{"id":14376,"date":"2023-05-26T20:16:31","date_gmt":"2023-05-27T00:16:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-tallies-a-third-straight-weekly-decline-on-overall-strength-in-the-u-s-dollar\/"},"modified":"2023-05-26T20:16:32","modified_gmt":"2023-05-27T00:16:32","slug":"gold-tallies-a-third-straight-weekly-decline-on-overall-strength-in-the-u-s-dollar","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14376","title":{"rendered":"Gold tallies a third straight weekly decline on overall strength in the U.S. dollar"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002107044\" role=\"document\">\n<p>Gold prices finished higher on Friday, after the most-active contract settled at its lowest level in about nine weeks a day earlier, but still tally a third-straight weekly loss. <\/p>\n<p>Investors weighed prospects for a deal on the U.S. debt-ceiling in the coming days and also eyed strength in the U.S. dollar to gauge haven demand for gold. <\/p>\n<div class=\"paywall\">\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for June delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.12%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"positive\">+0.12%<\/bg-quote><br \/>\n       edged up by 60 cents, or less than 0.1%, to settle at $1,944.30 per ounce on Comex, with prices for the most-active contract down 1.9% for the week, 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=\"positive\">+2.34%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+2.34%<\/bg-quote><br \/>\n       gained 45 cents, or 2%, to $23.36 per ounce, for a weekly loss of 2.9%.<\/p>\n<\/li>\n<li>\n      Palladium for September delivery\u00a0<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.59%<\/bg-quote><span>,<\/span><br \/>\n       which is now the most-active contract, gained $7.90, or 0.6%, to $1,426.10 per ounce, with prices for the contract down 6.4% for the week. Platinum for July delivery<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.27%<\/bg-quote><br \/>\n       rose $1.80, or 0.2%, to $1,028.10 per ounce, but lost 4.4% for the week.<\/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\">+2.33%<\/bg-quote><br \/>\n       gained 9 cents, or 2.6%, to $3.68 per pound, with prices posting a loss of 1.3% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Precious metals analysts questioned whether gold\u2019s pullback from its multiyear highs reached in early May is a sign of further declines to come, or just a short-lived pause before the yellow metal trudges higher. <\/p>\n<p><strong>Read:<\/strong> Why gold still has a shot to reach a record high this year<\/p>\n<p>Gold has declined this week as \u201ctalks on the U.S. debt ceiling finally seem to be heading in a positive direction, with an agreement expected in the coming days,\u201d said Rupert Rowling, a market analyst for Kinesis Money, in emailed commentary. <\/p>\n<p>\u201cYet while\u00a0gold\u00a0is undoubtedly trending downward currently, it is worth remembering that $1,950 an ounce remains a very high level historically for the precious metal and it is still trading well over $100 an ounce higher than where it was at the start of the year,\u201d he said.<\/p>\n<p>Gold has lagged behind as the U.S. dollar has moved higher. A stronger dollar makes gold less affordable for buyers using foreign currencies. <\/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\">-0.02%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the buck\u2019s value against its main rivals, was little changed at 104.21 in Friday dealings, trading 1% higher for the week.<\/p>\n<p>Gold has \u201csuccumbed to another round of U.S. dollar buying,\u201d said Tim Waterer, chief market analyst at KCM Trade, with the greenback \u201cgoing form strength to strength in recent weeks\u201d against a backdrop of Federal Reserve \u201crhetoric\u201d and solid economic data forcing the market to scale back future interest-rate cut expectations.<\/p>\n<p>With the dollar attracting \u201csolid buying flows, gold looks vulnerable near term, unless something changes to take the wind out of the sales\u201d of the dollar, said Waterer, in market commentary.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-edges-higher-after-seeing-9-week-low-as-traders-hope-for-u-s-debt-ceiling-deal-55d787f9?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices finished higher on Friday, after the most-active contract settled at its lowest level in about nine weeks a day earlier, but still tally a third-straight weekly loss. Investors weighed prospects for a deal on the U.S. debt-ceiling in the coming days and also eyed strength in the U.S. dollar to gauge haven demand [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-14376","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 tallies a third straight weekly decline on overall strength in the U.S. dollar | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices finished higher on Friday, after the most-active contract settled at its lowest level in about nine weeks a day earlier, but still tally a\" \/>\n<meta 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