Gold futures fall for the session, gain for the week


Gold futures declined on Friday, giving up earlier gains, but holding onto a climb for the week. Colin Cieszynski, chief market strategist at SIA Wealth Management, attributed the day’s pullback in prices partly to profit-taking ahead of the long weekend, with regular trading closed Monday for the Martin Luther King Jr. holiday. However, a decline in the U.S. dollar for the week and gold’s long-term role as an inflation hedge are among the reasons behind the precious metal’s rise this week, he said. February gold GCG22, +0.04% fell $4.90, or 0.3%, to settle at $1,816.50 an ounce. Prices based on the most-active contract rose 1.1% from last Friday’s settlement to mark their fifth weekly rise in six weeks, FactSet data show.

This article was originally published by Read the original article here.

Previous articleDistributed Ledger: Will the crypto market always follow bitcoin’s price lead? It may not in the future, this asset manager explains.
Next articleA farewell to Ernest: You can toast Hemingway with a new rum made in his honor


Please enter your comment!
Please enter your name here