Getty Images Gold prices ended with a loss on Friday to log their first weekly decline in three weeks, as overall strength in U.S. currency weighed on dollar-pegged metals.
Gold is down for the week “thanks to an appreciating U.S. dollar,” said Lukman Otunuga, senior research analyst at FXTM. Overall, “it has been another range-bound week for gold thanks to fluctuating expectations over the U.S. fiscal stimulus, rising coronavirus cases across the world and jitters ahead of the U.S. elections.”
“The precious metal is clearly waiting for a fresh directional catalyst to make the next major move either up or down,” he told MarketWatch.
December gold GOLD, -0.29% GCZ20, -0.23% rose $2.50, or 0.1%, to settle at $1906.40 an ounce after rising less than 0.1% on Thursday. Prices Thursday had touched an intraday low of $1,892.70, highlighting fitful trade for bullion on the week.“Should $1,890 prove to be reliable support, prices may […]
October 26, 2020 (updated October 26, 2020) Published by StockMan