Gold prices edged up Friday, leaving the yellow metal on track to score another weekly rise as the U.S. dollar softened and traders reassessed expectations for a Federal Reserve interest-rate hike next week.
Price action
-
Gold futures for August delivery
GC00,
-0.09% GCQ23,
-0.09%
were up $1.90, or 0.1%, at $1,980 per ounce on Comex. -
Silver futures for July delivery
SI00,
+0.23% SIN23,
+0.23%
rose by 11 cents, or 0.5%, to $24.62 per ounce. -
Palladium for September delivery
PAU23,
-2.71%
declined by $4.3, or 0.2%, to $1,355 per ounce, while platinum for July delivery
PLN23,
-0.56%
fell by $1.80, or 0.2%, to $1,026 per ounce. -
Copper for July delivery
HGQ23,
+0.14%
gained 0.5% to trade at $3.82 per pound.
What’s happening?
Gold and silver prices drifted higher on Friday ahead of a busy week for U.S. economic data and a Federal Reserve policy meeting.
”Gold and silver prices are slightly higher in quieter U.S. trading early Friday. It appears the precious metals are pausing ahead of a busy U.S. data week next week,“ said Jim Wyckoff, senior analyst at Kitco.com, in emailed commentary.
He also highlighted the U.S. dollar’s trading activity as having an impact on gold.
”The key outside markets today see the U.S. dollar index firmer,“ he said.
The ICE U.S. Dollar Index
DXY,
a closely watched gauge of the dollar’s strength against major currencies, was little-changed at 103.39. It is down 0.6% for the week.
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