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Mixed finish for bullions
30-Apr-18   10:01 Hrs IST

Bullion prices ended mixed at Comex on Friday, 27 April 2018. Gold prices took back some ground after a two-session skid as financial markets assessed the merits of Korea peace efforts and the first reading of first-quarter GDP, which came in slightly better than expected. Silver prices slipped. Gains for the yellow metal came even as a leading dollar measure also rose, with a pullback in the yield for the benchmark 10-year Treasury giving the commodity, which doesn't offer a yield some ground to rise.

June gold finished $5.50, or 0.4%, higher at $1,323.40 an ounce, bouncing off its lowest closing level since March 20. June gold notched a 1.1% drop for the week as rising rates weighed on bullion.

May silver lost 8.5 cents, or 0.5%, to settle at $16.406 an ounce. July silver which is now the most-active contract, shed 7 cents, or 0.4%, at $16.497. For the week, the May contract for silver declined by 4.6%, while the July contract fell by 4.2%.

Latest data showed that a reading on gross domestic product in the first quarter showed slowing growth, but not as much as Wall Street expected, as businesses stepped in where consumer spending cooled. A separate report could prove more sensitive for inflation-wary markets—it showed worker compensation rising at the fastest pace since 2008. The cost of labor rose 0.8% in first quarter, to bring yearly gain to 2.7%.

Meanwhile, the final reading of the University of Michigan consumer sentiment index was 98.8, up from the initial reading of 97.8 but still below March's level of 101.4.

Concerns over rapidly rising U.S. interest rates were still hanging over markets, as the yield on 10-year Treasury notes recently traded at its highest since January 2014, pushing above the closely watched 3% line, in part of rising inflation concerns. On Friday, it stood at 2.961%. Rising Treasury yields tend to dull demand for nonyielding bullion, at least in the short term.

The ICE U.S. Dollar Index was up 0.1% at 91.8. Its moves can influence appetite for dollar-priced commodities, including the yellow metal, to investors using other currencies.

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