Gold Futures Tumble Again, Settle At 5-week Low

Trading 01 mar 2019 Donner votre avis

Gold prices declined sharply on Friday, extending losses to a fifth straight session, as traders chose riskier assets such as equities. A stronger dollar, thanks to better than expected fourth quarter U.S. GDP data, contributed as well to the yellow metal's slide.

Global stocks moved higher as optimism about trade talks rose again after White House economic adviser Larry Kudlow said U.S.-China trade negotiations are making "fantastic" progress

The dollar index gained about 0.28%, rising to 96.49, rallying from an early low of 96.07.

Gold futures for April ended down $16.90, or 1.3%, at $1,299.20 an ounce, the lowest settlement since January 25.

On Thursday, gold futures ended down $5.10, or 0.4%, at 1,316.10 an ounce. For the week, gold shed about 2.5%, the biggest percentage loss in a week, since mid August 2018.

Silver futures for May settled at $15.256 an ounce, down $0.378 from previous close.

Copper futures for May ended down $0.0160, at $2.9320 per pound.

Data released by the U.S. Commerce Department on Thursday said real gross domestic product climbed by 2.6% in the fourth quarter compared to the 3.4% jump in the third quarter. Economists had expected GDP to increase by 2.3%.

In today's economy releases, a report from the Institute for Supply Management showed growth in the U.S. manufacturing sector slowed by much more than anticipated in the month of February.

The ISM said its purchasing managers index dropped to 54.2 in February after climbing to 56.6 in January. Economists had expected the index to edge down to 55.5.

A report from the Commerce Department showed personal income edged slightly lower in the month of January after jumping much more than expected in December.

The report said personal income dipped by 0.1% in January after surging up by 1% in December and rising by an upwardly revised 0.3% in November.

Economists had expected income to climb by 0.4% in December compared to the 0.2% uptick originally reported for the previous month.

The report said personal spending fell by 0.5% in December after climbing by an upwardly revised 0.6% in November. Economists had expected personal spending to drop by 0.3%.


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