{"id":11626,"date":"2023-05-21T04:55:55","date_gmt":"2023-05-21T08:55:55","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-ends-session-higher-posts-biggest-weekly-loss-since-february\/"},"modified":"2023-05-21T04:55:56","modified_gmt":"2023-05-21T08:55:56","slug":"gold-ends-session-higher-posts-biggest-weekly-loss-since-february","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11626","title":{"rendered":"Gold ends session higher, posts biggest weekly loss since February"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002076400\" role=\"document\">\n<p>Gold futures finished 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 still notched a loss of 1.9%, which was the largest weekly loss since early February.<\/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=\"negative\">-0.09%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-0.09%<\/bg-quote><br \/>\n       gained $21.80, or 1.1%, to settle at $1,981.60 per ounce on Comex, with prices for the most-active contract down 1.9% for the week. That was the biggest weekly percentage loss since the week ended Feb. 3, according to Dow Jones Market Data. <\/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=\"negative\">-0.17%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.17%<\/bg-quote><br \/>\n       rose by 43 cents, or 1.8%, to $24.06 per ounce, for a weekly loss of 0.4%.<\/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=\"negative\">-0.87%<\/bg-quote><br \/>\n        gained $73.60, or 5.1%, to $1,523.80 per ounce, with prices tacking on 0.7% for the week, while platinum for July delivery<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.37%<\/bg-quote><br \/>\n       rose by $17.50, or nearly 1.7%, to $1,075.70 per ounce, for a weekly gain of 0.8%. <\/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=\"negative\">-0.11%<\/bg-quote><br \/>\n       advanced by 4 cents, or almost 1.2%, to $3.73 per pound, ending about 0.1% higher for the week.<\/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, taking the shine off gold in recent days, but a pullback in the greenback on Friday gave 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\">-0.38%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength against major currencies, was off 0.5% at 103.04 in Friday dealings, though still poised for a weekly gain of 0.4%.<\/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>Prices for the metal continued to move higher Friday following remarks from Federal Reserve Chair Jerome Powell. He said that his colleagues think it will take time to bring inflation back to the Fed\u2019s 2% target.  He also said the level of interest rates is now high enough to be \u201crestrictive\u201d or slowing growth, but confirmed that the central bank has not already decided what to do in June. <\/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=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished 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 still notched a loss of 1.9%, which was the largest weekly loss since early February. Price action [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11626","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ends session higher, posts biggest weekly loss since February | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=11626\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold ends session higher, posts biggest weekly loss since February | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Gold futures finished higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=11626\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-21T08:55:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-21T08:55:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682729303_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=11626#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=11626\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Gold ends session higher, posts biggest weekly loss since February\",\"datePublished\":\"2023-05-21T08:55:55+00:00\",\"dateModified\":\"2023-05-21T08:55:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=11626\"},\"wordCount\":487,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=11626#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=11626\",\"url\":\"https:\/\/ifintechworld.com\/?p=11626\",\"name\":\"Gold ends session higher, posts biggest weekly loss since February | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-21T08:55:55+00:00\",\"dateModified\":\"2023-05-21T08:55:56+00:00\",\"description\":\"Gold futures finished higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=11626#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=11626\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=11626#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gold ends session higher, posts biggest weekly loss since February\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gold ends session higher, posts biggest weekly loss since February | iFintechWorld","description":"Gold futures finished higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=11626","og_locale":"en_US","og_type":"article","og_title":"Gold ends session higher, posts biggest weekly loss since February | iFintechWorld","og_description":"Gold futures finished higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious","og_url":"https:\/\/ifintechworld.com\/?p=11626","og_site_name":"iFintechWorld","article_published_time":"2023-05-21T08:55:55+00:00","article_modified_time":"2023-05-21T08:55:56+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682729303_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=11626#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=11626"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Gold ends session higher, posts biggest weekly loss since February","datePublished":"2023-05-21T08:55:55+00:00","dateModified":"2023-05-21T08:55:56+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=11626"},"wordCount":487,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=11626#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=11626","url":"https:\/\/ifintechworld.com\/?p=11626","name":"Gold ends session higher, posts biggest weekly loss since February | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-21T08:55:55+00:00","dateModified":"2023-05-21T08:55:56+00:00","description":"Gold futures finished higher on Friday after a three-session decline attributed in part to strength in the U.S. dollar, pulled prices for the precious","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=11626#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=11626"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=11626#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Gold ends session higher, posts biggest weekly loss since February"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/11626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11626"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/11626\/revisions"}],"predecessor-version":[{"id":11627,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/11626\/revisions\/11627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/1606"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}