Gold Price Steadies...And May Have Bottomed

New York (June 29)  Gold futures rose Friday, snapping a four-day losing skid as traders weighed a flurry of economic news from around the globe.

After hitting a 7-month low, gold for August rose USD3.60 to USD1254.60 an ounce.

Personal income in the US increased in line with economist estimates in the month of May, although the report also showed weaker than expected growth in personal spending.

The report said personal income climbed by 0.4% in May after edging up by a downwardly revised 0.2% in April.

In Europe, a last-minute deal on immigration may have saved Angela Merkel's government in Germany.

Meanwhile, Eurozone inflation rose to 2% in June, in line with forecast, and up from 1.9% in May on food and energy prices. The European Central Bank targets 'below, but close to 2%.

RTTnews