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Gold Pulls Back but Set for Biggest Weekly Gain Since 2008


Friday, 27 March 2020 20:18 WIB

GOLDEMAS


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Gold futures pulled back Friday, but remained on track for the biggest weekly rise in more than 11 years in a rebound fueled in part by a weaker U.S. dollar and concerns about disruptions in the physical market.

Gold for April delivery on Comex fell $33.30, or 2%, to $1.617.90 an ounce, while May silver dropped 22.6 cents, or 1.7%, to $14.45 an ounce. For the week, gold is up nearly 9%, which would mark the biggest weekly rise since December 2008, according to FactSet.

A retreat by the U.S. dollar Thursday after last week's surge was also a positive for gold. A weaker dollar can be supportive for commodities priced in the unit, making them cheaper to users of other currencies. After surging last week amid a global scramble for dollars, the greenback retreated this week, with the ICE U.S. Dollar Index off more than 3% for its biggest one-week drop since 2009.

Source : Marketwatch


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