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Gold Prices Settle Higher and Pare Weekly Losses as Global Stocks Slump
Saturday, 9 February 2019 03:56 WIB | PRECIOUS METALS |GOLDEMAS

Gold prices finished higher on Friday, paring an already modest weekly loss as weakness in global stocks boosted haven demand for the commodity.

The yellow metal saw some so-called short covering to end the week, finding support from the threat of another U.S. government shutdown, with temporary funding expiring on Feb. 15, and intensifying concerns surrounding Brexit, said George Gero, managing director at RBC Wealth Management. œBuyers in Europe for gold may also meet buyers of gold in China after Lunar New Year. Financial markets in China remained closed for the holiday and will reopen Monday.

April gold on Comex rose $4.30, or 0.3%, to settle at $1,318.50 an ounce, leaving it down 0.3% for the week. Gold, based on the most-active contracts, has still climbed by 2.9% since the end of last year.

Source : Marketwatch

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