Gold futures settled near a five-and-a-half week low on Friday, with expectations that the U.S. Federal Reserve will soon lift interest rates helping to send prices down for a fifth straight week.
August gold GCQ5, +1.06% declined by $8.60, or 0.8%, to settle at $1,085.50 an ounce on Comex. Prices, which settled higher Thursday for the first time in 11 sessions, lost about 4.1% for the week. Friday’s settlement was the lowest for a most-active contract since February 2010.
The major risk for the metal is the U.S. rate hike and “this is constantly taking the gas out of gold price and hence, we experience this massive loss for the metal,” he said.
Aslam said gold prices may drop even further, to below $1,000, especially if prices break the “critical level” of $1,050.
Gold prices lost more than $46-an-ounce from last Friday’s settlement. They fell 2.3% last week.
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August gold GCQ5, +1.06% declined by $8.60, or 0.8%, to settle at $1,085.50 an ounce on Comex. Prices, which settled higher Thursday for the first time in 11 sessions, lost about 4.1% for the week. Friday’s settlement was the lowest for a most-active contract since February 2010.
The major risk for the metal is the U.S. rate hike and “this is constantly taking the gas out of gold price and hence, we experience this massive loss for the metal,” he said.
Aslam said gold prices may drop even further, to below $1,000, especially if prices break the “critical level” of $1,050.
Gold prices lost more than $46-an-ounce from last Friday’s settlement. They fell 2.3% last week.
Click Here For Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance About KLSE online Feel Free To Mail Us at : info@epicresearch.my
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