*GOLD HAS WORST WEEK IN 2 MONTHS AS U.S. YIELDS SOAR - $GC_F $GLD
Investing.com -- The dollar is stealing every bit of safe-haven shine out there, leaving gold — the original precious metal — with very little luster., settled at $1,648.90 an ounce, down $28.10, or 1.7%, on the day, after a session low at $1,646.15. For the week, it lost just over $60, or 3.5%., which is more closely followed than futures by some traders, was at $1,645.24 by 14:00 ET , after a midday tumble to $1,640.71.
Gold broke below key $1,650 support on Thursday before bulls in the space lucked out, as the dollar’s tumble on talk of peak-inflation in the U.S. helped the yellow metal recoup virtually all that it lost on the day.rose for a seventh time in eight days. The index, which pits the dollar against the euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc, reached a session high of 113.30. Technical charts indicated a very likely 120 high for the Dollar Index, said analysts.
The run-up in the two has been anathema to gold, which has struggled for months to reassert its safe-haven standing as funds flowed steadily to long-dollar and short-bond positions at the expense of the yellow metal.
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