The price of gold rose. Gold prices are dropping on a weekly basis
Gold futures ended Friday’s session slightly higher than yesterday, but still recorded its third consecutive weekly loss.
Photo by David Gray/Bloomberg
Gold futures for June were up 60 cents, or less than 0.1 percent, on Friday, at $1,944.30 an ounce, on the Comex. According to Dow Jones Market data, the most active contract is down 1.9% for the week.
Fitch Ratings announced Wednesday evening that it is considering downgrading the credit rating of the United States. As a result, the dollar strengthened, which affected bullion prices.
The price of gold is falling due to the strength of the dollar
Gold was at an all-time high in early May, hitting an all-time high, but since then, as the dollar has strengthened, its value has plummeted. A higher level of bids in dollars makes the bullion denominated in it more expensive for buyers in other currencies, which in turn leads to lower investor interest in gold.
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