Gold futures on Friday tallied a loss for the week, their third weekly loss in a row. “The turnaround in U.S. economic data and the persistence of strong inflation has destroyed…hopes for a ‘Fed pivot’, and that’s directly reflected in the falling gold price,” said Adrian Ash, director of research at BullionVault. Looking ahead, “precious metals are likely to remain a trader’s market until the economic data or geopolitical picture changes,” he said. “Gold looks rangebound by strong but slower inflation and soft but continued growth.” Gold for April delivery GCJ23, -0.03% fell $1.60, or nearly 0.1%, to settle at $1,850.20 an ounce on Comex, with the most-active contract down 1.3% for the week.
This article was originally published by Marketwatch.com. Read the original article here.
