- Gold prices settled at their lowest level in nearly five months, as gains in the U.S. dollar and stocks and another surge this week for bitcoin dulled demand for the yellow metal.
- February Comex gold slipped 0.4% to settle at $1,248.40/oz., the lowest since July 20, capping a 2.6% loss this week; the SPDR Gold Trust (P:GLD) ETF and the VanEck Vectors Gold Miners ETF tumbled a respective 2.6% and 3.9% for the week.
- Also, “the solid jobs report implies the Fed can remain on a path of higher interest rates well into 2018,” says Rob Haworth, senior investment strategist for U.S. Bank Wealth Management. “Higher rates and higher real rates, especially since wage inflation appears stable for now, are likely pressuring gold.”
- “Gold’s role as a safe haven and a store of value is greatly diminished at this point,” says Barnabas Gan, an economist at Oversea-Chinese Banking, noting improved risk appetite after the postponing of a U.S. government shutdown and further progress in Brexit talks likely will continue to weigh on gold into next week.
- ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, SGOL, GOEX, UGLD, UGL, DGP, SGDM, GLL, GTU, GLDI, ASA, DZZ, OUNZ, RING, DGLD, DGL, TGLDX, DGZ, PSAU, GDXX, GYEN, GEUR, GLDW, UBG, GDXS, GHS, MELT, GHE, QGLDX, GOAU
- Now read: GDX: In Case You're Wrong
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Beaten-down gold ends week at lowest in nearly five months
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