Gold Futures Prices Slip Lower As Dollar Strengthens

Gold Futures Prices Slip Lower As Dollar Strengthens

Prices of gold fell, and silver trim gains on Friday due to one US dollar stronger and rising petroleum prices cut demand for the safe haven asset.

On the Comex, gold futures for June delivery were down 0.29% at $1,246.60.

Gold fell 0.3 percent to $1,244.80 an ounce, after hitting a five-week high of $1,270.10 an ounce on Thursday.

The US dollar found some support after the US DOL said on Thursday that the number of individuals who filed for unemployment insurance in the week ending April 16, 6000 decreased to 24,000 Total 253,000 the previous week.

Analysts were expecting unemployment claims increased by 10,000 to 263,000 last week.

Moreover, the Federal Reserve Bank of Philadelphia said its manufacturing index fell to -1.6 this month from a reading of 12.4 in March. Economists had expected a more modest fall to 8.9.

The US dollar index, which measures the greenback force against a weighted basket of six major currencies, remained stable at a maximum of a week of 94.89.

Spot silver rose 0.4 percent to $ 17.065 an ounce, after rising earlier to 1 percent. It had gone up to a maximum of 11 months of $ 17,695 in the previous session.

Silver is move 5.4 percent on the week, while gold is 1 percent.

But Goldman Sachs retained its bearish view on gold and other commodities on Friday and reiterated its recommendation that short gold.

MCX gold rose 0.1 per cent, is trading around Rs 29,385. Silver with a gain of 0.3 percent, is trading at Rs 40,220.

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