GOLD FUNDAMENTAL OUTLOOK FOR THE WEEK.
GOLD on Friday closed at -9.20 (-0.45%). Precious metals on Friday posted moderate losses. Higher global bond yields on Friday weighed on the prices of precious metals. Also, Friday’s strength in global equity markets has reduced safe-haven demand for precious metals. In addition, hawkish comments Friday from Atlanta Fed President Bostic and Dallas Fed President Logan undercut precious metals when they both said they favored waiting before cutting interest rates. Gold remains under pressure from the ongoing long liquidation of gold by funds after long gold holdings in ETFs fell to a 4-year low Wednesday. A bullish factor for precious metals on Friday was a weaker dollar. Also, rising inflation expectations boosted demand for precious metals as an inflation hedge after the 10-year breakeven inflation rate Friday rose to a 1-1/2 week high.
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