{"id":109946,"date":"2024-01-08T09:45:00","date_gmt":"2024-01-08T09:45:00","guid":{"rendered":"https:\/\/kinesis.money\/?p=109946"},"modified":"2024-01-08T09:45:00","modified_gmt":"2024-01-08T09:45:00","slug":"gold-sees-bearish-trading-week","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/gold-news\/gold-sees-bearish-trading-week\/","title":{"rendered":"Gold Price News: Gold Sees Choppy Trading After Bearish Week"},"content":{"rendered":"\n

Gold prices were volatile on Friday, closing out a week of overall losses, although prices finished the day little changed compared with Thursday\u2019s close.<\/p>\n\n\n\n

Gold traded mostly in a range of $2,040 to $2,050<\/a> an ounce on Friday, barring a brief period of heightened volatility which saw prices drop sharply to $2,025 before rebounding quickly to $2,061 an ounce.<\/p>\n\n\n\n

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KAU-USD 1-hourly chart<\/figcaption><\/figure>\n\n\n\n

The trigger for the early afternoon volatility appeared to be the release of US Non-Farm Payrolls figures, which showed that 216,000 jobs were added in November, versus consensus of 170,000.  However, the picture was further muddied later Friday afternoon with the release of US ISM Services PMI data, which came in below expectations and showed the lowest reading in seven months, painting a somewhat mixed view of the US economy.<\/p>\n\n\n\n

Generally, signs of relative economic strength create headwinds for gold, given the yellow metal\u2019s status as a safe haven asset. Buoyant economic indicators are also bearish for gold because they create pressure on central banks to maintain higher interest rates for a longer period.<\/p>\n\n\n\n

On the fundamentals side, central banks bought a net volume of 44 tons of gold in November, the World Gold Council said in a report released Friday<\/a>. That represents the sixth consecutive month in which central bank purchasing has outweighed sales, the figures showed.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights<\/a>\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\nRead our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices were volatile on Friday, closing out a week of overall losses, although prices finished the day little changed compared with Thursday\u2019s close.<\/p>\n","protected":false},"author":50,"featured_media":109958,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-109946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Sees Choppy Trading After Bearish Week | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 8th of January 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta 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