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Gold set for weekly fall

By Lawrence Gash

Gold is set for a weekly drop, marking an end to the Summer’s gold run, CNBC reports.

Gold set for weekly fall

This fall comes in the wake of the dollar reaching multi-week highs against major currencies and some positive economic data.U.S. gold futures were down 0.6% lower at $1,506.01 per ounce.

Spot gold fell by 0.4% to $1,499.22 per ounce at 0744 GMT, declining 1% for the week after a near 2% gain last week.

The dollar’s (USD) near multi-week high comes in light of a potential breakthrough in the ongoing trade war China and the beginning of impeachment proceedings against President Donald Trump overUkraine.

It is historically a safe-haven appeal.European shares also rose on Friday, with the weaker pound causing London stocks to outperform.Trade uncertainty has helped the bullion gain about 17% so far this year.

Silver fell 1.34% to $17.56 per ounce, platinum down 0.2%, at $928.34 per ounce and palladium fell 0.5% to $1,659.54 per ounce.

China’s leading diplomat said on Thursday that Beijing was willing to buy more U.S. products and “take more enthusiastic measures” to show goodwill and reduce “pessimistic language.”

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

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