Metals Stocks: Gold prices struggle for purchase higher after worst weekly fall in more than 2 years

This post was originally published on this site

Gold futures traded little-changed Monday as the precious commodity sought to gain traction higher after the sharpest weekly skid in percentage terms since 2017 for silver and gold.

December gold GCZ19, -0.09%  on Comex was 50 cents, or less than 0.1%, higher at $1,463.40 an ounce, after the yellow metal marked its biggest weekly slide, off 3.2%, since the week ended May 5, 2017, when the most-active contract fell 3.26%. Bullion also marked its lowest settlement since Aug. 2, according to FactSet data.

December silver SIZ19, -0.14%, meanwhile, shed 4 cents, or 0.2%, at $16,775 an ounce, after it booked a 6.8% decline for the week, the sharpest such fall since the week ended July 7, 2017.

Commodity experts say precious metals may be in a vulnerable spot after recent record gains in the Dow Jones Industrial Average DJIA, +0.02% and the S&P 500 index SPX, +0.26%, which imply that demand for assets considered havens may be waning in place of growing appetite for stocks.

“While $1,460 is providing some temporary support, this remains a very vulnerable level with $1,440-1,450 below here also interesting,” wrote Craig Erlam, senior market analyst at brokerage Oanda.

“Losses may be deeper in the coming weeks and months though,” Erlam wrote.

Add Comment