Commodities

Gold closes lower but logs slim weekly gain

2019-10-18 20:22:25 GMT (Economies.com)

Gold prices fell today, as it failed to gain further ground and attract haven demand of a weaker dollar and uncertainty about the Brexit vote, but the metal succeeded in scoring modest weekly gain.

 

The Chinese Government showed today that the GDP grew by 6% during the third quarter, lower than market forecasts of 6.1%.

 

The markets are currently being overshadowed by uncertainty about the draft Brexit deal ahead of its vote in the British parliament tomorrow. 

 

While in case the parliament voted against the deal, Britain would likely be forced to exit without a deal, which poses large economic risks.

 

Otherwise, the dollar index fell against a basket of major currencies by 0.3% to 97.3 points as of 18:02 GMT, with an intraday high of 97.6 and a low of 97.2 points.

 

Gold futures for December delivery fell by 0.3% to close at $1,494.1 an ounce, and scored a weekly gain of 0.4%, with a session-high of $1,497.9 and a low of $1,488.3.

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