Gold futures are posting modest gains at the end of the trading week after the yellow metal was firmly planted below the crucial $1,200 threshold earlier this week, falling to their worst levels in six weeks. The descent came after the US central bank raised interest rates, meeting market expectations.
December gold futures rose $4.10, or 0.35%, to $1,191.70 per ounce at 14:32 GMT on Friday. The yellow metal is poised for a weekly decline of about 1% and it is set for its longest monthly losing streak since 2016.
Silver, the sister commodity to gold, is also rallying to finish the trading week. December silver futures tacked on $0.34, or 2.36%, to $14.63 an ounce. The white metal is on track to advance 2.1% this week, but it is still down 15% so far in 2018.
On Wednesday, the Federal Reserve raised the key
Gold is generally sensitive to a
The US dollar has been gaining on the policy announcement as the greenback jumped 1.15% this week. A stronger buck is bad for commodities pegged in dollars because it makes it more expensive for foreign investors to purchase.
Meanwhile, President Donald Trump complained this week about China meddling in the upcoming midterm elections, something that has contributed to the escalating trade tensions. Beijing has denied that it is intervening into the campaign, but Trump says that the world’s
Despite the deteriorating trade talks, it has not been bullish for gold, which is typically seen as a
The rest of the metals markets is surging. December copper futures tacked on $0.02, or 0.8%, to $2.80 a pound. December platinum futures added $8.80, or 1.08%, to $823.50 per ounce. December palladium futures rose $6.60, or 0.62%, to $1,077.80 an ounce.
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