Gold Futures Settle Lower

0
10

Gold prices drifted lower on Friday as rising bond yields amid a surge in new home sales in the U.S. dented demand for the safe-haven asset.

Gold prices advanced despite the dollar’s weakness. The dollar index tumbled to 90.91, losing nearly 0.5%.

Gold futures for June ended down $4.20 or about 0.2% at $1,777.80 an ounce. Gold futures shed about 0.1% in the week.

Silver futures for May ended lower by $0.105 or 0.4% at $26.075 an ounce, while Copper futures for May ended higher by $0.0.630 or 1.5% at $4.3360 per pound.

Data released by the Commerce Department showed new home sales in U.S. skyrocketed by 20.7% to an annual rate of 1.021 million in March after plunging by 16.2% to a revised rate of 846,000 in February.

Economists had expected new home sales to spike by 14.3% to a rate of 886,000 from the 775,000 originally reported for the previous month. With the rebound, new home sales soared from the eight-month low set in February to their highest level since August of 2006.

The flash reading of the IHS Market US. composite purchasing managers index rose to a record high 62.2 in April from 59.7 in March, suggesting both the manufacturing and services sectors are recovering rapidly from the coronavirus pandemic.

The material has been provided by InstaForex Company – www.instaforex.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here