LONDON: Gold fell on Friday in European trade, on track to post its worst week since March, as an uptick in US Treasury yields and a logjam over a US stimulus bill to help the coronavirus-hit economy dented the metal's allure. Spot gold dipped 0.3% to $1,946.56 per ounce by 10:53 am EDT (1453 GMT) and US gold futures fell 0.8% to $1,953.80.
After hitting a record peak of $2,072.50 on Aug. 7 and rising over the previous nine weeks, bullion declined 4.3% this week. "We're going to hit the all-time highs again on the likelihood of a substantial stimulus package and the possibility of chaos around the election is going to drive people into a flight to safety," said Jeffrey Sica, founder of Circle Squared Alternative Investments.
Among other metals, silver shed 2.6% to $26.83 per ounce, set to snap a 9-week winning streak, down 5.2% so far. Platinum fell 0.2% to $955.32 and palladium eased 0.2% at $2,162.39.
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