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Gold stumbles to start the week as dollar edges higher


Monday, 6 August 2018 19:10 WIB

GOLDEMAS SPDR Gold TrustSILVER


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Gold futures traded lower on Monday as the U.S. dollar gained early traction, weighing on the precious metal that has been hovering near 2018 lows.

December gold was $5.50, or 0.5%, lower at $1,217.50 an ounce, after prices for the most-active December contract logged a weekly loss of roughly 0.8% to close out Friday trade. That was the fourth straight weekly loss for the metal.

September silver meanwhile, shed 11 cents, or 0.7%, to $15.355 an ounce. The commodity booked a 0.2% loss for the week ended Friday.

The yellow metal's decline comes as the buck, as gauged by the U.S. ICE Dollar Index was trading up by about 0.15%. A stronger dollar can make gold, and other dollar-pegged commodities, more expensive to buyers using other currencies.

Trading in commodities have come amid a focus on global trade tensions, which have helped to buoy the dollar and pressure gold and silver lower.

On Friday, China threatened to impose tariffs, ranging from 5% to 25%, on $60 billion of U.S. goods. The penalties would add to the $50 billion in U.S. goods on which Beijing already has imposed or said it would impose tariffs.

Among the popular metals ETFs, the SPDR Gold Trust closed out last week’s trade down 0.7%, while the iShares Silver Trust logged a weekly decline of 0.3%.

Source : Marketwatch


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