Gold futures are rising at the end of the trading week, supported by a sliding US dollar. The yellow metal’s gains were capped on bullish economic data, leaving investors with the impression that there is very little safe-haven demand. Gold has been unable to muster up any significant momentum as the precious metal seesaws in the ,300 range. June gold futures tacked on .70, or 0.21%, to ,296.00 per ounce at 15:31 GMT on Friday. Gold is on track for a small weekly boost of 0.1%, but it is still down 0.13% year-to-date. Gold has had an interesting week as prices posted their lowest settlement so far this month, but then they finished at their highest levels since March 26. Silver, the sister commodity to gold, is also nearing the important mark. May silver futures surged %excerpt%.12,
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Gold futures are rising at the end of the trading week, supported by a sliding US dollar. The yellow metal’s gains were capped on bullish economic data, leaving investors with the impression that there is very little
June gold futures tacked on $2.70, or 0.21%, to $1,296.00 per ounce at 15:31 GMT on Friday. Gold is on track for a small weekly boost of 0.1%, but it is still down 0.13%
Silver, the sister commodity to gold, is also nearing the important $15 mark. May silver futures surged $0.12, or 0.83%, to $14.99 an ounce. The white metal is poised for a weekly loss of 0.6%, increasing its 2019 losses to 4%.
The US dollar is getting ready to record a weekly loss of 0.6% as the greenback plunged 0.39% to 96.79 on Friday. A weaker buck is good for
In recent weeks, metal commodities have been finding direction on central bank buying and their dovish outlooks. The People’s Bank of China (PBOC), for instance, purchased roughly 360,000 ounces of gold last month. However, positive economic data has made the metals market more volatile and there has been a renewed buying sentiment in the equities market.
The US economy added 196,000 jobs in March, bringing the monthly average to 200,000 jobs. The number of Americans filing for unemployment benefits fell to its lowest reading since October 1969. Investors bought $17 billion in 30-year bonds this week. The consumer price index (CPI) climbed 0.4% in March, beating median estimates of 0.3%.
In other metals markets, May copper futures surged $0.05, or 1.7%, to $2.935 per pound. June platinum futures edged up $3.00, or 0.34%, to $898.30 an ounce. May palladium futures skyrocketed $16.70, or 1.22%, to $1,348.40 an ounce.
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