Read more

Gold prices drifted lower on Friday, snapping a three-day winning streak, as the dollar strengthened and yields on U.S. Treasury bonds rose.

The dollar index, which rose to 92.76 around late morning, drifted down to 92.58 later on, but firmed to 92.70 subsequently.

Gold futures for August ended down by $14.00 or about 0.8% at $1,815 an ounce. Gold futures had settled at 1-month high on Thursday.

Gold futures gained about 0.2% in the week.

Silver futures for September ended down by $0.599 at $25.795 an ounce, while Copper futures for September settled flat at $4.3230 per pound.

Data from the Commerce Department said retail sales climbed by 0.6% in June after plunging by a revised 1.7% in May. The rebound surprised economists, who had expected retail sales to fall by 0.4% compared to the 1.3% slump originally reported for the previous month.

Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales jumped by an even stronger 1.3% in June following a revised 0.9% decrease in May.

A report from the University of Michigan showing an unexpected slump in consumer sentiment generating some negative sentiment.

The report showed the consumer sentiment index slumped to 80.8 in July from 85.5 in June. The decrease surprised economists, who had expected the index to inch up to 86.5.


Please enter your comment!
Please enter your name here