Gold prices dropped sharply during Friday’s trading, heading toward a weekly loss, as higher energy prices fueled inflation concerns and reinforced expectations that monetary policy will remain tight. Traders are also awaiting the outcome of the US–China summit.
Meanwhile, the US dollar index rose 0.3% to 99.11 at 08:35 a.m. Makkah time, bringing its weekly gains to more than 1%.
Changes in Precious Metals Prices (Futures Spot)
Metal
Price ($)
Change ($)
Change (%)
Gold (June delivery)
4588.70
96.60
(2%)
Gold (spot)
4567.96
84.02
(1.8%)
Silver (July delivery)
80.64
4.69
(5.5%)
Silver (spot)
78.62
4.91
(5.9%)
Platinum (spot)
2002.52
60.01
(2.9%)
Palladium (spot)
1420.02
30.70
(2.1%)
ANZ Bank lowered its year-end gold price forecast by $200 to $5,600, warning that dollar strength and bond yields will continue to weigh on gold’s recovery, Reuters reported.
Gold prices dropped sharply during Friday’s trading, heading toward a weekly loss, as higher energy prices fueled inflation concerns and reinforced expectations that monetary policy will remain tight. Traders are also awaiting the outcome of the US–China summit.
Meanwhile, the US dollar index rose 0.3% to 99.11 at 08:35 a.m. Makkah time, bringing its weekly gains to more than 1%.
Changes in Precious Metals Prices (Futures Spot)
Metal
Price ($)
Change ($)
Change (%)
Gold (June delivery)
4588.70
96.60
(2%)
Gold (spot)
4567.96
84.02
(1.8%)
Silver (July delivery)
80.64
4.69
(5.5%)
Silver (spot)
78.62
4.91
(5.9%)
Platinum (spot)
2002.52
60.01
(2.9%)
Palladium (spot)
1420.02
30.70
(2.1%)
ANZ Bank lowered its year-end gold price forecast by $200 to $5,600, warning that dollar strength and bond yields will continue to weigh on gold’s recovery, Reuters reported.
