Gold down to 1241 on Fed Stimulus Fears

Gold edged higher on Friday in response to a weaker dollar but remained on track for its sharpest weekly drop in more than two months as strong U.S. economic data raised uncertainty over the timing of a slowdown in stimulus measures.

Spot gold was last up up 0.2 percent to $1,245 an ounce, after hitting a fresh 4.5-month low of $1,236.29 in the previous session.

U.S. gold futures for December delivery were flat at $1,243 an ounce.  Gold was on track for a 3.4 percent weekly drop, while spot silver also headed for its worst week since mid-September, down 3.7 percent so far.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.