Gold traded back and forth
Gold traded back and forth Friday
Gold traded back and forth Friday before settling just slightly lower for the day. The loss cemented the worst weekly performance for gold in the past three years as it fell roughly 5% on a weekly basis.
In Asian trade Monday gold is climbing higher, possibly on some profit taking from the shorts.
Crude fell Friday, erasing gains of the previous session and finishing below the psychologically important $50 a barrel level. Losses were muted somewhat by thoughts of potential supply disruptions as Florida began to get hit by hurricane Matthew, which was expected to cause severe disruptions to Florida and other parts of the U.S. southeast.
In Monday’s Asian session crude gapped lower at the open, making it look like a poor start to the week.