Gold futures are tumbling to finish off the trading week, leading to a weekly loss for the yellow metal. Gold prices are taking a hit because of a rallying US dollar, but their losses were capped on lower expectations that the US central bank will move ahead with its planned increases to interest rates next year.
February gold futures slipped $8.70, or 0.7%, to $1,238.70 per ounce. Gold is on track for a weekly decline of about 1.2%, bringing its
Silver, the sister commodity to gold, is also edging lower at the end of the trading week. March silver futures plummeted $0.26, or 1.75%, to $14.595 per ounce. The white metal will record a weekly drop of 0.7%, leading to a 2018 decrease of 13%.
Precious metals are getting clobbered on a strengthening US dollar as the greenback surged 0.53% to 97.60. It is set for a weekly jump of roughly 1.1%. A stronger buck is bad for
This year, investors have poured into the dollar, using the currency as a
But gold may find momentum in a dovish Federal Reserve as the market does not anticipate the Eccles Building will keep up with its planned rate hikes next year. While the Federal Open Market Committee (FOMC) is poised to raise rates next week for the fourth time this year, recent remarks and economic data suggest that the Fed will take a less aggressive approach in 2019.
In other metal commodities, January copper futures shed $0.015, or 0.55%, to $2.75 a pound. January platinum futures dropped $9.50, or 1.19%, to $788.00 an ounce. January palladium futures cratered $27.70, or 2.33%, to $1,163.00 per ounce.
If you have any questions and comments on commodities today, use the form below to reply.