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Comex Gold Slips from 1- Week Peak as Dollar Recovers

11 Sep 2020 7:28 am
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Mumbai (Commodities Control) – Gold prices fell on Friday after a sharp rise in the previous session as the dollar regained lost ground, although doubts over a swift global economic recovery kept bullion on track for a weekly gain.

Spot gold was down 0.3% at $1,947.41 per ounce by 0058 GMT, after hitting its best level since Sept. 2 at $1,965.94 on Thursday. Gold has gained 0.8% so far this week. U.S. gold futures fell 0.5% to $1,955.30.

The dollar index held firm against its rivals, recovering from a drop against the euro in the previous session.

Asian markets were expected to fall on Friday in response to declines in technology stocks that began last week and growing concerns about another round of negotiations on the UK's departure from the European Union.

The European Central Bank left policy unchanged on Thursday.

The U.S. Senate on Thursday killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing.

The number of Americans filing new claims for unemployment benefits hovered at high levels last week, suggesting the labor market recovery from the COVID-19 pandemic was stalling.

Investors now await British GDP data and U.S. inflation numbers due later in the day for further clarity on the progress of the global recovery from a coronavirus-induced economic slump.

(Commodities Control Bureau)



       
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