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Price of Gold Fundamental Daily Forecast - Struggling as COVID Fears Subside, Risk Appetite Climbs


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Gold futures finished lower on Friday as firmer yields, a stronger U.S. Dollar and higher equity prices weighed on demand for the non-yielding dollar-denominated asset. Reports of higher inflation aren’t driving demand for gold like many had expected. The bullish tone in the stock market and recent plunge in Treasury yields are just two examples supporting the Fed’s notion that the rise in inflation is temporary or “transitory”.
On Friday, December Comex gold settled at $1805.90, down $3.30 or -0.18%.
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Gold dips as yields perk up, dollar strengthens


U.S. gold futures settled 0.2% lower at $1,801.80.
Gold fell and was heading for a weekly dip on Friday as a stronger dollar, firmer yields and equity markets chipped away at its appeal.
Spot gold fell 0.3% to $1,800.72 per ounce by 1:43 pm ET. U.S. gold futures settled 0.2% lower at $1,801.80.
Bullion has shed 0.7% this week after briefly moving toward last week’s one-month peak, as fears over rising Delta variant COVID-19 cases have eased, prompting investors to move out of the safe-haven asset as risk appetite returned.
“The gold market is seeking out a fresh fundamental driver and there really isn’t one,” said Jim Wyckoff, senior analyst with Kitco Metals, noting weaker real yields and a jump in COVID-19 cases were not enough to move prices higher. ....

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