Gold at a 3-week low, with a ‘dive’ of almost 3% on the 5th

Gold fell for a fifth straight session in its biggest losing streak since early July, with the precious metal falling to a three-week low.

In particular, Mr gold December delivery he lost on Friday $8.30 or 0.5%to set its price at $1,762.90 an ounce. In the weekthe losses of gold they caught it 2.9%according to FactSet, in the worst 5-day period since the corresponding period ended July 8.

The strengthening dollar weighed heavily on gold throughout the week, with the US currency adding 2% on the 5-day, having gained 0.6% on Friday, while rising US Treasury yields helped squeeze the precious metal further below. from the $1,800 limit.

“Gold is moving lower again as the dollar continues to see strong support. The dollar’s recovery has weighed heavily on the yellow metal, which was already seeing profit-taking after reaching $1,800,” noted analyst Craig Erlam. of OANDA.

Chintan Karnani, an analyst at Insignia Consultants, told MarketWatch that gold prices could fall further from Monday ahead of Jerome Powell’s speech next week at the annual conference in Jackson Hole, especially if spot gold prices trading below $1,750.

“The demand for gold will only strengthen when the price of the precious metal is perceived to be bottoming out,” he added.

As for the rest of the metals, the silver September delivery retreated by 39 cents or 2%to set its price at 19.069 dollars an ounce, while in the week it recorded losses of 7.9%on its worst 5-day since January.

The palladium saw the September delivery contract to loses 18 dollars or 0.8% at $2,131.40 an ounce, with its price slipping 4% on the week. THE platinum October delivery noted losses $16.90 or 1.9%at 888 dollars an ounce, while during the week it “plunged” 7.4%.

Finally, O copper September delivery he added 3 cents or 0.9% to settle at $3.6645 a pound, paring its weekly losses to 0.1%.