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Gold pulls back from more-than-6-year high


Friday, 16 August 2019 20:04 WIB

GOLDEMAS


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Gold pulled back Friday from the latest in a string of more-than-six year highs, but remains on track for a weekly gain.

Gold for December delivery on Comex fell $9.60, or 0.6%, to $1,521.69 an ounce, while September silver was off 6.4 cents, or 0.4%, to $17.15 an ounce.

Gold is up around 1% for the week and have rallied 5.9% so far in August as an intensifying U.S.-China trade war and growing worries over the global economy saw investors pile into haven assets. The related rally in Treasurys, sending down yields, further reinforced gains for gold, analysts said, by reducing the opportunity cost of holding the metal.

In other metals trade, October platinum fell $6.10, or 0.7%, to $835.90 an ounce, while September palladium rose $1.90, or 0.1%, to $1,440.50 an ounce.

September copper fell 0.2% to $2.5895 a pound.

Source: marketwatch


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