Gold futures fell on Friday, contributing to a weekly loss of more than 1%, with prices pressured in part by strength in the U.S. dollar and a rise in 10-year Treasury yields in the wake of a sizable rise in March U.S. nonfarm payrolls. Still, Colin Cieszynski, chief market strategist at SIA Wealth management, said it appears that falling commodity prices had a bigger impact on gold Friday, particularly with U.S. benchmark oil prices falling below $100 a barrel. “Gold has traditionally acted as a hedge against inflation and just as rising energy prices earlier this year gave gold a tailwind, falling energy prices may be presenting a near-term headwind.” June gold fell $30.30, or nearly 1.6%, to settle at $1,923.70 an ounce. Based on the most-active contract, prices fell 1.6% for the week, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
