Gold prices fell on Friday as the stronger dollar outweighed concerns about uncertainty surrounding U.S. policy and upcoming elections in Europe.

Gold for February delivery settled down 0.46% at $1,235.85 on the Comex division of the New York Mercantile Exchange.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.44% to 100.89 late Friday, reversing Thursday’s 0.72% drop and leaving it up 0.16% for the week.

A strong dollar is typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.

The precious metal still notched up a weekly gain of 0.35% as uncertainty over the policies of U.S. President Donald Trump spurred safe haven demand for bullion.

Elsewhere in precious metals trading, silver was at $17.97 a troy ounce late Friday, and ended the week with gains of 0.25%.

Platinum was down 0.92% at $1,006.35 late Friday, while palladium fell 2.0% to $777.42.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

 

Monday February 20

Financial markets in the U.S. will be closed for the Presidents Day holiday.

Canada is to release data on wholesale sales.

 

Tuesday, February 21

The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting, giving investors insight into how officials view the economy and their policy options.

The euro zone is to release survey data on private sector business activity.

The UK is to report on public sector borrowing.

Minneapolis Fed President Neel Kashkari is to speak at an event in Minnesota and Philadelphia Fed head Patrick Harker is to speak at an event in Pennsylvania.

 

Wednesday, February 22

RBA Governor Philip Lowe is to speak at an event in Sydney.

Australia is to release data on completed construction work and the wage price index.

The Ifo Institute is to report on German business climate.

The UK is to release revised figures on fourth quarter growth.

Canada is to publish data on retail sales.

The U.S. is to release industry data on existing home sales and later the Fed is to publish the minutes of its February policy meeting.

 

Thursday, February 23

Australia is to report on private capital expenditure.

The U.S. is to release the weekly report in initial jobless claims.

 

Friday, February 24

RBA Governor Philip Lowe is to speak at an event in Sydney.

Canada is to publish figures on inflation.

The U.S. is to round up the week with data on new home sales and a revised report on consumer sentiment.

 

Source: UK Investing.com