empty
 
 

2020.09.2518:56:00UTC+00Gold Futures Settle Lower, Sheds Nearly 5% In Week

Gold prices drifted lower on Friday, posting losses for the fourth session this week, as the dollar gained in strength, recovering after exhibiting some weakness a day earlier.

The dollar index rose to 94.74, a new two-month peak, a little before noon, and pared some gains subsequently. It was last seen hovering around 94.60, up 0.26% from previous close.

The dollar has been making steady progress on safe-haven appeal amid rising worries about the virus pandemic and its impact on global growth.

Gold futures for December ended down $10.60 or about 0.6% at $1,866.30 an ounce, the lowest close in two months. For the week, gold futures shed about 4.9%, the most in a week in more than 6 months.

Silver futures for December ended lower by $0.103 or 0.4% at $23.093 an ounce, while Copper futures settled at $2.9710 per pound, gaining $0.0030 or about 0.1%.

Meanwhile on the virus relief bill front, the House Democrats are reportedly working on a $2.4 trillion relief proposal. House Speaker Nancy Pelosi is said to have reiterated her willingness to neogiate with the White House to find an agreement.

According to a report released by the Commerce Department this morning, durable goods orders climbed much less than expected in the month of August.

The report said durable goods orders rose by 0.4% in August after soaring by an upwardly revised 11.7% in July.

Economists had expected durable goods orders to surge up by 1.5% compared to the 11.4% spike that had been reported for the previous month.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback