Gold prices brace for biggest weekly decline in five
Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five.
Spot gold was up 0.3% at $1,951.19 per ounce by 0249 GMT, after earlier hitting its lowest level since July 12 and ending 1.4% lower in the previous session. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23.
U.S. gold futures rose 0.2% to $1,950 per ounce.
The higher drift in gold prices lacks conviction as there is still indecision at play in the lead-up to the upcoming Bank of Japan meeting as chatters that it will discuss tweaking its yield curve control policy has kept market participants on their toes, said Yeap Jun Rong, a market strategist at IG.
GOLD BUY 1949 - 1951
✅ TP1: 1957
✅ TP2: 1962
❌ SL: 1943
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