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Gold Futures Settled Slightly Higher

Gold Futures Settled Slightly Higher

Gold futures edged up marginally on Friday even as the dollar continued to find some support amid Fed taper talks.

Surging coronavirus cases, and geopolitical concerns following the developments in Afghanistan where the Taliban has taken control, prompted investors to lean towards the safe-haven commodity.

The dollar index, which rose to 93.73, subsequently retreated to 93.44. It was last seen at 93.53, down marginally from the previous close.

Gold futures for December ended up by $0.90 or about 0.05% at $1,784.00 an ounce. Gold futures gained 0.3% in the week.

Silver futures for September ended lower by $0.118 at $23.112 an ounce, while Copper futures for September settled at $4.1370 per pound, up $0.0960 from the previous close.

The dollar strengthened across the board earlier in the day as China’s crackdown on the once high-flying technology firms and rising prospects of tighter monetary measures from the Federal Reserve dented risk sentiment.

A rout in Chinese technology giants deepened today after Chinese authorities passed a major data protection law, along the lines of Europe’s Global Data Protection Regulation, making it harder and costlier for tech firms in China to access and use consumer information.

The material has been provided by InstaForex Company – www.instaforex.com