Bullion prices ended lower at Comex on Friday, 08 June 2018. Gold futures finished in the red on Friday as the dollar showed strength, but intensifying global trade disputes limited losses for bullion, allowing the commodity to hold onto a gain for the week.
August gold edged down by 30 cents to settle at $1,302.70 an ounce. The metal held retained a modest weekly return of about 0.3%. July silver lost 0.4% to $16.741 an ounce, with a weekly rise of 1.8%.
Global trade disputes flared up as a meeting of leaders from the Group of Seven industrialized nations got under way in Canada.
The ICE U.S. Dollar Index, a measure of the dollar against a half-dozen major currencies, traded 0.2% higher. For the week, the dollar gauge was down 0.4%, but trading 3.8% higher for the quarter.
Reviewing Friday's economic data, it was limited to Wholesale Inventories for April. April Wholesale Inventories ticked up 0.1% (consensus +0.2%). The March reading was revised to +0.2% from +0.3%. The key takeaway from the report is that sales growth outpaced inventories growth, which is a positive dynamic that can eventually help wholesalers regain pricing power if it persists.
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