JAKARTA – Gold price down at the close of trading Friday (Saturday morning WIB). Gold prices reversed from the previous day’s gains as rising US government bond yields, a stronger dollar and gains in equity markets dampened its appeal.
The most active gold contract for August delivery on the Comex division of the New York Exchange, fell 3.6 dollars, or 0.2 percent, to close at 1,801.80 dollars an ounce. The day before, Thursday (7/22/2021), gold futures rose 2 US dollars, or 0.11 percent, to 1,805.40 US dollars.
Gold futures fell 8 US dollars, or 0.44 percent to 1,803.40 dollars on Wednesday (21/7/2021), after gaining 2.2 dollars, or 0.12 percent, to 1,811.40 dollars on Tuesday (20/20). /7/2021), and cut 5.8 US dollars or 0.32 percent to 1,809.20 US dollars on Monday (19/7/2021).
Gold is down around 0.7 percent this week after briefly moving towards one-month highs last week, as concerns over rising cases of the COVID-19 Delta variant have eased, prompting investors to exit safe-haven assets as risk appetite returns.
“The gold market is looking for new fundamental drivers and there really aren’t any,” said Jim Wyckoff, senior analyst at Kitco Metals. He noted weaker real yields and a surge in COVID-19 cases were not enough to move gold prices higher.
“Technical traders have become more dominant as a lack of fundamentals and gold’s short-term technical posture has turned negative, inviting some traders to sell in the market,” Wyckoff added.
