{"id":12219,"date":"2023-05-22T15:46:53","date_gmt":"2023-05-22T19:46:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-ends-lower-extending-losses-after-worst-week-since-february\/"},"modified":"2023-05-22T15:46:53","modified_gmt":"2023-05-22T19:46:53","slug":"gold-ends-lower-extending-losses-after-worst-week-since-february","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12219","title":{"rendered":"Gold ends lower, extending losses after worst week since February"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002082994\" role=\"document\">\n<p>Gold prices settled lower on Monday, extending last week\u2019s losses, as traders waited to see how the debt-ceiling debate in Washington would shake out \u2014 while a stronger U.S. dollar has eaten away at some of the yellow metal\u2019s gains. <\/p>\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\">-0.35%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-0.35%<\/bg-quote><br \/>\n       declined by $4.40, or 0.2%, to settle at $1,977.20 an ounce on Comex after losing 1.9% last week.<\/p>\n<\/li>\n<li>\n      Silver futures for July delivery<br \/>\n        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-1.12%<\/bg-quote><br \/>\n       fell by 20 cents, or 0.8%, to $23.86 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium prices for June delivery<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"negative\">-2.32%<\/bg-quote><br \/>\n       shed $31.60, or 2.1%, to $1,492.20 per ounce. Platinum prices for July delivery<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.18%<\/bg-quote><br \/>\n       rose by $1.60, or nearly 0.2%, to $1,077.30 per ounce. <\/p>\n<\/li>\n<li>\n      July copper<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-1.49%<\/bg-quote><br \/>\n       shed 5 cents, or 1.3%, to $3.69 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The ICE U.S. Dollar Index, a key gauge of the U.S. dollar\u2019s value compared with its rivals, rose to its highest level since March late last week, although it was marginally lower on Monday. It stood at 103.18 in Monday dealings<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.02%<\/bg-quote><span>,<\/span><br \/>\n       off less than 0.1% on the day. <\/p>\n<div class=\"paywall\">\n<p>Still, the dollar\u2019s revival in recent weeks has coincided with a pullback in gold prices as a stronger greenback makes gold \u2014 which is priced in dollars \u2014 more expensive for buyers using rival currencies. The dollar index trades around 1.5% higher month to date.<\/p>\n<p>\u201cAlthough gold has fallen back from the near record high it surged to earlier in the month, it remains at a level that the precious metal has only traded at a smattering of times in its long history as market confidence remains fragile and investors are seeking gold to manage their risk,\u201d said Rupert Rowling, market analyst at Kinesis Money, in daily commentary.<\/p>\n<p>Debt-ceiling talks continue, with traders waiting to see whether a deal might be reached by the end of the week and if Monday\u2019s talks yield any progress. <\/p>\n<p>Gold had benefited from debt-ceiling and recession fears, and prospects for the U.S. to default on debt is \u201cnaturally bullish for [the metal] over the long term,\u201d but \u201cpotential nervous updates before the June 1 deadline will not necessarily lead to gold aiming higher if the [U.S. dollar] moves higher as a result of concerning headlines from Washington,\u201d said Jameel Ahmad, chief analyst at CompareBroker.io, in daily commentary.<\/p>\n<p>\u201cWe must remember that even though both gold and the U.S. dollar are very much assets of safety, previous flashes of sudden rallies for the greenback \u2026 have unexpectedly been bad news for gold,\u201d he said. <\/p>\n<p>The markets will also be closely monitoring remarks from Federal officials this week as well as Wednesday\u2019s release of minutes from the central bank\u2019s policy meeting earlier this month.<\/p>\n<p>On Monday, St. Louis Fed President James Bullard said he would like to see two more quarter-percentage-point interest-rate hikes this year. Minneapolis Fed President Neel Kashkari, however, told The Wall Street Journal in an interview published Sunday that he\u2019s open to pausing rate hikes at the Fed\u2019s next meeting in order to buy time to assess the inflation outlook and the effects of more than a year of rate increases.<\/p>\n<p>With the biggest headwind of the last year, the Fed\u2019s consistent hiking of interest rates, \u201cseemingly drawing to a close and a trading environment that is still risk averse, gold has found significant support a little below the psychologically important threshold of $2,000 an ounce,\u201d said Rowling. <\/p>\n<p>\u201cWhile a fresh push above $2,000 looks unlikely, assuming the U.S. debt ceiling talks do reach agreement, gold looks well supported and looks set to continue trading comfortably above $1,950 in the medium-term,\u201d he said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-retreats-adding-to-losses-from-worst-week-since-february-235aaa6d?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled lower on Monday, extending last week\u2019s losses, as traders waited to see how the debt-ceiling debate in Washington would shake out \u2014 while a stronger U.S. dollar has eaten away at some of the yellow metal\u2019s gains. Price action Gold futures for June delivery\u00a0 GC00, -0.35% GCM23, -0.35% declined by $4.40, or [&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-12219","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 ends lower, extending losses after worst week since February | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices settled lower on Monday, extending last week\u2019s losses, as traders waited to see how the debt-ceiling debate in Washington would shake out \u2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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