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Gold prices dropped nearly 1.8% on Monday to settle at their lowest level since May 10 as the dollar firmed after stronger-than-expected manufacturing data bolstered confidence in the US economy.
Gold prices settled at $1241.43 an ounce on Friday, suffering a loss of 1.25% on the week and 2.17% over the month.
Gold prices ended Thursday’s session down $4.32 an ounce but remained within the trading range of the past two weeks.
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Gold inched higher on Wednesday as the dollar’s weakness persisted but a strong session for equities did limit buying interest.
Gold prices rose $2.65 an ounce on Tuesday, moving away from a six-week low struck earlier this week, as a weaker dollar and losses in equity markets boosted the appeal of the precious metal as an alternative investment.
Gold prices fell $12.75 an ounce on Monday, surrendering the majority of the gains made over the past three sessions, as the dollar firmed ahead of a speech by Federal Reserve Chair Janet Yellen.
Gold snapped a two-week losing streak as the dollar failed to extend its latest gains after a few Fed officials said that the U.S. central bank should hold off raising interest rates further until it was clear inflation accelerated.
Gold prices ended Wednesday’s session up $3.82 an ounce, snapping a four-day losing streak, as a retreat in the dollar sparked some short-side profit taking.
Gold prices inched higher on Wednesday, after hitting its lowest since May 17 in the previous session, as Asian stocks fell.
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Gold prices fell to a one-month low on Monday as the US dollar continued to strengthen following more hawkish rhetoric from last week’s Federal Reserve meeting.
Gold logged a second straight weekly loss on Friday as the dollar gained strength after the Federal Reserve increased interest rates and announced it would begin shrinking its holdings of bonds and securities this year.
Gold prices fell $6.75 an ounce yesterday, extending losses from Wednesday’s session, and touched the lowest level in nearly four weeks on technical selling and as the dollar continued to appreciate.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold prices ended Wednesday’s session down $5.24 an ounce as the dollar climbed in the wake of an FOMC statement and Fed Chair Janet Yellen’s press conference.
Gold prices ended slightly higher Tuesday but the trading range was relatively tight as investors awaited the outcome of the Federal Reserve’s two-day policy meeting.
Gold prices ended a choppy, two-sided trading session slightly lower yesterday, with many investors in wait and see mode ahead of key central bank meetings and economic data.