Saturday, 22 September 2018 01:13 WIB |
PRECIOUS METALS |GOLDEMAS
Gold prices settled firmly lower Friday, but managed to eke out a razor-thin weekly gain, as a burst higher for U.S. stocks and a renewed climb for the U.S. proved too much for bullion to overcome.
December gold finished the session off by $10, or 0.8%, at $1,201.30 an ounce, marking its lowest level since last Sept. 14, but it was enough to eke out a gain of less than 0.1%.
Friday's fall for gold came as the Dow Jones Industrial Average extended its romp in to record territory after the blue-chip benchmark booked its first all-time closing high since Jan. 26 on Thursday, underscoring optimism about the U.S. economy that has helped to overshadow--at least for the moment--worries about trade-clashes between the U.S. and China. The S&P 500 index also traded higher Friday, adding to its first record on Thursday since Aug. 29. Gains of equities, considered risky assets, compared against gold, suggests that investors are becoming less fearful about an unexpected geopolitical or economic hit.
Declines for the commodity also come as the dollar rose, with a popular dollar index, the ICE U.S. Dollar Index gaining 0.3%, at 94.25. A stronger dollar can weigh on assets priced in the currency, making them less attractive to buyers using other monetary units.
Source : Marketwatch