Commodities

Gold heads for biggest monthly loss in 4 years

2020-11-30 13:35:25 GMT (Economies.com)

Gold prices fell on Monday, deepening losses for the second straight day, and hit a 4-month low, while on the cusp of the biggest monthly loss in four years, due to weak safe-haven demand, amid a strong market sentiment.

 

Gold prices fell more than 1.3% to $1,764.45 an ounce, after opening at $1,788.37, and hit an intraday high of $1,789.90.

 

The yellow metal lost 1.2% on Friday, as most safe-havens fell due to imporved risk appetite.

 

Gold prices lost 4.5% during the past week, in the third straight weekly loss, and the biggest weekly loss since September.

 

Gold also lost 6% during November, heading for the fourth straight monthly loss, and the biggest monthly loss since November 2016.

 

The biggest monthly loss in four years came due to weak safe-haven demand and a strong sentiment in most global financial markets.

 

The market sentiment improved thanks to positive news about Covid-19 vaccines, while the political tensions eased in the US over the presidential election after a smooth transition of power to President-elect Joe Biden began.

 

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest level since July 2 of 1,194.78 MT.

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