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Metals Stocks: Gold slides to 3-week low amid longest losing streak since July

Gold extended its longest losing streak since early July on Friday to trade at a three-week low as rising Treasury yields and a resurgent U.S. dollar undermined support.

Price action

Gold futures

expiring in December lost $7.60, or 0.4%, to $1,763 per ounce on Comex, according to FactSet data.

Silver futures

expiring in September declined by 31 cents, or 1.6%, to $19.16 per ounce.

Palladium futures

for September delivery shed $12.40, or 0.6%, to $2,137 per ounce, while platinum futures

for October delivery retreated $11.90, or 1.3%, to $893 per ounce.

Copper futures

expiring in September advanced one cent, or 0.2%, to $3.64

What analysts are saying

Gold’s month-long rally hit a wall this week as higher Treasury yields and a rising dollar spoiled the party, leaving the yellow metal below the $1,800 per ounce level. If the most-active gold futures contract finishes the session at these levels, it would mark the worst week for the yellow metal since July 8, according to Dow Jones Market Data.

“Gold is edging lower again as the dollar continues to see strong support. The resurgence in the greenback has weighed heavily on the yellow metal which was already seeing profit-taking after reaching $1,800,” said Craig Erlam, senior market strategist at OANDA.

The ICE U.S. Dollar Index
a gauge of the dollar’s strength against a basket of other currencies, was up 0.5% to top 108 for the first time in a month on Friday, while the yield on the 10-year Treasury note

climbed 6.6 basis points to 2.943%.

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