The precious metal is likely to lose value next week, according to 16 of 29 analysts and economists polled by the news service. Thus far this year, gold futures have plunged roughly 26 percent, as the world's largest economy recovers from the Great Recession. The commodity typically performs the inverse of the U.S. dollar, which has gained strength as the economy it supports continues developing.
"U.S. growth seems to be gathering momentum," head of commodity strategy Ole Hansen with Saxo Bank A/S in Copenhagen told the news source on Friday. "Gold has been suffering again lately as taper talk and a friendly risk environment have provided better investment opportunities elsewhere."
At 12:10 p.m. on Friday, gold futures rose 0.54 percent, a $6.56 gain to $1,231.79 per troy ounce.
Reuters reports the yellowish metal this week has lost more than 1 percent of its value and endured sharp losses during the Thursday trade session.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.