Gold Reaches the Worst since May
According to Reuters, gold fell by a 0.5 percent to $1,234.49 an ounce by 0323 GMT on Friday. This was after it fell to $1,231.95 which was the lowest since late January.
It had the biggest weekly fall since the week ended May 30 by dropping down by 2.7 percent. The dollar index was approximately on a 14-month high on Friday. It was strong on track to post its ninth consecutive week of gains. The Weak investor interest was shown in the SPDR Gold Trust. It is the world’s largest exchange traded fund which is backed by gold that saw holdings drop 0.32 tonnes to 788.40 tonnes on Thursday.
The weakness in gold also influenced other precious metals like silver, platinum and palladium. Silver fell to a 14-month low which is running on losses since eight weeks out of nine. Platinum also fell to its lowest since December. This is the worst performing week for platinum since April. Palladium fell by 7% making it this week’s worst performing metal. This fall is the worst for Palladium since June 2013.
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