A Tough Week for the Gold Price

New York (June 30)  Friday’s modest price increase has had little effect on the weekly tally. As of 3:30 PM Eastern standard time, gold futures (August 2018 Comex contract) are trading $1.80 higher on the day, and currently fixed at $1252.80. Considering gold opened on Monday at approximately $1,272 per ounce, this week’s activity resulted in a decline of $20.

Friday’s modest advance is not based in any part on buyers bidding up gold pricing. Instead, it is a combination of moderate selling pressure and the U.S. dollar trading lower on the day.

Physical gold is currently fixed at $1,251. According to the Kitco Gold Index (KGX), today’s modest advance contains a decline in pricing of $5.50 directly attributable to traders actively selling gold. It is dollar weakness that has more than compensated for selling pressure adding $8.50 value. The net result is a modest advance today of three dollars.

KitcoNews