Gold futures trading on Friday remained virtually unchanged as global stocks, the U.S. dollar and bond yields all rose, putting some pressure on bullion. A reading of U.S. inflation did little to reverse early gold trade trends.
Gold for April GC00 delivery,
GCJ21,
shed $ 2, or 0.1%, at $ 1,722.90 an ounce on Comex, after a 0.5% slump Thursday. The precious metal has traded on all sides unchanged.
“Gold prices are slightly lower in early U.S. trading on Friday and see some selling pressure amid positive sentiment from traders and investors in the market,” wrote Jim Wyckoff, senior analyst at Kitco.com .
TMUBMUSD10Y 10-year Financial Note,
out 1.67%, up after trading near an intraweek level of around 1.59% on Thursday, but down from 1.729% posted last Friday. Rising yields can adversely affect cravings for non-productive precious metals.
The U.S. dollar rose up 0.3% on the day and week, as measured by the US DCE IX Dollar Index,
measure of the buck against half a dozen silver. A stronger buck can make goods at the price of the relatively more expensive currency for overseas buyers.
Stock gains, with Dow Jones industrial average DJIA,
and the S&P 500 SPX,
expected to rise on Friday, they were weighing on gold cravings.
May SIK21 money,
SI00,
at the same time, it was trading 10 cents, or 0.4%, higher at around $ 25.15 an ounce, after declining 0.7% in the previous session.
A reading on U.S. personal income and consumption showed that income fell 7.1% in February, compared to an expected fall of 7%, according to consensus estimates of economists Dow Jones surveyed. Consumer spending fell 1%, compared to an expected fall of 0.8% and the Federal Reserve’s preferred inflation rate, personal consumption expenditure, or PCE, rose 0.2% in February, with core inflation up 0.1 %, excluding energy and volatile food, match estimates.