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Metals Stocks: Gold trades near 2-week peak, on track for first weekly gain this month

Gold futures edged moderately upper early Friday, as a weaker U.S. greenback has helped the valuable metal on a trail towards its first weekly acquire this month.

December gold GCZ8, +Zero.02%  added $3, or Zero.3%, to $1,211.20 an ounce, with the valuable metal on pace to ebook a weekly rise of about Zero.nine%, representing its first weekly acquire for a most-active contract since the length ended Aug. 31, in keeping with FactSet information and according to remaining Friday’s shut. A close at its present level would mark its perfect since Aug. 29.

Gains for bullion have come as the U.S. greenback has slumped via about Zero.nine% at 94.48 to this point this week and weakened to a two-week low, as measured via the U.S. ICE Dollar Index DXY, +Zero.12% a gauge of the dollar towards a half-dozen currencies.

“The weakening of america greenback is giving bullion a boost, increasing the probabilities of seeing further recoveries,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades, in a Friday research notice.

“The gold worth is slowly continuing its recovery, which has brought it with regards to the resistance placed at $1,210. If it manages to breach this level, the following goal is placed at $1,230, whilst a go back underneath $1,200 would denote fragility,” he wrote.

Meanwhile, December silver SIZ8, -Zero.06% ticked up via not up to Zero.1% at $14.250 an ounce. The metal is on pace for a weekly acquire of Zero.6% according to the most-active contract. The September front-month contract settled previous this week at $14.05, the bottom since January 2016.

Looking ahead, a record on retail sales for August due at 8:30 a.m. Eastern could also be a catalyst for worth motion, with economists polled via MarketWatch forecasting an advance of Zero.3% from a rise of Zero.five% in July. A record on import prices for August shall be launched on the same time.

Separately, information on commercial production for August shall be launched at nine:15 a.m., followed via shopper sentiment for September and business inventories for July, which is able to both come out at 10 a.m.

Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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