Weekly Round-Up: Gold Price Falls to 9-Month Lows

It’s been another tough week for the gold prices as it dropped to its lowest levels in almost nine months this week.

Strong US goods data and a surging US dollar have put pressure on the gold prices, even though the yellow metal has been losing steam since the US presidential election on November 8. Reuters reported on Thursday (November 24), that the US dollar was closing on a near 14-year high and further speculations on the Federal Reserve raising interest rates next month.

As of 1:10 p.m. EST on Friday, the gold price was $1,182.13 per ounce, a 2.46 percent slide over the five-day period.

On the  silver prices side, the white metal has also dropped off over the five-day period, falling to $16.23 per ounce on Wednesday, and even lower late Thursday to $16.15 per ounce. By Friday, however, it appeared to be on the upswing.

By 1:14 p.m. EST, the silver price was $16.47 per ounce, although the white metal still lost 0.48 percent over the week.

Market Watch wrote on Friday that the silver price is heading towards a bear market with the US dollar still holding strong. In a note, Ole Hansen, head of commodity strategy at Saxo Bank, said both silver and gold prices “remain troubled” by the US dollar and bond yields.