Gold set for its worst week in more than a year
Gold is down 2.9%, even as the dollar’s fall from 13-month highs eases pressure on gold; silver, platinum and palladium are also set for weekly losses
London — Gold recovered some ground on Friday as a weakening of the dollar relieved pressure on prices, but the metal remained near 19-month lows and looked set for its biggest weekly fall since May 2017. Gold has tumbled 14% from its April high as a rally in the greenback made dollar-priced bullion more expensive for buyers with other currencies. Investors seeking a safe place to store assets amid trade disputes and a Turkish currency crisis have preferred the dollar to gold, undermining the reputation of bullion as a safe haven. However, news of planned US-China trade talks and a steadying of Turkey’s lira have steadied nerves. From a 13-month high on Wednesday against a basket of peers, the dollar has weakened against the currencies of key gold markets — the eurozone, China and India — helping gold regain its footing, said ABN AMRO analyst Georgette Boele. "I expect the dollar to peak in the coming weeks … Gold should bottom out here." Spot gold was up 0.2% at $1,175.89 an ounce ...
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