Gold futures nudged lower Friday, unable to trim this week’s losses as traders weighed a flurry of mixed economic news.
Today’s releases will do little to overshadow recent hawkish comments from Fed Chair Janet Yellen, who said the Fed should get in front of inflation by gradually raising interest rates.
Dec. gold was down $3.90, or 0.3%, for the session to settle at $1,284.80/oz. Gold prices were down 2.7% for the month, but gained about 3.6% for the quarter.
Gold slumped as stocks rallied and the dollar steadied versus major rivals.
U.S. personal income and spending both rose in line with economist estimates in the month of August, according to a report released by the Commerce Department on Friday. The Commerce Department said personal income edged up by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.
Consumer sentiment in the U.S. deteriorated by slightly more than initially estimated in the month of September, the University of Michigan revealed in a report on Friday. The report said the consumer sentiment index for September was downwardly revised to 95.1.
A report released by MNI Indicators on Friday unexpectedly showed a significant acceleration in the pace of growth in Chicago-area business activity in the month of September. MNI Indicators said its Chicago business barometer jumped to 65.2 in September from 58.9 in August.
The material has been provided by InstaForex Company – www.instaforex.com