WASHINGTON (dpa-AFX) - Gold futures settled higher on Friday, as the dollar dropped a bit after data showing slowdowns in the annual rates of consumer price growth led to optimism about the outlook for interest rates.
The dollar index dropped to 105.75, after rising ot 106.13 in the Asian session.
Gold futures for July ended up by $3.20 or about 0.14% at $2,327.70 an ounce. Gold futures gained nearly 5% in the month.
Silver futures for July ended higher by $0.319 or about 1.1% at $29.237 an ounce.
Copper futures climbed to $4.3830, gaining 0.0345 or about 0.8%.
Data from the Commerce Department said the U.S. personal consumption expenditures (PCE) price index came in unchanged in May after rising by 0.3% in April. The core PCE price index, which excludes food and energy prices, inched up by 0.1% in May after climbing by an upwardly revised 0.3% in April.
Economists had expected the core PCE price index to tick up by 0.1%, compared to the 0.2% increase originally reported for the previous month.
The Commerce Department also said the annual rates of growth by the PCE price index and the core PCE price index both slowed to 2.6% from 2.7% and 2.8%, respectively. The slowdowns also matched estimates.
Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by much less than previously estimated in the month of June.
The University of Michigan said the consumer sentiment index for June was upwardly revised to 68.2 from the preliminary reading of 65.6.
A report released by MNI Indicators on Friday showed a substantial slowdown in the pace of contraction in Chicago-area business activity in the month of June.
MNI Indicators said its Chicago business barometer surged to 47.4 in June from 35.4 in May, although a reading below 50 still indicates contraction. Economists had expected the business barometer to climb to 40.0.
The Chicago business barometer rebounded following six consecutive monthly decreases, reaching its highest level since November 2023.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
