JAKARTA - The price of gold rose sharply at the end of trading Friday, June 30. This snapped a three-session losing streak.
The gains were sparked by a weaker US dollar after economic data showed a cooling in consumer spending, raising some doubts about the potential aggressiveness of the Federal Reserve in fighting inflation.
Quoting Antara, the most active gold contract for August delivery on the Comex division of the New York Exchange jumped USD 11.50, or 0.60 percent, to close at USD 1.929.40 per ounce, after touching a session high of USD 1.930.80 and the low at $1.908.10 was above a three-month low of $1.900.60 hit the previous day.
Gold futures ended 20 cents lower for the week, and were down 2.7 percent for June and 2.9 percent for the second quarter of the year, their first quarterly losses since last year's third quarter. Meanwhile, this year (first semester) showed an increase of 4.7 percent.
Gold futures fell USD 4.30, or 0.22 percent, to USD 1.917.90 on Thursday (29/6/2023), after shedding USD 1.60, or 0.08 percent, to USD 1.922.20 on Wednesday (28/6/2023), and slipped 10 US dollars or 0.52 percent to 1.923.80 US dollars on Tuesday (27/6/2023).
The dollar index weakened on Friday following a second straight day of gains, after economic data showed a cooling in consumer spending, raising some doubts about the potential aggressiveness of the Federal Reserve in fighting inflation.
Economic data released Friday (30/6/2023) were mixed. The US Department of Commerce reported that the US personal consumption expenditures price index or PCE, the Federal Reserve's preferred measure of inflation, rose 0.3 percent in May, indicating slightly easing inflationary pressures.
The Chicago Business Barometer rose 1.1 points to 41.5 in June, largely due to a modest contraction in production. The barometer remained firmly below 50, signaling business activity contracted for the tenth straight month in June.
The Consumer Sentiment Index released by the University of Michigan (UM) Consumer Survey rose to 64.4 in June, up from 59.2 the previous month and above 50.0 in June last year.
اقرأ أيضا:
"Big picture inflation is slowing, but still too high for the Fed," MarketWatch said in comments published soon after the PCE report was released by the Commerce Department.
"Senior Fed officials are concerned that rising labor costs and rising prices in key parts of the economy such as housing could keep inflation at high levels for several more years."
Another precious metal, silver for delivery in September, was up 22.20 cents, or 0.97 percent, to close at 23.02 dollars per ounce. Platinum for October delivery rose 6.40 dollars, or 0.71 percent, to settle at 913.20 dollars per ounce.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
