Gold rates drifted lower on Friday, as the dollar moved up against a basket of major currencies and equities edged higher amidst reducing fret about U.S.-China trade war effect on the worldwide economy.
Traders are gradually switching to stocks in the middle of hopes the U.S. economy is well poised to sign up outstanding growth in the coming quarters. On Wall Street, the Dow and the S&P 500 both reached new record intraday highs on Friday.
The dollar index, which toppled to a more than 3-month low of 93.39 earlier in the day, rose to 93.84 subsequently, getting 0.37 points, or 0.40%.
Gold futures for December ended down $10.00, or 0.80%, at $1,201.30 an ounce, the lowest close in the week. On Thursday, gold futures wound up $3.00, or about 0.30%, at $1,211.30 an ounce, the highest settlement price so far this month. For the week, the yellow metal recorded a small gain of less than 0.1%.
Silver futures for December settled at $14.359 an ounce, getting $0.054. Copper futures for December ended higher by $0.1175, at $2.8575 per pound.
It is commonly anticipated that the Federal Reserve will raise interest rates by 25 basis points when it reveals its monetary policy next week. The Fed’s views on the economy and outlook for futures rate hikes will set the near term trend for the markets.
The material has been supplied by InstaForex Business – www.instaforex.com