Gold Prices Edge Down After Stronger U.S. Dollar

Gold Prices Edge Down After Stronger U.S. Dollar
Market News
Like Us On Facebook
Like Us On Facebook

Gold futures came under slight pressure Friday as the dollar moved a little higher after a pair of U.S. economic reports came in mixed.

Gold for February delivery GC2G -0.13%  slipped $1.90 to $1,608.80 an ounce.

Other metals futures, for March delivery, managed to hold the line on gains.

Silver SI2H +0.66%  rose 0.8% to $29.27 an ounce, while palladiumPA2H +1.69%  extended gains to 1.7%, trading at $665.30 an ounce.

March copper HG2H +1.65%  stayed up 1.6% to $3.47 a pound.

January platinum PL2F +0.51%  added 0.5% to $1,431 an ounce.

The small decline in gold prices came as the dollar turned up, in part as Italy’s 10-year yields again topped 7%, spooking holders of the euro EURUSD -0.04%  . 

The greenback initially recovered after the Commerce Department said U.S. orders for durable goods rose 3.8% in November, more than many economists expected. 

Personal spending rose 0.1% last month, a little less than forecast.

Analysts also noted that volatility may be higher because of very thin trading volume, exaggerating moves that might otherwise be of minimal significance.

For the week, gold is up 0.7%.

Still, analysts say gold has another shot at reaching $2,000 an ounce next year.

Gold declined Thursday, extending a loss from the previous session. 

James Steel, bullion analyst at HSBC, noted that end-of-the-year portfolio adjustment by funds may have contributed to the recent declines in the precious metal. Moreover, a further decline in gold holdings by exchange-traded funds may add downward pressure, he said.

However, recent action by the European Central Bank to provide a massive amount of loans to euro-area banks at inexpensive rates would prevent liquidity shortages and may be supportive of the euro, in turn likely aiding gold prices.

Expectations that China’s central bank may pursue a more accommodative monetary policy was also supportive of demand for gold, Steel said.

Deborah Levine and V. Phani Kumar | Market Watch

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

More In Market News

News Preston Waters

Stocks Off to Stellar Start in May

Stocks were kicking off May in high style Tuesday, posting sharp gains after a much better-than-expected report on U.S. manufacturing activity. The Dow Jones Industrial Average was rising 103 points, or 0.8%, at 13,317, after hitting a four-year high at 13,338. The S&P 500 was up 14 points, or 1%, at 1413, and the Nasdaq was adding 23 points, or 0.7%, at […]

News Preston Waters

Bank Of America, JPMorgan: Dow Midday Movers

U.S. stocks were rising in midday action Tuesday following a better-than-expected read on U.S. manufacturing activity.The Dow Jones Industrial Average was up more than 116 points, or 0.9%, at 13,330. The biggest percentage gainers within the Dow were Bank of America (BAC), JPMorgan Chase (JPM) and Intel (INTC). Shares of Bank of America rose 2.59% to $8.32. The bank said Tuesday it plans to lay […]

News Preston Waters

Monster Stocks Soar Amid Rumors Coca-Cola Is Set To Buy Energy Drink

Monster Beverage Corp’s shares soared on Monday following a report that Coca-Cola Co. was considering buying the energy drink maker. The Wall Street Journal cited unnamed people in reporting that the world’s biggest soft drink maker was in talks to buy Monster. If a deal transpired, Monster would be Coca-Cola’s largest brand acquisition ever. Monster declined […]

News Preston Waters

Stocks Surge After Strong Manufacturing Report

Stocks were surging in morning action Tuesday after a much better-than-expected report on the pace of national manufacturing activity in April.The Dow Jones Industrial Average was rising 80 points, or 0.6%, at 13,294. The S&P 500 was up 12 points, or 0.8%, at 1410, and the Nasdaq was adding 29 points, or 1%, at 3075. Stocks finished modestly lower Monday, marking […]

News Preston Waters

Bank Of America Keeps Shrinking

Bank of America (BAC)’s plan to lay off some of its highest-paid executives looks like the right response to the current banking environment. The Wall Street Journal reported Tuesday the bank will cut 2,000 positions in its investment banking, commercial banking and non-U.S. wealth-management units targeting “the high-earning employees whose efforts helped Merrill Lynch account for the bulk of […]

News Preston Waters

Stock Market Story: May 1

The first trading day of May got off to a mixed start early Tuesday with all three major U.S. equity indices honing to close to the flat line ahead of a key report on the pace of U.S. manufacturing activity in April. The Dow Jones Industrial Average was down 9.5 points, or 0.07%, at 13,204.The S&P 500 was up less than a […]

Also On Elite

Money

Why Sugar Babies Are The Next Generation Of Entrepreneurs

The product: a young woman, likely a college student or a recent graduate, who dons a designer dress so well that she makes Kate Upton look dumpy. Her hair and makeup are flawless (she spent hours getting ready) and she glides confidently into the room on five-inch heels. She’s feminine, smart, beautiful and successful. She’s a […]

Humor

Wife Sick Of Husband’s Porn Addiction Packs Him An Explicit Lunch For Work (Photo)

Japan has always had a reputation for exotic pornography thanks to their perceived fascination with out-of–place tentacles and pixelated genitals. While the country’s obsession with the perverse might be overstated, there are plenty of people there who take full advantage of the nation’s prodigious output of smut. At first glance, this picture of an X-rated […]

World

Apple Has Left Steve Jobs’ Office Completely Untouched Since His Death

Every year, groups of tourists visit Independence Hall and Graceland. One day, they may be paying a visit to a shrine at the office of Apple creator Steve Jobs. In an interview with both Businessweek and Charlie Ross, current Apple CEO Tim Cook revealed that Job’s office has been left undisturbed since his death in […]

Food

This Marijuana Salad Will Not Only Get You High, But Healthily End Your Munchies

Generally, getting high at work/school/(enter public place here) is unwelcome, if not completely illegal. Thus, people have to come up with crafty ways to get their buzz on discreetly (we’ve already got that on lockdown in the alcohol department). The newest creation? A weed-infused salad, courtesy of food blog, The Savory. The salad is called the […]