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Gold Trims Weekly Losses After GDP

Gold futures rose Friday, trimming this week’s losses as traders weighed a flurry of U.S. economic data.

June gold settles up 0.4% at $1,323.40/oz, improving from a 5-week low. Gold posted a weekly loss of 1.1%.

Economic growth in the U.S. continued to slow in the first quarter of 2018, according to a report released by the Commerce Department on Friday, although the pace of growth during the quarter still exceeded economist estimates.

GDP climbed by 2.3 percent in the first quarter compared to the 2.9 percent jump in the fourth quarter. Economists had expected GDP to increase by about 2.0 percent.

the University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by less than initially estimated in the month of April.

The report said the consumer sentiment index for April was upwardly revised to 98.8 from the preliminary reading of 97.8.

In economic news from overseas, the Bank of Japan kept its monetary stimulus unchanged as widely expected. They dropped their target date for 2% inflation.

Eurozone economic sentiment remained stable in April, survey data from European Commission showed Friday.

The material has been provided by InstaForex Company – www.instaforex.com

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