Gold futures post largest weekly loss in over 3 years
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Gold futures on Friday stretched their losing streak to a sixth straight session and posted a roughly 5% loss for the week—the largest such loss in about 3 years. Prices were volatile Friday, giving up early gains as traders looked to the latest monthly U.S. employment data for clues on the likelihood of a U.S. interest-rate increase before the end of the year. December gold GCZ6, +0.45% fell $1.10, or 0.1%, for the session to settle at $1,251.90 an ounce after tapping a high of $1,267.60. Prices held ground at their lowest level since early June. Prices lost about 5% for the week, according to FactSet data. That was the largest one-week decline since mid-September 2013. Thursday’s finish pushed prices below their 200-day moving average, a move which could signal further declines.
Gold had initially extended an earlier advance after government data showed the U.S. economy created 156,000 new jobs in September. That showed another solid gain in employment, but the figure came in below the 172,000 job gain expected by economists polled by MarketWatch. But prices for the metal took a sharp turn lower in late morning trading, as some analysts and traders decided that the figures don’t rule out a rate hike before year’s end. The ICE U.S. Dollar Index DXY, -0.22% seesawed between losses and gains Friday, but was trading about 1.3% higher for the week.
Gold’s more volatile sister metal, silver, saw much larger losses this week. December silver SIZ6, +1.33% fell 3.5 cents, or 0.2%, to $17.38 an ounce Friday, ending about 9.6% lower for the week. December copper HGZ6, +0.53% was up less than a cent at $2.164 a pound, finishing about 2.1% lower on the week. January platinum PLF7, +0.65% fell $3.70, or 0.4%, to $962.60 an ounce, to lose 7% for the week, while December palladium PAZ6, +0.53% added $1.25, or 0.2%, to $667.40 an ounce, but still lost 7.5% for the week.
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