Gold prices edged up marginally on Friday and the most active gold futures contract recorded its first weekly gain in about a month.
A weak dollar supported gold’s uptick. The dollar index, which dropped to 91.53 around mid morning, recovered lost ground and moved slightly above the flat line around mid afternoon. It was last seen at 91.87, up 0.06% from Thursday’s close.
Gold futures for August ended up by $1.10 at $1,777.80 an ounce. Gold futures gained about 0.5% in the week, after posting losses in the previous three weeks.
Silver futures for July settled higher by $0.037 at $26.087 an ounce, while Copper futures for July settled at $4.2920 per pound, down $0.0190 from the previous close.
Despite Federal Reserve’s forecast for rate hikes in 2023, traders seem to be coming to terms with the fact that tighter monetary policy is not imminent.
In economic news today, a report from the Commerce Department showed the annual rate of core consumer price growth in May matched economist estimates. The reading on inflation said to be preferred by the Fed showed the annual rate of core consumer price growth accelerated to 3.4 percent in May from 3.1 percent in April.
According to the data released by the Commerce Department, personal income slumped by 2% in May after plunging by 13.1% in April. Economists had expected personal income to tumble by 2.5%.
Meanwhile, the report showed personal spending was virtually unchanged in May after climbing by 0.9% in April. Personal spending was expected to rise by 0.4%.
The material has been provided by InstaForex Company – www.instaforex.com