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Gold Futures Settle Lower, Shed Nearly 5% For The Week

Gold prices drifted lower on Friday, posting losses for the fourth session this week, as the dollar gained in strength, recovering after exhibiting some weakness a day earlier.

The dollar index rose to 94.74, a new two-month peak, a little before noon, but subsequently pared some gains. It was last seen hovering around 94.60, up 0.26% from the previous close.

The dollar has been making steady progress on safe-haven appeal amid rising worries about the virus pandemic and its impact on global growth.

Gold futures for December ended down $10.60 or about 0.6% at $1,866.30 an ounce, the lowest close in two months. For the week, gold futures shed about 4.9%, the most in a week in more than 6 months.

Silver futures for December ended lower by $0.103 or 0.4% at $23.093 an ounce, while Copper futures settled at $2.9710 per pound, gaining $0.0030 or about 0.1%.

Meanwhile, on the virus relief bill front, House Democrats are reportedly working on a $2.4 trillion relief proposal. House Speaker Nancy Pelosi is said to have reiterated her willingness to negotiate with the White House to find an agreement.

According to a report released by the Commerce Department this morning, durable goods orders climbed much less than expected in the month of August.

The report said durable goods orders rose by 0.4% in August after soaring by an upwardly revised 11.7% in July.

Economists had expected durable goods orders to surge up by 1.5% compared to the 11.4% spike that had been reported for the previous month.

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