🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

PRECIOUS-Gold slips from one-week peak as dollar recovers

Published 2020-09-10, 09:21 p/m
© Reuters.
XAU/USD
-
XAG/USD
-
DX
-
GC
-
SI
-
PA
-
PL
-
DXY
-

Sept 11 (Reuters) - Gold prices fell on Friday after a sharp rise in the previous session as the dollar regained lost ground, although doubts over a swift global economic recovery kept bullion on track for a weekly gain.

FUNDAMENTALS

* Spot gold XAU= was down 0.3% at $1,947.41 per ounce by 0058 GMT, after hitting its best level since Sept. 2 at $1,965.94 on Thursday. Gold has gained 0.8% so far this week.

* U.S. gold futures GCv1 fell 0.5% to $1,955.30.

* The dollar index .DXY held firm against its rivals, recovering from a drop against the euro in the previous session. A stronger greenback makes gold more expensive for holders of other currencies. USD/

* Asian markets were expected to fall on Friday in response to declines in technology stocks that began last week and growing concerns about another round of negotiations on the UK's departure from the European Union. MKTS/GLOB The European Central Bank left policy unchanged on Thursday. L8N2G717H

* The U.S. Senate on Thursday killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing. The number of Americans filing new claims for unemployment benefits hovered at high levels last week, suggesting the labor market recovery from the COVID-19 pandemic was stalling. Investors now await British GDP data and U.S. inflation numbers due later in the day for further clarity on the progress of the global recovery from a coronavirus-induced economic slump.

* Silver XAG= fell 0.3% to $26.84 per ounce, platinum XPT= eased 0.1% to $925.59 and palladium XPD= lost 0.4% to $2,283.72.

DATA/EVENTS (GMT) 0600 UK

GDP Est 3M/3M

July 0600 UK

GDP Estimate MM, YY

July 0600 UK

Manufacturing Output MM July 1230 US

CPI MM, SA

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.