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Metals Drop on Friday, Head to Weekly Gains

Metals fell on Friday but were heading to end the week with gains. Market analysts pointed at the stronger dollar as the reason for the decline of commodities. The equity market dropped and investors were fleeing towards safer assets. While gold is considered to be one of such assets, investors were preferring the greenback over bullion as a safe haven lately. Surprisingly, the euro also attracted demand. While gold often moves together with the shared currency of the eurozone, that was not the case today.

The reasons for the investors’ pessimism were concerns about the novel coronavirus pandemic and measures to halt its spread which can damage the world’s economy. China announced a partial lockdown in its capital city of Beijing after several cases of the coronavirus were detected. British officials said that it is “too early” to consider lifting restrictions and hinted that the lockdown may stretch into summer. European Commission President Ursula von der Leyen argued against the total closure of borders but said that “targeted measures” may be needed.

There is still a possibility that the market sentiment can improve later. Hopes for COVID-19 vaccines and fiscal stimulus in the United States were pushing the US currency lower, and that may happen again. Therefore, traders will watch closely coronavirus news and comments from US officials, especially President Joe Biden.

Futures for delivery of gold in April dropped by $10.7 (0.57%) to $1,858.6 per troy ounce as of 20:13 GMT on COMEX today. Silver for delivery in March slumped by $0.32 (1.25%) to $25.53 per ounce. Spot price for platinum tumbled by $27.2 (2.41%) to $1,103.51 per ounce, and palladium dropped by $10.98 (0.46%) to $2,358.82 per ounce. March contract for copper lost $0.021 (0.58%) to trade at $3.6265 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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source https://www.earnforex.com/commodities/metals-drop-on-friday-head-to-weekly-gains/