Gold futures fall for the session, but post a second straight week gain
Gold futures fell on Friday amid declines in most asset classes, but still tallied a gain for a second straight week after settling Wednesday at their highest in two months. "While the precious metal markets are likely overbought from significant gains earlier this week, and due some corrective action, we blame big picture risk off psychology," analyst at Zaner wrote in a daily report Friday. "Not only has the tensions between Russia and the rest of the world undermined sentiment, but U.S. corporate earnings seem to have lost their ability to lift equities and highflying crude oil prices have corrected sharply." February gold fell $10.80, or 0.6%, to settle at $1,831.80 an ounce. For the week, however, most-active gold futures rose 0.8%, up a second week in a row, according to FactSet data.
-Myra P. Saefong
(END) Dow Jones Newswires
January 21, 2022 13:49 ET (18:49 GMT)
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