Gold Set For Third Weekly Gain Amid Taper Talk

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Gold prices steadied on Friday, but were on track for a third straight weekly gain as the dollar continued to trend down amid rising inflation expectations and concerns about taper talk.

Spot gold edged up 0.1 percent to $1,878.30 an ounce, while U.S. gold futures were down 0.2 percent at $1,878.65.

The dollar hovered around recent lows and U.S. Treasury yields drifted lower early on Friday after a manufacturing survey from the Philadelphia Fed fell more than expected in May.

The Philadelphia Fed Manufacturing Index fell to 31.5 in May from 50.2 in April. Economists had forecast a score of 43.

Risk sentiment improved somewhat as investors shifted their focus from inflation to economic recovery.

European PMIs as well as U.K. retail sales figures released earlier in the day pointed to an economic recovery in the region.

Canada retail sales for March and wholesale sales for April and U.S. existing home sales for the same month will be published in the New York session.

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

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