will also post a weekly gain of 2.8%.
Both gold and silver are starting off 2017 on a high note. Gold has soared roughly 7%
The yellow metal is sputtering on Friday because of reports that the US president will make a major tax announcement. Many expect that President Trump will outline a series of
Reports helped fuel gains in the US dollar as it advanced 0.2%. The greenback has shed approximately 3% in 2017 due to the new administration implementing a weak dollar policy, a reversal from the 1990s when the US government adopted a strong dollar policy. A higher dollar makes commodities like gold and silver more expensive for foreign investors to purchase.
Meanwhile, traders are more confident that the US central bank will pull the trigger on a rate hike sooner rather than later, especially because of the latest positive economic data. It was reported that initial jobless claims had fallen last week to a 43-year low, a data point that was largely unexpected.
Gold is sensitive to a
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