KT APPDOWNLOAD
iPhone | iPad
Android
HuaweiGold extends sell-off after Fed disappoints
Gold fell more than 1 percent on Friday, extending a sell-off from the previous session when the US central bank chief gave no hint on imminent stimulus, disappointing investors and dampening the appeal of gold as a hedge against monetary easing.
COMEX gold led the decline earlier in the day as stop-loss selling kicked in when prices traded lower around $1,580 level, traders said.
“Everybody put their orders in and that triggered a waterfall of stops,” said a Singapore-based trader.
Prices have since pared some losses, with spot gold up from a one-week low of $1,561.44 to $1,571.29 by 0651 GMT, down 1.1 percent from the previous close. Gold was headed for a 3.4-percent weekly decline.
The US gold futures contract for August delivery tumbled nearly 2 percent to an intra-day low of $1,556.4, and recovered some losses to $1,572.70.
Gold bulls had hoped for US Federal Reserve Chairman Ben Bernanke to signal further monetary easing, especially after last Friday’s US employment data showed a surprisingly weak job market.
More news from
Each year nearly 1.35 million people are killed in road accidents across the world. Learn the basics of Defensive Driving to keep yourself and others safe on UAE roads.
Azeem Rafiq — a former player at Yorkshire — went public in 2020 saying he had been the victim of racial harassment and bullying across two spells at English cricket’s most successful club between 2008-18
Sustainable shopping is the one trend we hope doesn’t change. Read on to know how to shop with a conscience to save the planet and make every purchase count!
Visitors and residents can enjoy shopping, dining, and other activities until midnight or later