WASHINGTON (dpa-AFX) - Gold prices declined sharply on Friday as the dollar climbed higher after data showed U.S. private sector activity accelerated in June.
Data showed the S&P Global US Composite PMI rose to 54.6 in June, the highest level since April 2022, up from 54.5% in May. The U.S. service sector did well to come in with a score of 55.1 for June, up from 54.7 a month earlier. The manufacturing activity in June improved as well, with the manufacturing PMI coming in a with a reading of 51.7 for the month, rising from 51.3 in May.
The dollar index advanced to 105.92, gaining about 0.3%.
Gold futures for June ended down $37.40 or about 1.6% at $2,316.40 an ounce. Gold futures shed $15.00 or about 0.65% in the week.
Silver futures for June settled lower by $1.203 or 3.9% at $29.573 an ounce. The contract gained about 0.6% in the week.
Copper futures for July dropped to $4.4370 per pound, losing $0.1240 or about 2.7%.
The National Association of Realtors released a report showing existing home sales in the U.S. decreased roughly in line with economist estimates in the month of May.
The report said existing home sales slid 0.7% to an annual rate of 4.11 million in May after tumbling by 1.9% to an annual rate of 4.14 million. Economists had expected existing home sales to drop to a rate of 4.10 million.
The continued decline by existing home sales came as the median existing-home price reached a record high $419,300 in May, up 5.8% from $396,500 a year ago.
'Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers,' said NAR Chief Economist Lawrence Yun.
'The mortgage payment for a typical home today is more than double that of homes purchased before 2020,' he added. 'Still, first-time buyers in the market understand the long-term benefits of owning.'
A separate report released by the Conference Board showed its reading on leading U.S. economic indicators fell by more than expected in the month of May.
The Conference Board said its leading economic index decreased by 0.5% in May following a 0.6% decline in April. Economist had expected the index to dip by 0.3%.
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