Gold falls to the lowest level in 3 months and recorded the largest week of losses in 3 years

UNITED STATES (OBSERVATORY NEWS) — Gold prices fell on Friday to their lowest level in three months and recorded the biggest weekly loss in three years as the attractiveness of the precious metal as a safe investment vehicle from the positive developments in trade talks between the United States and China.

Spot gold fell 0.4 percent to $ 1,461.66 an ounce late in the session, ending the week down 3.5 percent, the biggest weekly loss since November 2016. Earlier in the session, the yellow metal fell to $ 1,455.80, its lowest level since Aug. 5.

US gold futures fell 0.2 percent to settle at $ 1,462.90 an ounce.

A White House spokeswoman said tariffs on Chinese goods could be abolished if a US-China trade agreement were reached.

The dollar hit a three-week high against a basket of major currencies.

Among other precious metals, spot silver fell 1.6 percent to $ 16.83 an ounce after touching its lowest level since Aug. 13, the biggest weekly drop since October 2016.

Platinum fell 2.2 percent to $ 888.77 an ounce and ended the week with a loss of around 6 percent, the biggest weekly drop since November 2015.

Palladium fell 3.2 percent to $ 1,744.65 an ounce after touching a two-week low and recorded its first weekly loss in five weeks.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY — Breaking news source, real-time coverage of the world’s events, life, politics, money, business, finance, economy, markets, war and conflict zones.

Contact us: contact@newsobservatory.com

Stay connected with Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.

Related Articles