Gold Prices Lower; Silver Prices also in Red
Gold prices edged lower in trading on Friday and were headed for its biggest weekly loss in two months. Silver prices also slipped in trading on Friday.
At last check, spot gold was down 0.55% $1,758.40 an ounce. Gold futures for delivery in December on the Comex division of the New York Mercantile Exchange fell 0.4% to $1,762 an ounce.
Gold came under pressure this week as concerns over global economic growth boosted demand for the U.S. dollar.
Speaking to Reuters, James Steel of HSBC, said that gold needs little time to find a floor, which in the near term is likely to be $1,750 an ounce. Steel, however, doesn’t expect gold to fall below $1,750 an ounce level.
Andrey Kryuchenkov of VTB Capital, meanwhile, told Reuters that market was taking time to consolidate.
In other precious metals, silver also slipped on Friday. At last check, spot silver was down 1% to $33 an ounce.
In late trading on Friday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.97%, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 1.90%, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 1.91%.
Platinum and palladium also fell on Friday. At last check, spot platinum was trading 1.41% lower at $1,650.74 an ounce, while spot palladium was trading 2.35% lower at $636 an ounce.