[Ed. Note: Yeah, they’re not printing money from thin air anymore… F*** off. We all know how this ends.]
Gold fell and was on the way to its first weekly decline in three weeks on Friday, as fading chances of a U.S. stimulus agreement before the Nov. 3 presidential election dented the metal’s appeal as an inflation hedge.
Spot gold fell 0.3% to $1,901.87 per ounce. Bullion is down 1.4% so far this week. U.S. gold futures settled 0.1% lower at $1,906.40.
“With a stimulus bill this year highly uncertain, gold remains beholden to the USD,” said Tai Wong, head of base and precious metals derivatives trading at BMO.
“While sentiment for gold remains strongly bullish without a strong short-term driver, we seem to be oscillating around $1,900 unable to substantially break the month-long range of $1,850-$1,950.”