Gold price falls last Friday

October 14, 2018

Bengaluru-India (Oct 14)  Gold prices eased on Friday, the session after their biggest daily gain in more than two years, coming under pressure as the U.S. dollar climbed and global stocks rebounded from a six-day rout. 

Spot gold was down 0.5 percent at $1,217.81 an ounce by 13:55 p.m. EDT (1755 GMT). On Thursday, bullion jumped about 2.5 percent on safe-haven buying during an equities selloff.

Thursday´s peak of $1,226.27 was the highest since July 31. Spot gold was on track for its biggest weekly gain in seven weeks, up about 1.3 percent for the week.

U.S. gold futures settled down $5.6, or 0.46 percent, at $1,222. "A rally in the U.S. dollar is putting downward pressure on gold today," said Alex Turro, market strategist at RJO Futures.

The dollar index rose as global equities rebounded from a multiday selloff, boosted by strong export data in China.


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