Gold Prices on Track to Snap 5-Week Lose As Dollar Weakness

Gold Prices on Track to Snap 5-Week Lose As Dollar Weakness

Gold futures rose Friday, taking advantage of the dollar’s slide to its lowest level in 10 months after a disappointing economic report showed that US economic growth is not as strong as previously expected.

Gold futures for August delivery on the Comex Exchange rose by $10.52, or 0.86%, to $1,227.83 a troy ounce.

Spot gold rose 0.1 per cent to $1,218.18 per ounce. It was up 0.4 per cent for the week so far, which would be its biggest weekly gain since early June.

MCX Gold was down 0.22 per cent, or Rs 61, at Rs 27,776 per 10 gram.

US economic turmoil was repeated on Friday, following the release of inflation and retail sales data that surpassed economists’ forecasts, reducing investor expectations about future rate hikes.

The inflation rate in the last 12 months slowed to 1.6% in June from 1.9% in the previous month, and is down from a five-year high of only 2.7% five months ago.

The economist expected an inflation reading of 1.7%.

SPDR Gold Trust GLD traded fund, said its latest holdings stood at 828.84 tonnes, down 3.55 tonnes, from previous business day.

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