Gold futures settled lower on Friday as the dollar climbed to a 16-month high on expectations that the Federal Reserve will likely hike rates by mid-2022.
Weakness in stock markets amid concerns about rising coronavirus cases and fresh lockdown in several countries in Europe contributed to increased demand for the safe-have currency.
Austria has announced a full national lockdown from Monday amid a fourth wave sweeping the continent.
German Chancellor Angela Merkel on Thursday announced limits on public life for the unvaccinated, saying the move is necessary to tackle a "very worrying" fourth wave of the pandemic.
The dollar index, which surged up to 96.24, gave up some gains subsequently, and was hovering around 96.00 a little while ago, netting a gain of nearly 0.5%.
Gold futures for December ended down by $9.80 or about 0.5% at $1,851.60 an ounce, the lowest settlement since November 10. Gold futures shed about 0.9% in the week.
Silver futures for December ended lower by $0.119 or 0.5% at $24.781 an ounce. Silver futures lost 2.2% in the week. Copper futures for December settled at $4.4075 per pound, gaining $0.1030 for the session. Copper shed nearly 1% in the week.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2185934/
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