Open Demo Account
Home / Market Update / Commodities / Gold Logs Weekly Gains as USD Drops

Gold Logs Weekly Gains as USD Drops

M. Ali 14 August, 2021 3:36 am Commodities, Market Update

Gold prices rose on Friday after the dollar declined as the U.S. consumer sentiment dropped to its lowest level in a decade.

Accordingly, the yellow metal turned higher for the week as demand for safe havens improved. The U.S. Dollar Index (DXY) which measures the greenback against a basket of international peers dropped to its lowest level in a week earlier today, which provided additional support for gold.

Gold futures for December delivery surged by $26.40, or 1.5%, to close at $1,778.20 per ounce, to turn to a weekly increase of 0.86%.

Today marked the biggest daily gain for the yellow metal’s most-active contract since July 29 and the highest weekly rise since July 9.

Tags

Check Also

European shares slump as AI valuation jitters deepen; Nvidia in focus, oil eases as Russian exports resume

European equities fell sharply, mirroring Wall Street’s tech-led selloff as investors questioned the durability of …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends