WASHINGTON (dpa-AFX) - Gold prices moved higher on Friday, rising for the fifth consecutive session on safe-haven buying amid persisting worries about Russia - Ukraine war.
Gold prices climbed up despite the dollar's strength. The dollar index, which surged to 2-year high of 108.07 in the European session, pared some gains subsequently, but was still up with a strong gain of 0.5% at 107.51.
Gold futures for November closed up $37.80 or about 1.4% at 2,709.90 an ounce. Gold futures gained about 5.6% in the week.
Silver futures for November settled at $31.309 an ounce, gaining $0.397 or about 1.28%, while Copper futures for November dropped to $4.0735, down $0.0395 or nearly 1%.
Markets expect a 25-basis point rate cut by the Federal Reserve in December. The CME FedWatch tool shows the likelihood of a quarter point cut at 59%. Only 41% probability is assigned to a pause.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than previously estimated in the month of November.
The University of Michigan said its consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0.
While the downward revision surprised economists, who had expected the reading to be upwardly revised to 73.7, the index is still above the final October reading of 70.5.
Despite the unexpected downward revision, the consumer sentiment index is also still at its highest level since hitting 77.2 in April.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
