Gold Prices Higher on Weak Dollar, Risk Aversion

Gold Prices Higher on Weak Dollar

Gold futures rose on Friday as the dollar softened and spurred by renewed investor demand for safe havens after geopolitical tension re-emerged while a fed official downplayed expectations.

Gold futures for August delivery on the Comex Exchange rose by $7.89 or 0.63%, to $1,257.27 a troy ounce.

Spot gold was up 0.3 per cent at $1,254.11 per ounce, as of 0751 GMT, but was nearly flat for the week.

Housing data eased better than expected concerns about a slowing housing market, but failed to offset demand for safe gold, as North Korea provoked geopolitical tension after Kim Jong-y’s tested a rocket engine.

New home sales, which account for about 10 percent of US home sales, rose 2.9 percent to a seasonally adjusted 610,000 units last month, the Commerce Department said on Friday. As it has been adjusted pace of April sales rose sharply to 593.000 units of 569.000 units.

Analysts had predicted that sales of existing homes in the United States would rise 5.4% at a pace of 597,000 units last month.

China’s Banking Supervision Commission has ordered a group of lenders to assess their exposure to overseas acquisitions by a few companies that were in the process of buying abroad, according to two people familiar with the matter on Thursday.

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