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Gold futures were marginally higher on Friday after falling for three straight sessions, but higher global bond yields and a stronger U.S. dollar in recent days are likely to drive the yellow metal to its second weekly loss in three.
Price action
-
Gold futures for December delivery
GC00,
-0.02% GCZ23,
-0.02%
gained $1.50, or 0.1%, to $1,950 per ounce on Comex. -
Silver futures for September delivery
SI00,
-0.51% SIU23,
-0.51%
fell by 4 cents, or 0.2%, to $22.79 per ounce. -
Palladium futures for September delivery
PA00,
+2.22% PAU23,
+2.22%
rose by $22.50, or 1.7%, to $1,328 per ounce, while platinum futures
PL00,
-0.15% PLV23,
-0.15%
for October delivery gained $3.30, or 0.4%, to $918 per ounce. -
Copper futures for September delivery
HGU23,
-1.37%
fell by 6 cents, or 1.6%, to $3.71 per pound.
Market drivers
“Gold is continuing its slow slide toward $1,900 an ounce as doubts remain as to whether the Federal Reserve still has one more interest rate increase left in its current cycle, even following yesterday’s encouraging U.S. inflation data,” said Rupert Rowling, a market analyst at Kinesis Money, in emailed commentary.
Prices of the yellow metal have fallen this week despite Thursday’s U.S. inflation report as worries about a potential reacceleration of inflationary pressures, along with concerns that Treasury yields and the U.S. dollar might continue to climb, have dimmed demand for the yellow metal.
The yield on the 10-year Treasury note was flat early Friday at 4.105% after rising on Thursday afternoon when San Francisco Fed President Mary Daly said the Fed had more work to do to tame inflation despite the latest data which showed consumer prices rose just 0.2% in July.
Investors will receive another U.S. inflation update Friday when a gauge of wholesale-price growth is released.
The ICE U.S. Dollar Index
DXY,
a gauge of the buck’s strength against a basket of rivals, fell by 0.1% to 102.46 Friday.
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