Gold heads south, while still underpinned

Gold heads south, while still underpinned

On Friday, gold decreased because traders locked in revenues from the number one precious metal’s recent soar to two-and-a-half week peaks amid ongoing worries over political turmoil in America.

In New York, June delivery gold futures decreased 0.17%, being worth $1,250.78.

The June contract concluded Thursday’s trading session 0.47% lower, hitting $1,252.80 an ounce.

Tracking the US dollar’s value versus six key currencies, the US dollar index slumped 0.15%, trading at 97.62, which is off Thursday’s fresh six-month minimums of 97.28.

A weaker greenback normally backs gold, as it spurs the precious metal's appeal as an alternative asset and also makes greenback-priced commodities more affordable for holders of other currencies.

In addition to this, July delivery silver futures managed to gain 0.31%, showing $16.720 a troy ounce. July delivery copper futures grew 0.14%, being worth $2.535 a pound.

 

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