Gold prices fell today (Friday) and the dollar rose to its highest in almost a month, but investors are awaiting a key report on inflation later in the day for further hints on the direction of US monetary policy.
Spot gold fell 0.1% to $4,995.91 an ounce.
US gold futures for April delivery rose 0.3% to $5,013.60.
The dollar is on course for its strongest weekly performance since October, buoyed by tensions between the United States and Iran, a series of better-than-expected economic data and estimates of tighter monetary policy from the Federal Reserve.
Investors are awaiting data on consumer spending, the central bank’s preferred inflation measure, for further hints about the direction of U.S. monetary policy. Non-yielding gold typically tends to appreciate when interest rates are low.
Gold prices fell today (Friday) as the dollar rose to an almost one-month high, but investors await the release of a key report on inflation later today for further hints on the direction of US monetary policy.
Gold fell 0.1% in spot trading to $4,995.91 an ounce.
US gold futures for April delivery rose 0.3% to $5,013.60.
The dollar is on track to post its strongest weekly performance since October, buoyed by a series of better-than-expected economic data, tensions between the U.S. and Iran, and speculation that the Federal Reserve is tightening monetary policy.
Investors are awaiting consumer spending data, the central bank’s preferred measure of inflation, for further indicators of the direction of U.S. monetary policy. In general, gold that does not produce profits tends to appreciate in price when interest rates are low.
