{"id":8113,"date":"2023-05-13T05:11:21","date_gmt":"2023-05-13T09:11:21","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-posts-a-loss-for-the-week-as-analysts-ponder-rallys-fate\/"},"modified":"2023-05-13T05:11:21","modified_gmt":"2023-05-13T09:11:21","slug":"gold-posts-a-loss-for-the-week-as-analysts-ponder-rallys-fate","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8113","title":{"rendered":"Gold posts a loss for the week as analysts ponder rally\u2019s fate"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002047107\" role=\"document\">\n<p>Gold prices declined on Friday to tally a loss for the week, as a stronger U.S. dollar took some of the shine off the yellow metal, prompting some analysts to speculate about an end \u2014 or perhaps a pause \u2014 for what has been a multimonth rally. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for June delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.24%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-0.24%<\/bg-quote><br \/>\n       \u00a0edged down by 70 cents, or less than 0.1%, to settle at $2,019.80 per ounce on Comex, with prices for the most-active contract down nearly 0.3% from the week-ago settlement, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-1.20%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-1.20%<\/bg-quote><br \/>\n       fell by 27 cents, or 1.1%, to $24.15 per ounce, the lowest most-active contract finish since April 3. It was almost 6.9% % lower for the week \u2014 the worst week since October. <\/p>\n<\/li>\n<li>\n      Palladium for June delivery<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"negative\">-3.25%<\/bg-quote><br \/>\n       lost $40.20, or 2.6%, to $1,513.80 per ounce,  tracking on 1.8% 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=\"negative\">-4.24%<\/bg-quote><br \/>\n       declined by $38, or 3.4%, to $1,067 per ounce, posting a weekly loss of 0.1%.<\/p>\n<\/li>\n<li>\n      Copper prices for July<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"positive\">+0.42%<\/bg-quote><br \/>\n       gained 2 cents, or 0.5%, to $3.73 per pound, but lost 4% for the week. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold has declined in part due to gains in 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\">+0.63%<\/bg-quote><br \/>\n       this week. The gauge is a closely followed measure of the greenback\u2019s value against other major currencies.  The index was up 0.6% at 102.67 in Friday dealings. <\/p>\n<div class=\"paywall\">\n<p>\u201cIn what\u2019s set to be the U.S. dollar index\u2019s best week since February, bullion bulls were discouraged from drawing further conviction\u201d from the softer-than-expected U.S. consumer price index and producer price index readings, Han Tan, chief market analyst at Exinity Group, told MarketWatch. \u201cGold\u2019s upside may have also<br \/>been capped by the still-hawkish rhetoric out of this week\u2019s [Federal Reserve] speak.\u201d<\/p>\n<p>Even so, spot gold prices remain supported above the psychologically important $2,000 level by \u201cpersistent anxiety over ongoing U.S. debt-ceiling talks as well as hopes that the Fed is done with its rate hikes,\u201d said Tan. The longer spot gold can keep its head above $2,000 while attracting sustained inflows into bullion-backed<br \/>ETFs, \u201cthe greater the chances of the precious metal revisiting its all-time high.\u201d<\/p>\n<p>Gold futures on May 4 settled at $2,055.70, the second-highest finish for a most-active Comex contract on record.<\/p>\n<p>Silver futures, meanwhile, marked another settlement at their lowest since early April. <\/p>\n<p>Prices for the metal marked a sharp decline Thursday, dropping 4.8% for the biggest daily percentage loss since early February, with some analysts attributing the decline to concerns about demand from China.<\/p>\n<p><strong>Read:<\/strong> Silver, copper futures drop on Thursday after \u2018benign\u2019 China inflation data<\/p>\n<p>However, Keith Weiner, chief executive officer and founder of Monetary Metals, told MarketWatch late Thursday that the silver fundamentals as measured by market spreads have not changed.<\/p>\n<p>The \u201cmacro picture of dollar debasement and rising banking system risk\u201d have also not changed, he said. \u201cPeople are turning to gold and silver because they are what you own when you don\u2019t want to risk investing or speculating.\u201d<\/p>\n<p>Thursday\u2019s \u201chot news items\u201d included lots of \u201cdeflationary\u201d themes such as the banking crisis, currency crises in places like Argentina, and cooling inflation, he said. \u201cThere was a general sell off of almost everything. One of those things that happens. Could even extend for a few days, or not.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-on-track-to-sink-for-third-day-as-analysts-ponder-rallys-fate-97ac0c15?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices declined on Friday to tally a loss for the week, as a stronger U.S. dollar took some of the shine off the yellow metal, prompting some analysts to speculate about an end \u2014 or perhaps a pause \u2014 for what has been a multimonth rally. Price action Gold for June delivery\u00a0 GC00, -0.24% [&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-8113","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 posts a loss for the week as analysts ponder rally\u2019s fate | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices declined on Friday to tally a loss for the week, as a stronger U.S. dollar took some of the shine off the yellow metal, prompting some\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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