Gold Futures Prices Move Lower on Stronger U.S. Dollar; A Weakening Global Trend

 Gold Futures Prices Move Lower on Stronger U.S. Dollar

Gold futures prices fell on Friday, as the US data continued optimistic this week to boost optimism about the strength of the U.S. economy and support demand for the USD.

On the Comex Exchange, gold futures for April delivery were down 0.24% at $1,242.10, the lowest since March 21.

Globally, gold prices fell 0.10 per cent to USD 1,241.20 an ounce in Singapore.

The dollar remained supported by a wave of strong US data this week, including Thursday’s reports on fourth-quarter GDP and initial jobless claims.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, stabilized at 100.36, after rising two and a half weeks to 100.47.

Trade Minister Wilber Ross said one request would lead to a major revision of the US trade deficit, including “currency unsuitability”.

Markets were also volatile after British Prime Minister Teresa Mae formally launched Britain’s exit from the European Union on Wednesday and began a two-year negotiation process before divorce began in late March 2019.

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