🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

PRECIOUS-Gold set for worst week in over a month on dollar strength

Published 2020-09-24, 09:41 p/m
© Reuters.
XAU/USD
-
XAG/USD
-
DX
-
GC
-
SI
-
PA
-
PL
-
DXY
-

Sept 25 (Reuters) - Gold inched lower on Friday, pressured by a firm dollar, and was on track for its worst week in over a month, although renewed hopes of more U.S. stimulus measures limited the decline.

FUNDAMENTALS

* Spot gold XAU= fell 0.2% to $1,864.47 per ounce by 0113 GMT. Prices are down 4.4% so far for the week.

* U.S. gold futures GCv1 were down 0.4% to $1,870.30.

* The dollar index .DXY is up 1.5% for week, its best since early-April. USD/

* A firmer dollar makes bullion more expensive for holders of other currencies.

* As much as $380 billion from the U.S. Congress' last big coronavirus aid package is unused and could help households and businesses if lawmakers approve, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin said on Thursday. Democrats in the U.S. House of Representatives are working on a $2.2 trillion coronavirus package that could be voted on next week. Global central banks have rolled out massive stimulus and slashed interest rates to near zero to counter the economic damage from the pandemic, helping gold climb over 20% this year.

* The number of Americans filing new claims for unemployment benefits unexpectedly increased last week, supporting views the economic recovery was running out of steam. China's monthly net gold imports via Hong Kong edged lower in August, data showed, although a slight improvement in domestic demand pushed total imports to a five-month high. China's Shanghai Gold Exchange said investors should prepare risk contingency plans, raise awareness of risks, manage positions and invest rationally amid price fluctuations in gold and silver prices and ahead of long national holidays. Silver XAG= fell 1.1% to $22.95 per ounce, platinum XPT= was down 0.3%, to $846.72 and palladium XPD= was flat at $2,226.44.

DATA/EVENTS (GMT)

1230 US Durable Goods Aug

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.