Gold and Silver Have Worst Weeks Since March on Rising Dollar
- Dollar gauge recorded its best week in almost six months
- U.S. election uncertainty may help gold rebound, RBC says
A flame alights a newly-poured gold ingot in its mold at the Uralelectromed Copper Refinery, operated by Ural Mining and Metallurgical Co. (UMMC), in Verkhnyaya Pyshma, Russia, on Thursday, July 30, 2020.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Gold and silver posted their biggest weekly losses since March, when the global onset of the coronavirus pandemic panicked markets.
The dollar gained as concern over the outlook for global economic growth bolstered the appeal of the currency as a haven, sapping demand for gold. Fears are mounting that rising coronavirus cases, particularly in Europe, may lead to more national lockdowns, denting the outlook for recovery. Gold fell 4.6% this week, while silver slumped 15%.