WASHINGTON (dpa-AFX) - Gold futures settled higher on Friday with prices moving up on safe-haven buying amid uncertainty over Trump Administration's tariff plans. The President's call for lower interest rates contributed as well to the rise in gold prices.
The dollar shed ground on Trump's remarks that he would rather not impose tariffs on China, suggesting a potentially softer stance on tariffs against the country. His call for interest rate cuts also weighed on the greenback.
The dollar index dropped to 107.38, losing more than 0.6%.
Gold futures for January closed up $14.20 or about 0.51% at $2,777.30 an ounce. Gold futures gained about 1.2% in the week.
Silver futures for January settled at $31.023 an ounce, gaining $0.350 or 1.14%. Copper futures dropped to $4.3160 per pound, down $0.0125.
In economic news, a report released by the National Association of Realtors showed existing home sales in the U.S. jumped by much more than expected in the month of December, shooting up by 2.2% to an annual rate of 4.24 million, after surging by 4.7% to a rate of 4.15 million in November.
Economists had expected existing home sales to rise by 1% to an annual rate of 4.19 million.
Revised data released by the University of Michigan showed consumer sentiment in the U.S. unexpectedly deteriorated by more than previously estimated in the month of January.
The University of Michigan said its consumer sentiment index for January was downwardly revised to 71.1 from the preliminary reading of 73.2. Economists had expected the index to be unrevised. The consumer sentiment index is down from the final December reading of 74.0, marking the first decrease in six months.
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