{"id":24006,"date":"2023-06-17T15:13:32","date_gmt":"2023-06-17T19:13:32","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-futures-post-their-first-weekly-loss-since-may\/"},"modified":"2023-06-17T15:13:34","modified_gmt":"2023-06-17T19:13:34","slug":"gold-futures-post-their-first-weekly-loss-since-may","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24006","title":{"rendered":"Gold futures post their first weekly loss since May"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002185029\" role=\"document\">\n<p>Gold futures ended slightly higher on Friday, but prices posted a loss for the week a day after tapping their lowest intraday level since May. <\/p>\n<p>Investors continued to digest a decision by the Federal Reserve announced Wednesday afternoon to leave its benchmark interest rate unchanged, while senior officials indicated another two rate hikes are on the table for this year.  <\/p>\n<div class=\"paywall\">\n<h2>Price Action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       rose 50 cents, or less than 0.1%, to settle at $1,9671.20 per ounce on Comex. Prices based on the most-active contract saw a weekly loss of 0.3% on the heels of back-to-back weekly gains, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver for July delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.60%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+0.60%<\/bg-quote><br \/>\n       advanced by 11 cents, or nearly 0.8%, to $24.13 per ounce, with prices ending 1.2% lower for the week.<\/p>\n<\/li>\n<li>\n      Palladium for September\u00a0<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.37%<\/bg-quote><br \/>\n      \u00a0delivery gained $18.90, or nearly 1.4%, to $1,416.20 per ounce, with prices up 8.5% for the week, while platinum for July\u00a0<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n       delivery declined by $4.60, or 0.5%, to $987.30 per ounce, ending down 2.5% from a week ago.<\/p>\n<\/li>\n<li>\n      Copper for July\u00a0delivery<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.24%<\/bg-quote><br \/>\n       settled at $3.89 per pound, down a penny for the session, but up 2.6% for the week.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices had finished a bit higher on Thursday after the most-active futures contract dipped to as low as $1,936.10 an ounce, the lowest intraday level since late May.<\/p>\n<p>Prices for the metal have been \u201cchopping sideways\u201d for the last four weeks and this week\u2019s price movement produced some of the same \u201c\u2018confused trading,\u2019 largely due to the Fed\u2019s latest plan to hike rates two more times this year,\u201d Adam Koos, president at Libertas Wealth Management Group, told MarketWatch. \u201cInvestors are puzzled, as inflation and employment have both stabilized.\u201d<\/p>\n<p>Still,\u00a0\u201ctwo more hikes would certainly create a headwind for gold over the course of the coming weeks,\u201d he said.<\/p>\n<p>On Friday, Federal Reserve Governor Christopher Waller said the fallout from several bank failures in the spring is likely to continue to play a role in the central bank\u2019s decision on how much to raise interest rates.<\/p>\n<p><strong>Also see:<\/strong> 5 key takeaways from Fed Chair Jerome Powell\u2019s press conference Wednesday<\/p>\n<p>Taking a look at the bigger picture, Koos said it\u2019s \u201ccrucial to understand that gold is both an inflation hedge, as well as a hedge against a struggling economy.\u201d\u00a0 <\/p>\n<p><strong>Read:<\/strong> Commodity market performance so far this year points to an economic recession, but a rise for industrial metals<\/p>\n<p>The central bank \u201cpausing hikes this month is a signal that not only are we close to a point where [Fed Chairman Jerome Powell] is ready to allow rates to marinate for a while, but it also means that he\u2019s seeing economic reports as more concerning,\u201d Koos said. \u201cI think this is a \u2018neutral\u2019 for gold.\u201d<\/p>\n<p>Following the Fed\u2019s decision, the U.S. dollar has weakened against most major currencies this week, with 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=\"positive\">+0.18%<\/bg-quote><br \/>\n       trading 1.2% lower for the week, though up 0.2% in Friday dealings, at 102.29. <\/p>\n<p>A stronger dollar can pressure prices for dollar-denominated gold prices, while a weaker dollar can support gold prices. Koos believes a weaker dollar will help gold in the long term.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-futures-edge-lower-on-track-for-a-loss-on-the-week-e745df88?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures ended slightly higher on Friday, but prices posted a loss for the week a day after tapping their lowest intraday level since May. Investors continued to digest a decision by the Federal Reserve announced Wednesday afternoon to leave its benchmark interest rate unchanged, while senior officials indicated another two rate hikes are on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-24006","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 futures post their first weekly loss since May | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures ended slightly higher on Friday, but prices posted a loss for the week a day after tapping their lowest intraday level since May. 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