Gold set for biggest weekly loss since August on dollar’s rise
Silver is headed for its biggest weekly fall since September 7 and platinum is set for its worst week since late September
Bengaluru — Gold dipped on Friday, on track for its biggest weekly fall since August, as the dollar rose towards 16-month highs after the US Federal Reserve stuck to its tight monetary stance and looks set to deliver another rate hike in December. Spot gold was 0.3% lower at $1,219.5 an ounce at 10.28am GMT, having touched its lowest since November 1 at $1,217.20. Gold is down 1% for the week so far, which would be its biggest decline since the week of August 17. US gold futures fell 0.4% to $1,220.3 an ounce. “It is pretty clearly a dollar-related move today, which has happened since the latest decision from the US Fed,” said Capital Economics analyst Ross Strachan. The sentiment in the market “is quite cautious after recent spikes, consolidating in the $1,220 to low $1,230 levels, and not breaking out of that.” Spot gold touched a peak of $1,243.32 on October 26, its highest since mid-July. The dollar firmed towards a 16-month high, underpinned by a robust US economy and rising in...
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