Gold Pressured By More Profit Taking, Weaker Greenback
Gold prices are again moderately lower in early U.S. trading Friday. Some more normal profit taking and technical chart consolidation is seen late this week after prices hit a seven-week high earlier this week. A good rebound in the U.S. dollar index late this week is also a bearish outside market force working against the precious metals markets. August Comex gold was last down $5.10 an ounce at $1,274.40. July Comex silver was last down $0.114 at $17.30 an ounce.
…Of the three major focuses the markets had this week (the other two being the European Central Bank meeting and the former FBI director Comey’s testimony to the U.S. Congress), the U.K. elections were the only “miss” from market expectations.
Focus is now turning to next week’s FOMC meeting on Tuesday and Wednesday, at which time the Federal Reserve is expected to slightly raise U.S. interest rates.