• Sun. May 21st, 2023

Gold spot price per ounce in US on November 9, 2019


May 16, 2023 , , , ,

Gold extended losses to a three-month low as positive developments in U.S.-China trade tarnished the metal’s safe-haven appeal, putting it on track for the biggest weekly decline in three years.

Spot gold was down 0.3% at $1,463.20 per ounce as of 1:56 p.m. EST (1856 GMT), poised for a drop of about 3.4%, the biggest weekly loss since November 2016. It fell to $1,455.80, its lowest since Aug. 5, earlier in the session.

U.S. gold futures settled down 0.2% at $1,462.90.

The dollar hit a three-week high against key rivals, while global equity markets slid, a day after they surged to a 21-month high.

Silver dropped 1.2% to $16.90 per ounce, having touched its lowest since Aug. 13, and was set to post its steepest weekly drop since October 2016.

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