{"id":1200496,"date":"2020-08-07T10:46:31","date_gmt":"2020-08-07T15:46:31","guid":{"rendered":"https:\/\/www.mining.com\/?p=1032045"},"modified":"2020-08-07T10:46:31","modified_gmt":"2020-08-07T15:46:31","slug":"gold-price-retreats-on-stronger-dollar","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1200496","title":{"rendered":"Gold price retreats on stronger dollar"},"content":{"rendered":"

Gold’s monster rally took a pause on Friday as the US dollar received some respite from investors looking for a hedge against the deepening rift between Washington and Beijing. However, bullion is still on track for a ninth straight weekly gain — the longest of such streak in about a decade.<\/p>\n

Spot gold was 1.2% lower at $2,035.26 per ounce by 11:25 a.m. EDT, having hit another record high of $2,072.90 in early trade. US gold futures also retreated 1.1% to $2,044.90 per ounce in New York.<\/p>\n

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In addition to a stronger dollar, the latest US jobs data showed better-than-expected figures<\/a>, indicating that a economic rebound is making headway. Payrolls increased by 1.76 million in the month of July, beating estimates for a 1.48 million gain, while the unemployment rate fell by more than expected.<\/p>\n

The combination of those two factors put pressure on gold prices, particularly the rebounding dollar, said Phil Streible<\/a>, chief market strategist at Blue Line Futures in Chicago.<\/p>\n

\u201cThere is a bounce in the dollar in the last 24 hours and it is key to the profit-taking we are seeing in gold,\u201d OANDA analyst Craig Erlam told Reuters<\/a><\/em>. <\/p>\n

“However, the momentum is still very much with the bulls and $2,100 for gold is likely in the near term,” he added.<\/p>\n

Bullion is still up more than 35% year to date, on pace for its biggest annual gain in over four decades. Further gains are predicted — Bank of America Corp. reiterated its forecast that gold may reach $3,000 an ounce in 18 months.<\/p>\n

(With files from Bloomberg and Reuters)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold is still on pace for its longest stretch of weekly gains since 2006.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1200496"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1200496"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1200496\/revisions"}],"predecessor-version":[{"id":1200514,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1200496\/revisions\/1200514"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1200496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1200496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1200496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}