homelandGold prices are heading for their first weekly decline in five weeks, as the dollar’s rise made the metal more expensive for holders of other currencies, and faced support coming from lower US bond yields.
The price of gold settled in spot transactions, today, Friday, at $1807.45 an ounce.
And gold is down 0.2 percent since the beginning of the week. US gold futures settled at $1,806.20.
The dollar index hovered near its highest level in three and a half months against other major currencies, and is heading for the second consecutive weekly rise.
“Gold prices are under pressure because the dollar is hovering around three-month highs, and US stocks have rebounded over the past two days,” said Margaret Yang, analyst at Daily FX. This means that dealers are disregarding concerns about the Corona virus and re-trading on the basis of inflation.”
Giving some support to gold, yields on US Treasuries fell.
Silver also fell 0.2 percent to $ 25.40 an ounce, and is heading for a third weekly decline, in contrast, palladium rose 0.4 percent to $ 2727.94, and platinum settled at $ 1092.71.