2022.04.2918:12:00UTC+00Gold Futures Settle Higher As Dollar Turns Weak

Gold futures settled higher on Friday as the dollar turned weak against its major counterparts, weighed down by data showing a surprise contraction in the American economy in the first quarter.

The dollar had been moving up steadily over the past few sessions amid expectations of aggressive rate hikes by the Federal Reserve to combat inflation.

The dollar index, which rose to a near 20-year high to $103.93 on Thursday, dropped to 102.82 today, losing about 0.8%.

Gold futures for June ended higher by $20.40 or about 1.1% at $1,911.70 an ounce, off the session's high of $1,921.30.

Silver futures for July ended down by $0.096 at $23.085 an ounce, while Copper futures for July settled at $4.4085 per pound, down $0.0250 from the previous close.

A report released by the Commerce Department showed U.S. personal income increased by slightly more than expected in the month of March, rising by 0.5% in the month, after climbing by an upwardly revised 0.7% in February.

Economists had expected personal income to rise by 0.4% compared to the 0.5% increase originally reported for the previous month.

The report also showed personal spending jumped by 1.1% in March after advancing by an upwardly revised 0.6% in February.

Personal spending was expected to increase by 0.7% compared to the 0.2% uptick originally reported for the previous month.

Meanwhile, a reading on inflation said to be preferred by the Fed showed the annual rate of core consumer price growth slowed to 5.2% in March from 5.3% in February.

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Can't speak right now?
Ask your question in the chat.
Widget callback