Gold and the U.S. Dollar Seesaw Throughout the Week
APMEX
10/2/2020 9:57:55 AM
Gold and The Dollar Seesaw Throughout the Week
Gold finished higher Monday, as weakness in the U.S. dollar helped to fuel some buying in bullion. This came despite a rally in stocks that would otherwise suggest fading appetite for assets perceived as safe havens. The U.S. dollar on Monday was down 0.4%, following a weekly gain of 1.8%.
Gold prices regained the psychologically important $1,900 an ounce mark on Tuesday to mark their highest peak in a week. The pullback in the U.S. dollar for a second session prompted bullion prices to rise.
Gold finished lower on Wednesday, marking a loss for the month as prices responded to a strengthening U.S. dollar. However, it tallied an eighth straight quarterly gain.
Gold prices climbed back up to the $1,900 mark on Thursday to post their highest finish in nearly two weeks, with analysts accrediting the advance for the yellow metal to poor economic data and investors hedging bets ahead of the U.S. jobs report on Friday.
On Friday, Gold was slightly lower, even as investors processed reports that President Donald Trump and his wife contracted COVID-19 and would be quarantining in the White House for days. The sudden news comes as the race for the U.S. presidency between Trump and former Vice President Joe Biden has escalated beyond the first debate.
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