Fundamental Techs
Kitco Weekly Outlook: Gold Looks Vulnerable Ahead Of FOMC, ECB Meetings
11-12-2017 20:14:19

Gold is ending its worst week since July as investors see a resurgence in the U.S. dollar ahead of a major week of central bank meetings. Analysts add that in the current environment, gold prices are vulnerable to lower prices in the near term.February gold futures last traded at $1,249.50 an ounce, down more than 2.5% since the previous Friday. At the same time, the U.S. dollar index is seeing its best week in a year as it shows a weekly gain of 1%, last trading at 93.93.Gold has declined for three consecutive weeks as it hovers at its lowest point since late-July.Silver continues to underperform gold as it prepares to end the week down 3.4% with prices last trading at $15.825 an ounce. In total, silver has dropped more than 9% in the last three weeks as prices also hover near a five-month low.Analysts see further losses for silver as it sees little support from growing industrial demand.