{"id":12969,"date":"2023-08-19T08:13:47","date_gmt":"2023-08-19T08:13:47","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/gold-has-4th-weekly-loss-after-tumble-to-5-month-low\/"},"modified":"2023-08-19T08:13:48","modified_gmt":"2023-08-19T08:13:48","slug":"gold-has-4th-weekly-loss-after-tumble-to-5-month-low","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=12969","title":{"rendered":"Gold has 4th weekly loss, after tumble to 5-month low"},"content":{"rendered":"
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Investing.com — The conviction that gold has found a secure home at above $1,900 is being challenged by lower monthly milestones in the yellow metal\u2019s price. And a fourth weekly loss.<\/p>\n

Gold futures\u2019 most-active on New York\u2019s Comex settled at $1,916.50 per ounce, up $1.30, or 0.01%, on the day. For the week though, it lost just over $30, or 1.5%.<\/p>\n

, which tracks real-time physical dealings in bullion and is more closely followed than futures by some gold traders, was below $1,890 for a second day in New York\u2019s late afternoon trade. By 15:45 ET (19:45 GMT), spot gold was at $1,888.38, down 99 cents, or 0.01% on the day.<\/p>\n

With the spot price of bullion already in $1,800 territory, it\u2019s not certain how much longer those long gold futures can hang to the $1,900 ropes, say analysts. Since the start of this week, the rally in the dollar had become overbearing for gold.<\/p>\n

\u201cSpot gold has fallen below the $1900 level, but momentum selling has slowed,\u201d Ed Moya, analyst at online trading platform OANDA, said, noting that \u201cgold traders are also fixating over the $1,900 level for gold futures.\u201d<\/p>\n

Dollar continues climb, hurting gold<\/h2>\n

The dollar was set for a 0.5% gain on the week, as strong U.S. economic readings and hawkish signals from the pushed up bets that U.S. rates will remain higher for longer.<\/p>\n

While the Fed has flagged only one more hike this year, the prospect of higher-for-longer U.S. rates bodes poorly for gold markets, given that it pushes up the opportunity cost of holding non-yielding assets. This trade had battered gold through 2022, and has so far limited any major gains in the yellow metal this year.\u00a0<\/p>\n

Anticipation of more monetary policy and economic cues from the next week also kept positioning skewed largely towards the dollar, and kept investors wary of metal markets.\u00a0<\/p>\n

Gold was also pressured by a spike in U.S. Treasury yields, with the surging to levels last seen during the 2008 financial crisis.\u00a0<\/p>\n

(Additional reporting by Ambar Warrick in Singapore)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The conviction that gold has found a secure home at above $1,900 is being challenged by lower monthly milestones in the yellow metal\u2019s price. And a fourth weekly loss. Gold futures\u2019 most-active on New York\u2019s Comex settled at $1,916.50 per ounce, up $1.30, or 0.01%, on the day. For the week though, it<\/p>\n","protected":false},"author":1,"featured_media":12970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12969","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nGold has 4th weekly loss, after tumble to 5-month low | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Investing.com -- The conviction that gold has found a secure home at above $1,900 is being challenged by lower monthly milestones in the yellow metal\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=12969\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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