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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