WASHINGTON (dpa-AFX) - Gold futures settled weak on Friday, as the dollar climbed higher amid U.S. President Donald Trump's tariff threats, and rising concerns about growth and inflation.
The dollar index climbed to 108.48 this afternoon, gaining about 0.65%.
Gold futures for February closed down $10.50 or about 0.37% at $2,812.50 an ounce. Gold futures gained almost 7% in the month. For the week, gold futures gained about 1.75%.
Silver futures for February ended lower by $0.236 or about 0.73% at $32.128 an ounce. Silver futures gained more than 11% in the month, and about 4.6% in the week.
Copper futures for February dropped to $4.2495 per pound, losing $0.0385 or 0.9%.
The Commerce Department released a closely watched report on Friday showing consumer prices in the U.S. increased in line with economist estimates in the month of December.
The report said the personal consumption expenditures (PCE) price index rose by 0.3% in December after inching up by 0.1% in November. The increase matched expectations.
The annual rate of growth by the PCE price index accelerated to 2.6% in December from 2.4% in November, which was also in line with estimates.
Excluding food and energy prices, the core PCE price index crept up by 0.2% in December following a 0.1% uptick in November. The core price growth also matched expectations.
The annual rate of growth by the core PCE price index in December came in at 2.8%, unchanged from the two previous months and in line with estimates.
The inflation readings, which are preferred by the Federal Reserve, were included in a report on personal income and spending.
The Commerce Department said personal income rose by 0.4% in December, while personal spending climbed by 0.7%.
MNI Indicators released a report showing its reading on Chicago-area business activity increased in the month of January but continued to indicate contraction. The report said the Chicago business barometer rose to 39.5 in January from 36.9 in December, although a reading below 50 still indicates contraction. Economists had expected the index to climb to 40.0.
The Atlanta Fed released its initial estimate for first quarter U.S. economic growth on Friday following the release of the flash estimates for fourth quarter GDP growth a day earlier.
The GDPNow model estimate for real GDP growth in the first quarter is 2.9%, the Atlanta Fed said.
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