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Gold futures fall 3.2% for the week, largest weekly loss in over 2 years


Saturday, 9 November 2019 02:18 WIB

GOLDEMAS Spot Emas


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Gold futures declined on Friday to tally a loss of 3.2% for the week, the largest such loss in more than two years. Gains this week in the U.S. stock market and Treasury yields, as well as strength in the dollar, pressured demand for haven gold as traders weighed potential progress in U.S.-China talks toward phase one of a trade deal.

"For gold investors, it could have been worse, but bias is still towards downside," said Jeff Wright, executive vice president of GoldMining Inc. "Next week could be choppy, and I think gold will retest this week's lows."

December gold  lost $3.50, or 0.2%, to settle at $1,462.90 an ounce. That was the lowest most-active contract finish since Aug. 2, according to FactSet data. Prices suffered their largest weekly percentage loss since May 2017.

Source : MarketWatch


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