Metals Stocks: Headed for a weekly loss, gold prices fight to keep $1,800 level

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Gold prices were holding onto the key $1,800 level Friday, as the precious metal headed for a weekly loss.

December gold  


was drifting back and forth across the $1,800 an ounce level, with a loss for the week so far standing at roughly 1.8%. The precious metal finished 0.4% higher at $1,800 an ounce on Thursday, following declines in each of the two previous sessions.

Thursday’s seesaw session came after weekly U.S. benefit jobless claims fell to the lowest since the pandemic began and the European Central Bank said it would slow asset purchases.

“The price appears to be profiting from the fall in bond yields in the U.S. yesterday following a successful bond auction that met with brisk demand,” said Daniel Briesemann, analyst at Commerzbank, in a note to clients.

U.S. stock index futures



indicated a higher open for Wall Street. President Joe Biden on Thursday announced vaccine mandates for millions of U.S. workers, in a bid to fight surging COVID-19 cases driven by the delta variant. Investors are waiting on U.S. producer price data for August due Friday. The Dollar Index

slipped modestly to 92.42, while the yield on the 10-year Treasury note

rose 2 basis points to 1.3191%.

In other metals trading Friday, December copper 

rosee 1.9% to nearly $4.37 a pound. October platinum 

 rose 0.1% to $975.70 an ounce, while December palladium 

 jumped 2.4% to $2,193.50 an ounce.

Also see: Why spot uranium prices have climbed to a 6-year high

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