Gold posts a loss for the session and week as Powell eases worries about the economy
Saturday, 7 September 2019 01:37 WIB |
PRECIOUS METALS |GOLDEMASSILVER
Gold futures settled lower Friday, giving up earlier gains to post a loss for the week, after Federal Reserve Chairman Jerome Powell offered an upbeat view on the U.S. economy, dulling demand for the haven metal.
Prices had been trading higher before Powell spoke on Friday, finding support after a report on the health of the U.S. labor market came in softer than expected.
In a speech Friday, however, Powell said the job report is a sign of continued strength in the labor market. He also said the outlook for the economy remains favorable and the Federal Reserve is œnot forecasting or expecting a recession.
December gold fell $10, or 0.7%, to settle at $1,515.50 an ounce on Comex, after trading as high as $1,536.20. For the week, the most-active contract fell about 0.9%, according to FactSet data.
Meanwhile, December silver settled lower, losing 68.8 cents, or 3.7%, to $18.119 an ounce, turning lower by 1.2% for the week. That follows a 3.8% tumble Thursday for gold's sister metal, marking the most-active contract™s largest one-day dollar and percentage decline in more than a year.
Source : MarketWatch