Investing.com– Gold prices fell sharply in Asian trade today. Factors that weighed on sales and speculation about Donald Trump's potential presidential bid and tighter US trade policy. Support dollar to strengthen
Copper prices were flat on Friday among industrial metals, but continued steep losses amid further stimulus measures from top importers China. As the economic growth of the country is sluggish,
August crude was down 0.9% at $2,423.89 an ounce, while August crude was down 1.2% at $2,426.45 an ounce by 01:05 ET (05:05 GMT).
Gold fell from record highs
Spot prices are now trading below the $50 record high reached earlier this week. It has faced heavy gains over the past seven days.
Gold's early strength was largely driven by heightened hopes for a rate cut in the US. Traders are pricing in a more than 90% chance that the Federal Reserve will cut interest rates by 25 basis points in September.
However, these challenges remain. But the dollar gained strength this week on unexpectedly strong jobless claims data. This shows that the labor market is an important consideration for the central bank to cut interest rates. Be flexible
This has had a positive effect on the dollar as Trump's trade protectionist policies will bring more capital back to the country, after speculation about a second term in office boosted the former president's popularity after a failed assassination attempt.
Other precious metals followed gold, which fell 0.5% to $976.60 an ounce, while it fell 1.6% to $29.762 an ounce in two weeks.
A major loss in copper is an important factor in the Chinese economy.
Copper prices were flat on Friday. But losses were higher this week on rising China uncertainty.
The London Metal Exchange was up 0.3% at $9,411.0 a tonne, while the one-month average was up 0.3% at $4.280 a pound.
Both contracts are down 4.7% to 7% this week.
Copper's losses were driven by weaker-than-expected Chinese economic growth data in the second quarter.
The US is reportedly considering tougher trade restrictions against China. It also undermines China's sense of confidence.
In addition, the Third Plenum of the Chinese Communist Party began earlier this week with no sign yet of further economic stimulus measures from Beijing. This is despite officials promising additional support. But it did not provide any details on the planned activities.
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