Gold Prices Slip As Greenback Strengthens
Gold prices declined on Friday as a rebounding dollar dented bullion’s appeal and set it on track for a second weekly decline.
Spot gold fell $6.70 or 0.34 percent to $1,939.90 per ounce after sinking as low as $1,931 earlier in the day. It fell as much as 4.5 percent in the week to Aug. 14, its worst in five months.
The dollar rose against basket of currencies after euro zone economic data showed the region’s economic recovery from its deepest downturn on record stalled this month.
There were plenty of catalysts to fuel interest in the safe haven metal.
The minutes from the ECB meeting on 15-16 July released on Thursday showed that there was a clear sense of concern over the near-term outlook for the economy and about the course of the coronavirus pandemic.
Geopolitical tensions also remain in focus after the Trump administration reportedly declined to acknowledge any plans to meet with China over the Phase 1 trade deal.