The most active gold futures contract on New York's Comex, for December delivery, fell $6.70, or 0.4%, at $1,834.80/ounce. Benchmark gold futures lost 3.1% last week, the biggest weekly decline since late January. This week, December gold prices fell 2.6% from the beginning of the week.
Spot gold prices, which some traders watch more closely than gold futures prices, were steady at $1,821.20, down $1.78, or 0.1%, on the day. Spot gold fell 4% last week, its steepest decline since falling nearly 6% in the week to June 11, 2021. This week, gold is on track to fall another 1.5%.
Rising yields and the dollar - gold's nemesis - have practically erased most, if not all, of gold's shine this year, leaving Comex futures barely up and prices Spot delivery decreased compared to early 2023.
Spot gold prices, which some traders watch more closely than gold futures prices, were steady at $1,821.20, down $1.78, or 0.1%, on the day. Spot gold fell 4% last week, its steepest decline since falling nearly 6% in the week to June 11, 2021. This week, gold is on track to fall another 1.5%.
Rising yields and the dollar - gold's nemesis - have practically erased most, if not all, of gold's shine this year, leaving Comex futures barely up and prices Spot delivery decreased compared to early 2023.