The Miami Entrepreneur

Gold falls Friday, records worst week in 11 months

Read Time:53 Second

Gold futures finished at a 14-week low on Friday, extending their slide into a fourth straight week, as safe-haven demand for the dollar kept pressure on the yellow metal. Gold for June delivery lost $16.40, or 0.9%, to settle at $1808.20, the lowest closing value for the most-active contract since Feb. 4, 2022, according to Dow Jones Market Data. For the week, gold was 3.9% lower, booking its worst weekly fall since skidding 5.9% in the week ending June 18, 2021. While inflation data for the week showed price pressures may have hit a peak, high costs of living continue to weigh on households and Wall Street, while driving up demand for the dollar, which hit highs last seen 20 years ago. A stronger dollar is seen as a negative for commodities priced in the unit, making them more expensive to users of other currencies.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

About Post Author

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Previous post Ryder stock rockets toward biggest gain in 47 years after unsolicited buyout bid valued at $4.4 billion
Next post Poshmark shares soar after better-than-expected quarterly results