13.1 C
New York
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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,304FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles