Gold edges down on stronger greenback

Gold edges down on stronger greenback

On Friday, gold moved lower because the week’s positive American data kept boosting optimism over the strength of the US economy and to back demand for the American currency.

In New York, April delivery gold futures tumbled 0.24%, being worth $1,242.10, the lowest outcome since March 21.

The April contract concluded Thursday’s session 0.69% lower, reaching $1,245.00 an ounce.

Futures were likely to gain support at $1,226.40, the minimum of March 21 and resistance at $1,253,60, which is Thursday’s peak.

The US dollar remained backed by a flurry of sturdy American data this week, including Thursday’s data on fourth quarter GDP as well as initial jobless claims.

The US dollar index, normally tracking the American currency’s value against a trade-weighted basket of six crucial currencies, stood still at 100.36, off a two-and-a-half week peak of 100.47 reached overnight.

A strong greenback has always weighed on gold. It’s because  it dampens gold’s appeal as an alternative asset, simultaneously making dollar-priced commodities less affordable for holders of other currencies.

 

Similar

Gold inches down

On Tuesday, the yellow metal declined, while the evergreen buck managed to rally a bit ahead of the American midterm elections, as market experts guess a Republican win would have the American dollar underpinned, while hurting commodities…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera