Gold slips as the dollar and European stocks gain
Palladium is on track for its worst week since mid-July, and silver is set for biggest daily decline in about two weeks
Bengaluru — Gold fell on Friday as the dollar regained momentum and an improvement in risk sentiment lifted stock markets in Europe, denting bullion’s appeal. Spot gold was 0.4% lower at $1,221.92 an ounce at 11.30am GMT. US gold futures for December delivery fell 0.47% to $1,222.10 an ounce. “It’s really the dollar’s move ... If gold breaks below $1,220, prices can quickly go to $1,200,” said Dawei Hou, precious metals trader at MKS SA. Still, the gold market continues to be relatively quiet as investors wait for a clear catalyst to break it out of a recent tight range. Gold has traded in a range of about $13 for the week thus far, partly due to the US Thanksgiving holiday. A weaker euro, on signs that economic growth across the eurozone could be slowing, helped the dollar, but European stocks opened higher following a volatile week. Eurozone business growth was much weaker than expected this month as exports fell sharply, hurt by a slowing global economy and a trade war led by the...
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