Gold futures are trading higher at the end of the trading week. Despite bullish economic numbers, positive geopolitical events, and a strengthening US dollar, the yellow metal is trying to build some momentum on Friday, though it is still poised for a weekly decline.
June gold futures rose $3.80, 0.29%, to $1,321.70 per ounce at 15:24 GMT on Friday. Gold prices are on track for a weekly loss of about 1.2% and they are flat on the year.
The white metal is edging lower to close the trading week. July silver futures tumbled $0.05, or 0.34%, to $16.51 an ounce. The sister commodity to gold will shed nearly 4% for the week.
According to the Bureau of Economic Analysis (BEA), gross domestic product (GDP) climbed 2.3% in the first quarter of 2018, beating market expectations of 2%. This helped the US dollar advance 0.29%, inching towards 92.0 on the index. A stronger buck is bad for commodities that are denominated in dollars because it makes it more expensive for foreign investors to purchase.
US Treasury yields could not sustain their
Markets also focused their attention on a historic meeting between the leaders of North Korea and South Korea. Kim
Investors will now look ahead to the next Federal Reserve policy meeting on interest rates, trade talks between US and Chinese officials, and the European Central Bank (ECB)’s gathering that could give hints as to when it will wind down its $3.2 trillion
Other metal commodities were mixed on Friday. July copper futures slid $0.07, or 2.28%, to $3.04 per pound. July platinum futures rose $4.40, or 0.48%, to $914.50 per ounce. July palladium futures dipped $5.80, or 0.59%, to $973.25 an ounce.
If you have any questions and comments on the commodities today, use the form below to reply.