Gold Readies for 3rd Straight Weekly Gain - InvestingChannel

Gold Readies for 3rd Straight Weekly Gain

Gold edged lower on Friday, as optimism around a swift economic recovery lifted appeal for riskier assets, although a weaker U.S. dollar and growing inflationary pressure limited losses and kept bullion on track for a third straight weekly rise.

Spot gold was down 0.2% at $1,872.21 U.S. per ounce overnight, but it has risen 1.6% this week.

U.S. gold futures fell 0.4% to $1,873.70 per ounce.

The greenback was pinned near milestone lows against its rivals and was headed for a weekly loss. A weaker American currency makes gold more appealing for other currency holders.

Data on Thursday showed the number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week.

Japan’s core consumer prices slid for the ninth straight month in April, as a record slump in cellphone fees offset rising energy prices.

Britain’s economy will grow much faster than expected this year as a fast-moving coronavirus vaccine program allows businesses to re-open and lifts confidence, a Reuters poll found.

Palladium gained 0.5% to $2,865.73 U.S. per ounce, silver eased 0.1% to $27.72 U.S., while platinum edged 0.4% higher to $1,200.57 U.S.

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