Gold Loses 1% to Close at $1,660.60 an Ounce; Gains 0.7% Over Week
Gold futures fell 1% today to close at $1,660.60 an ounce, but still managed to post a 0.7% gain over the week.
Gold see-sawed this week in unison with the greenback. Today, the movement was lower, as the U.S. dollar rose compared to a basket of other currencies.
The price of gold and the U.S. dollar tend to move inversely to each other because as the greenback rises demand for gold from holders of international currencies decreases, as the metal, priced in U.S. dollars, becomes comparably more expensive.
Adding support to gold futures this week, however, was stronger-than-expected export data out of China.
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