FOX LIVE GOLD NEWS UPDATE
PRECIOUS-Gold steady near 5-wk lows, heads for biggest weekly fall in 4
April 27 (Reuters) – Gold prices languished near a five-week low on Friday, set for a decline of more than 1 percent this week, weighed down by a strong dollar, high U.S. Treasury yields and easing geo-political concerns.
Spot gold XAU= was unchanged at $1,316.92 per ounce at 0324 GMT, not far from a low of $1,315.06 an ounce hit in the previous session – its weakest since March 21.
U.S. gold futures GCcv1 were unchanged at $1,317.60 per ounce.
“The strength of the U.S. dollar – combined with the weakness of the eurozone currency, after Mario Draghi speech – is pushing down the yellow metal. The recovery of the greenback is stopping any gold bullish movement,” said Activtrades chief analyst Carlo Alberto De Casa.
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