Gold futures are trading at their lowest levels since early August and are on track for a weekly loss of 1%. The yellow metal has been affected by a rising US dollar, stemming from positive gross domestic product (GDP) data.
December gold futures rose $1.20, or 0.15%, to $1,271.50 per ounce at 14:51 GMT on Friday. Gold’s settlement on Thursday was the lowest finish since the beginning of August. Gold prices are now poised for a weekly decline of about 1%.
Silver, the sister commodity to gold, is in the red to close the trading week. December silver futures tumbled $0.07, or 0.42%, to $16.74 an ounce. The white metal is set for a weekly loss of just 0.6%.
The US dollar climbed 0.30% on Friday, hitting its best level since July 20. The greenback is on track for a weekly increase of 1.2%, thanks to the Japanese election results, calmer domestic politics, and positive economic numbers. A stronger dollar is bad for
Investors are agog as new US government data reported a 3% GDP gain in the third quarter. Analysts had initially projected a 2.4% increase in the
Traders also say that the greenback’s recent jump can be attributed to the US central bank’s next pick. Whether it is former Fed Governor Kevin Warsh or current Fed Governor Jerome Powell, analysts aver that the pace of rate hikes will either quicken or stay the same in 2018. President Donald Trump said that he will make an announcement next month before his trip to Asia.
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