Gold Poised to Break Nine-Week Winning Run

SEATTLE (Scrap Monster): Gold prices fell to around $4,110 per ounce on Friday, on track to end its nine-week winning streak, pressured by heavy selling after repeatedly hitting record highs in recent sessions.

The metal dropped more than 5% early in the week, marking its largest intraday loss in five years.

The decline coincided with significant withdrawals from gold-backed ETFs, which saw their largest single-day drop in holdings by tonnage in five months.

Still, gold remains up about 55% year-to-date, supported by ongoing trade tensions, with focus on trade talks next week between President Trump and Xi.

Geopolitical risks also persisted after the US imposed new sanctions on Russia in an attempt to pressure Moscow for a Ukraine ceasefire.

Meanwhile, expectations that the Federal Reserve could deliver two more rate cuts by year-end continued to support bullion.

Investors are now focusing on the key CPI report later today, which could influence the monetary policy outlook.

Courtesy: www.tradingview.com