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Thursday, May 26, 2022

Metals Prices Struggle as Gold Set for Massive Weekly Slump

Metals Prices Struggle as Gold Set for Massive Weekly Slump© Reuters. Gold prices were set to post their worst week since April last year.

Investing.com – Gold prices Friday were set to post their biggest weekly slump since April last year as fears over a slowdown in China and a stronger dollar wreaked havoc in metals earlier this week.

for August delivery on the Comex division of the New York Mercantile Exchange rose by $0.40, or 0.08%, to $1,184.80 troy ounce.

The rise in gold prices Friday arrived as the dollar gave up some of its earlier-week gains to trade roughly flat on the week.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.39% to 96.20.

Gold prices, however, struggled to claw back heavy losses suffered during week and remained on track to post its biggest weekly slump since April last year.

Gold tumbled more than 1% on Monday, pressured by a middday rally in the dollar to a fresh yearly high and concerns about slowing growth in China amid a negative slew of economic data.

Gold is sensitive to moves higher in the U.S. dollar. A stronger dollar makes gold more expensive for holders of foreign currency, reducing investor demand for the precious metal.

Beyond China, economic frailties in Turkey triggered fears of contagion amid a rout in emerging markets, which also kept a lid on gains in the wider metals as copper fell into bear-market territory Wednesday.

rose 0.67% to $2.63, while rose 0.13% at 2,380.25.

fell 0.22% to 2,033.75, while rose 1.67% to 13,552.50.

rose 0.56% to $14.63 a troy ounce, while lost 0.59% to $779.90.

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Source: Investing.com

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