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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.
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.
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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.
Gold prices settled at $1266.63 an ounce on Friday, suffering a loss of 1.03% on the week, as uncertainty in financial markets fueled by the British election and tensions in the Middle East was not enough for the bulls to overtake the bears.
Gold prices fell 0.7% yesterday, extending their losses to a second straight session, as renewed strength in the U.S. dollar dampened demand for the precious metal.
Gold prices ended Wednesday’s session down 0.6%, or $7.74, to settle at $1286.66 an ounce as investors took profits from a recent rally that pushed the market to the highest level in seven months.
Gold prices rose $14.01 an ounce on Tuesday, hitting the highest level since November 9, as investors sought safety from tensions in the Middle East, upcoming British election and the European Central Bank policy meeting.
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Gold prices ended a choppy, two-sided trading session slightly lower yesterday, but ultimately found support just above the 1277.35-1276 area.
The gold market was rather volatile last month. Prices dropped to the critical $1215 level, the confluence of a horizontal support and a medium-term bullish trend line, but ultimately found strong support there to climb all the way back to the $1271.50-$1269 area, leaving a long lower shadow on the monthly candle.
Gold prices fell $3.41 an ounce on Thursday as better-than-expected U.S. economic data, which supported the case for a Federal Reserve interest rate hike this month, led to a bounce in the dollar.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold prices ended higher on Wednesday, erasing all of the previous day’s losses, as the dollar edged lower.
Gold prices ended Tuesday’s session moderately lower as lack of bullish fundamental developments prompted some investors to lock in gains from a recent rally to a four-week high.
Gold prices settled at $1267.07 an ounce on Friday, scoring a gain of 0.8% on the week, as uncertainty about economic and political stability increased desire for safe-haven diversification.