Gold Ends Lower, Posts Third Straight Weekly Loss

New York (July 28)  Gold prices drifted lower on Friday with firm equity markets and a fairly steady dollar amid speculation about gradual rate hikes by the Federal Reserve prompting traders to stay away from the yellow metal once again.

Easing worries about trade tension following the positive outcome from Donald Trump - Jean Claude Buncker trade talks too weighed on the bullion.

Gold futures for August ended down USD2.70 or 0.2% at USD1,223.00 an ounce, after falling to a low of USD1,216.70 earlier.

For the week, gold futures shed 0.7%. This is gold's third straight weekly loss.

Silver futures for September were up USD0.020 or 0.13% at USD15.515 an ounce, while Copper futures were lower by USD0.021 or 0.75% at USD2.797 per pound.

In US economic news today, data released by the Commerce Department showed economic growth in the country to have accelerated significantly in the second quarter.

The report said real gross domestic product jumped by 4.1% in the second quarter following a 2.2% increase in the first quarter. Economists had expected GDP to surge up by 4.2%.



Meanwhile, consumer sentiment in the US deteriorated by less than initially estimated in the month of July, the University of Michigan revealed in a report released on Friday.



The report said the consumer sentiment index for July was upwardly revised to 97.9 from the preliminary reading of 97.1. Despite the upward revision, the index was still down from 98.2 in June.

RTTnews

 

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