Gold and silver headed for weekly losses after banner run for dollar
Gold prices slipped Friday by enough to hit a fresh 9-month low and fatten what’s shaping up to be a roughly 3.6% tumble for the week after the dollar index notched its highest reading in over a decade.
The dollar has gained, although it did pause on Friday, amid increasing market confidence that the Federal Reserve will not only nudge interest rates higher next month but could lay the groundwork for even higher rates next year. Higher interest rates are typically negative for nonyielding gold and positive for the dollar, which can cut demand for precious metals priced in the greenback.
Early Friday, gold futures for December delivery GCZ6, -0.27% fell $2.30, or 0.2%, to $1,187 an ounce. The contract struck an intraday low of $1,170 an ounce. A close near this level would mark the lowest for the lead contract since the first week of February, according to FactSet data.
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