Gold futures fell $29.6, or 1.65%, to $1,768.30 per ounce, but were up 0.6% for the week.
Silver was down 12.8 cents, or 0.55%, at $23.349 an ounce.
Platinum was up $6.6, or 0.63%, at $1,058.90 per ounce.
Palladium was down $74.30, or 3.5%, at $2,076.60 an ounce.
Gold futures closed lower last night (Oct. 15) after the yield on the 10-year U.S. Treasury bond rebounded to 1.57%.
The positive economic data from the U.S. have provided a little calm on the markets on Friday. Gold traders have then decided to take profits to close the week. The U.S. Department of Commerce reported that retail sales in September rose by 0.7%. This was in contrast to analysts’ expectations, which had expected a 0.2% decline, following a 0.9% increase in August.
The U.S. Department of Labor informed that the import price index rose 0.4% month-to-month in September, after falling 0.3% in August.
The news that the first Bitcoin ETF is to be launched next week is causing delight among many market participants who have not yet been able to take part in the crypto spectacle. This could also attract gold investors who have been waiting in vain to see if the yellow precious metal can break the $1800 barrier.
Crude oil futures were driven by the rising global oil demand this week.
WTI crude futures were up 97 cents, or 1.2%, at $82.28 a barrel. A 3.7% increase this week.
Brent crude futures were up 86 cents, or 1%, at $84.86 a barrel. A 3% increase this week.
Crude oil contracts have risen after the International Energy Agency (IEA) released a report raising its projections for global oil demand in 2021 and 2022. The current energy crisis has forced many industries to switch to oil.
In the report, global oil demand increases by 5.5 million bpd to 96.3 million bpd in 2021 and increases by 3.3 million bpd to 99.6 million bpd in 2022.
The U.S. dollar weakens as investors reduce their holdings after the U.S. data released rising retail sales in September.
The dollar’s movement index against six major currencies in a basket of currencies was down 0.02% at 93.9394.
The US dollar weakened against the Swiss franc to 0.9227 francs from 0.9233 francs.
The US dollar strengthened against the yen at 114.26 yen from 113.66 yen.
The dollar was higher against the Canadian dollar at 1.2383 Canadian dollars from 1.2368 Canadian dollars.
The euro was higher against the dollar at $1.1605 from $1.1599.
The pound rose to $1.3748 from $1.3686.
The Australian dollar rose to $0.7420 from $0.7417.
The Spot Market is Closed
Saturday, October 16, 2021