Gold Price Up 1% For Week Amid Trump Jabs At NK

New York (May 27)  Gold prices were flat Friday, unable to sustain a mid-week rally driven by geopolitical tensions.

North Korea has had a measured response to President Donald Trump's decision to back out of an upcoming summit. This has put some investors' minds at ease and dented gold's safe haven appeal.

Traders also weighed downbeat US economic data that will do little to clarify the Federal Reserve's interest rate outlook.

June gold settled at USD1,303.70/oz, down 70 cents, or less than 0.1%. But it was a good week for gold bugs. Prices steadied and were up 1% for the week.

The Commerce Department released a report on Friday showing a bigger than expected decrease in new orders for US manufactured durable goods in the month of April.

Durable goods orders slumped by 1.7% in April after spiking by an upwardly revised 2.7% in March.

Consumer sentiment in the US unexpectedly saw a modest deterioration in the month of May, according to revised data released by the University of Michigan on Friday.

RTTnews

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