MW: Gold flat, eyes weekly loss of 2% on dollar strength
Gold futures for December delivery GCZ4, -0.08% edged down by 40 cents, to $1,238.60 an ounce. The contract is on pace for a weekly loss of 2.3%. December silver futures SIZ4, -0.13% were roughly unchanged at $18.60 an ounce.
A report on U.S. retail sales in August could give gold a little more direction, with the release due at 8:30 a.m. Eastern. In addition, investors are waiting for fresh figures on import and export prices, also due at 8:30 a.m., followed by a report on consumer sentiment at 9:55 a.m. and a reading on business inventories at 10 a.m.
“Gold remains at the mercy of the U.S. dollar sentiment, but we could still see a bit of small-scale physical buying at these levels, followed by some consolidation,†said Andrey Kryuchenkov of VTB Capital in a note.
“Otherwise, a confirmed second consecutive close below USD 1,240 would be fairly bearish and could well trigger more losses,†he added.
On Thursday, December gold lost 0.5% to settle at $1,239 an ounce.
