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