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Gold futures rise slightly on weaker U.S. dollar, data

Xinhua, April 28, 2017 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar weakened amid weaker U.S. data.

The most active gold contract for June delivery rose 2.4 U.S. dollars, or 0.19 percent, to settle at 1,268.30 dollars per ounce.

Gold was given support as a report released on Friday by the U.S. Department of Commerce showed the gross domestic product increasing by 0.7 percent during the first quarter of 2017.

Analysts noted the figure was the weakest reading of this measure in three years, and far below investors' expectations of 1.1 percent.

The precious metal was given additional support as the U.S. Dow Jones Industrial Average fell by 42.11 points, or 0.2 percent as of 17:03 GMT.

Analysts say that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

The U.S. Dollar Index fell by 0.15 percent to 99.01 as of 1800 GMT. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar usually move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Traders are waiting for next week, when the personal income and outlays report and Institute for Supply Management's manufacturing index are expected on Monday, the Federal Open Market Committee (FOMC) meeting due to begin on Tuesday.

The Automated Data Processing employment report and May FOMC meeting announcement are due on Wednesday, international trade and weekly jobless claims reports on Thursday, and the big jobs report for the month of April on Friday.

Silver for July delivery fell 7.2 cents, or 0.42 percent, to close at 17.262 dollars per ounce. Platinum for July delivery dropped 0.1 dollar, or 0.01 percent, to close at 948.70 dollars per ounce. Endit