Gold falls as the dollar and equities rally, posting the biggest weekly loss since May 2017

File Reuters

UNITED STATES (VOP TODAY NEWS) — Gold fell more than 1 percent on Friday to its lowest level since January, its biggest weekly loss in more than a year and a half as the dollar and global equities rallied, boosting investor appetite for risk.

Spot gold fell 1.4 percent to $ 1293.75 an ounce late in the US session after dropping below $ 1,300 for the first time since Jan. 28.

The yellow metal ended the week with a loss of about 2.6 percent, the largest since May 2017.

Gold fell 1.3% to US $ 1299.20 an ounce.

Better-than-expected US GDP data boosted US Treasury yields, making gold, which is not profitable, less attractive.

A better-than-expected fourth-quarter performance pushed GDP up 2.9 percent in 2018, approaching a 3 percent annual growth target, a Commerce Department report said.

The data also helped the Dollar climb to a 10-week high against the Japanese Yen earlier in the session.

Analysts said the rise in global equities also had a negative impact on gold.

Among other precious metals, palladium rose 0.2 percent to $ 1545.52 an ounce for the fourth consecutive week of gains. The metal hit a record high of $ 1565.09 this week.

Platinum fell 1.4 percent to $ 857.75 an ounce, but recorded a third straight week of gains.

Silver fell 2.6 percent to $ 15.20 a troy ounce after hitting its lowest level since Jan. 22 at $ 15.14. The metal ended the week with a loss of 4.5 percent, the largest since the week ending Feb. 2, 2018.

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

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