{"id":10994,"date":"2023-05-19T12:53:58","date_gmt":"2023-05-19T16:53:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-edges-higher-after-sliding-to-7-week-low\/"},"modified":"2023-05-19T12:53:59","modified_gmt":"2023-05-19T16:53:59","slug":"gold-edges-higher-after-sliding-to-7-week-low","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10994","title":{"rendered":"Gold edges higher after sliding to 7-week low"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002076400\" role=\"document\">\n<p>Gold futures edged higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious metal to their lowest in more than seven weeks.<\/p>\n<p>For the week, gold prices were on track to notch a loss of nearly 3%, which would be the largest weekly loss since October.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for June delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+1.03%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"positive\">+1.03%<\/bg-quote><br \/>\n       gained $2.60, or 0.1%, to $1,962.40 per ounce on Comex, with prices for the most-active contract down about 2.8% for the week.<\/p>\n<\/li>\n<li>\n      Silver futures for July delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+1.79%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+1.79%<\/bg-quote><br \/>\n       rose by 18.2 cents, or 0.8%, to $23.815 per ounce, eying a weekly loss of more than 1%.<\/p>\n<\/li>\n<li>\n      June Palladium<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"positive\">+4.81%<\/bg-quote><br \/>\n        gained $66.30, or 4.6%, to $1,516.50 per ounce, while platinum for July delivery<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+1.66%<\/bg-quote><br \/>\n       rose by $12.10, or 1.1%, to $1,070.30 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for July delivery<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"positive\">+1.11%<\/bg-quote><br \/>\n       advanced by 5.1 cents, or 1.4%, to $3.74 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cSellers wasted no time at all jumping into action and pricing in fast declines into gold after it unexpectedly dropped below $2,000 this week,\u201d Jameel Ahmad, chief analyst at CompareBroker.io, in market commentary. <\/p>\n<p>The U.S. dollar has strengthened for the week, along with higher Treasury yields, has taken the shine off gold in recent days, but a pullback in the greenback on Friday has given gold a chance to recoup some losses. <\/p>\n<p>The ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"negative\">-0.46%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength against major currencies, was off 0.2% at 103.35 in Friday dealings, though still poised for a weekly gain of 0.6%.<\/p>\n<p><strong>Read:<\/strong> Gold\u2019s drop under $2,000 is a buying opportunity, say UBS and other analysts<\/p>\n<p>Short sellers came back once gold traded below $2,000, said Chintan Karnani, director of research at Insignia Consultants, told MarketWatch. A selloff in gold \u201caccelerated this week once the U.S. dollar Index broke past [its] 50-day moving average and 100-day moving average, he said, with the technical breakout in the dollar leading to a \u201ctechnical breakdown in gold.\u201d<\/p>\n<p>Whether gold continues to decline in the short term depends on the trend of the U.S. dollar index, the metal\u2019s inability or ability to trade over its 100-day moving average around $1,927, U.S. nonfarm payrolls numbers on June 2, and physical and investment demand for gold, said Karnani.  <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-edges-higher-after-sliding-to-7-week-low-f01f46e8?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures edged higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious metal to their lowest in more than seven weeks. For the week, gold prices were on track to notch a loss of nearly 3%, which would be the largest weekly loss [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10994","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold edges higher after sliding to 7-week low | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures edged higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious metal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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