Gold Posts Third Straight Weekly Gain

By Glenn Dyer | More Articles by Glenn Dyer

Gold futures prices fell on Friday but still ended well above the $US1,500 mark in New York.

That left gold higher for the third week in a row and still close to the more-than six-year high reached on Thursday.

“Drivers for gold have included global growth in negative interest rate bonds, the decline in real interest rates in the U.S., [and] uncertainty regarding U.S./China trade policy and political unrest in Hong Kong,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, reported.

However, “with bonds and gold overbought and bullish speculative positions at relative extremes last week, [that] indicates gold may be due for a near-term pause,” he added.

Comex gold for December delivery on Comex fell $US7.60, or 0.5%, to settle at $US1,523.60 an ounce after settling at $US1,531.20 on Thursday, the highest most-active contract settlement since April 2013.

Comex gold rose 1% higher for the week and have rallied 6% so far in August, according to FactSet Data.

Comex September silver lost 9.2 cents, or 0.5%, to $US17.122 an ounce and up 1.1% for the week.

Comex September copper ended the session unchanged at $US2.595 a pound, up 0.2% for the week.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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