London — Gold prices touched their lowest point in nearly three weeks on Friday as the euro slipped against the dollar following the European Central Bank’s extension of its bond-buying programme. Currency investors played a diverging monetary policy outlook, with the US expected to raise interest rates again before the end of 2017 while Europe is not now expected to do so in the coming years. Spot gold touched a low of $1,264.15 an ounce, its worst since October 6, and although it was 0.1% higher at $1,268.50 by 10.05am GMT it was still heading for its second weekly decline. US gold futures for December delivery gave up 0.1 percent to $1,267.90. "How gold finishes the week will now be entirely at the whim of the US dollar and US yields, with little to no geopolitical safe-haven premium left in the price," Jeffrey Halley, a senior market analyst with Oanda, said in a note. The dollar traded at three month highs against a basket of major currencies, adding pressure on gold as it make...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.