Gold prices edged higher on Friday after hitting a seven-week low as a stronger U.S. dollar weighed on the yellow metal.
Price action
-
Gold futures for June delivery
GC00,
+0.13% GCM23,
+0.13%
gained $5, or 0.3%, to $1,965 per ounce on Comex. -
Silver futures for July delivery
SI00,
+0.83% SIN23,
+0.83%
rose by 9 cents, or 0.4%, to $23.73 per ounce. -
June Palladium
PAM23,
+4.50%
gained $60, or 4.1%, to $1,510 per ounce, while platinum for July delivery
PLN23,
+1.28%
rose by $15, or 1.5%, to $1,073 per ounce. -
Copper for July delivery
HGN23,
+1.44%
advanced by 5 cents, or 1.4%, to $3.72 per pound.
Market drivers
A combination of a stronger U.S. dollar and higher Treasury yields has taken the shine off gold in recent days, but a pullback in the greenback on Friday has given gold a chance to recoup some losses.
“Having climbed above $2,050 an ounce in early May, gold had lost around $100 before recovering slightly to now be trading around $1,965 an ounce,” said Rupert Rowling, a market analyst at Kinesis Money.
The ICE U.S. Dollar Index
DXY,
a gauge of the greenback’s strength against major currencies, was off 0.3% at 103.26.
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