- Analytics
- News and Tools
- Market News
- Gold heads for biggest weekly loss since December
Gold heads for biggest weekly loss since December
Gold prices steadied near $1,565 an ounce on Friday as the European Central Bank's decision to ease collateral requirements lifted the euro, but gold remained on track for its biggest weekly loss this year after U.S. stimulus measures disappointed.
The metal posted its steepest one-day drop since February 29 on Thursday, a day after the Federal Reserve held off on a new round of quantitative easing, or printing money to buy bonds, to boost growth in the United States.
Talk that more stimulus measures were on the way, which would maintain pressure on long-term interest rates, keeping the opportunity cost of holding gold at rock bottom and weighing on the dollar, had buoyed the metal earlier this month.
It has since erased the bulk of its gains both for June and for the year as a whole.
Gold found support as the euro hit session highs versus the dollar, with market participants citing a combination of short-covering and news on the ECB easing collateral requirements, in a move designed to ease pressure on Spain.
The June gold futures on the COMEX today fell to 1572.0 dollars per ounce.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
