Gold futures are failing to rise to close out the trading week, despite disappointing jobs numbers for September and President Donald Trump contracting the coronavirus. Although the precious metal is trading in the red on Friday, gold prices will record a substantial weekly gain. Can gold stay above $1,900 this month?
December gold futures tumbled $7.30, or 0.38%, to $1,901.10 per ounce at 16:08 GMT on Friday on the COMEX division of the New York Mercantile Exchange. The yellow metal will enjoy a weekly surge of about 2.4%, adding to its
Silver, the sister commodity to gold, fell below $24 to end the trading week. December silver futures shed $0.309, or 1.25%, to $23.95 an ounce. The white metal will finish the week up more than 4%, lifting its 2020 gain to nearly 34%.
The precious metals could not rally amid developments that would traditionally be positive for gold and silver.
In September, the US economy added 661,000 new jobs, falling short of the median estimate of 850,000. The unemployment rate did, however, decrease from 8.2% to 7.9% last month. This came after initial jobless claims declined to a
Prices failed to take advantage of the
The metal markets potentially failed to surge because of a rising greenback. The US Dollar Index, which measures the greenback against a basket of currencies, rose 0.21% to 93.91, from an opening of 93.73. A stronger buck is bad for
In other metal assets, December copper futures soared $0.1085, or 3.79%, to $2.974 per pound. November platinum futures dropped $17.50, or 1.93%, to $888.50 an ounce. November palladium futures shed $13.20, or 0.57%, to $2,315.00 per ounce.
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