Gold losses of 1.9% per week

Gold prices closed in negative territory on Friday, widening the precious metal losses in the week, after investors’ worries about the most risky assets eased and did not seek the security of gold at the close of the 5-day period.

Markets have seen central banks around the world, including the US Federal Reserve, the Bank of England and the National Bank of Switzerland, raise interest rates this week. The Bank of Japan has remained firm in its loose monetary policy.

“It was a roller-coaster week for gold thanks to the volatile dollar and government bond yields,” FXTM’s Lukman Otunuga told MarketWatch. “Gold fell this week as investors weighed in on the effects of rising interest rates on global growth.”

“An increase in interest rates by 75 basis points by the Fed this week could limit gold gains in the short term,” he said. “However, a resurgence of concerns about a recession in the United States amid tighter monetary policy could fuel investors’ appetite for gold as a safe haven.”

From a technical point of view, prices “are in a volatile price range with support around $ 1,800 and resistance at $ 1,880,” Otunuga said. “Gold could look for a new catalyst for direction to break out of the current range.”

Gold also came under pressure today from the stronger dollar, which added 1.2%, approaching its highest level in 20 years.

In this climate, the gold August delivery fell $ 9.30, or 0.5 percent, to $ 1,846.60 an ounce. In the week, it lost 1.9%.

As for the other metals, the silver July delivery was down 30 cents, or 1.4 percent, at $ 21,587 an ounce, with prices falling 1.6 percent in the week.

THE platinum July delivery lost $ 20.90, or 2.2%, to $ 930.20 an ounce, losing 4.2% on a weekly basis. The palladium September delivery fell $ 67.80, or 3.6 percent, to $ 1,798.70 an ounce, losing 5.7 percent a week.

Finally, the copper July delivery was at $ 4.0135 a pound, down 9 cents or 2.3%. During the week, copper slipped by 6.5%.