Gold futures settled at a 3-week high up on Friday, as traders picked up the safe house product, after disappointing economic information from Europe weighed on threat appetite and knocked the wind out of equities.
Continued uncertainty about Brexit and U.S.-China trade talks hurt too.
Gold prices edged higher even as the dollar stayed strong versus many significant currencies. The dollar index increased to 96.81 and was last seen around 96.65, up by about 0.7% from previous close.
Gold futures for April ended up $5.00, or 0.4%, at $1,312.30 an ounce, the greatest settlement considering that February 28.
On Thursday, gold futures for May ended at $1,307.30 an ounce, gaining $5.60, or 0.4%. For the week, gold futures gained 0.7%
Silver futures for Might ended down $0.030, at $15.407 an ounce, while Copper futures for May ended at $2.8424 per pound, gaining $0.0635 for the session.
Markets in Asia, Europe and the U.S. tumbled on frustrating economic data and U.S.-China trade unpredictability.
Ahead of another round of top-level talks in Beijing next week, there are still departments over tariffs.
The U.S. President Donald Trump stated previously today that his administration would leave tariffs on Chinese items in location even if the 2 sides reach an agreement.
In plain contrast, China desires an immediate end to all tariffs.
On the Brexit front, EU leaders have settled on a strategy to delay the Short article 50 procedure for another 2 weeks until April 12.
Prime Minister Theresa May will have an additional 2 months until May 22 if she develops support for pushing her withdrawal offer through Parliament.
In financial news from Europe, the composite PMI for the euro zone decreased from 51.9 to 51.3 in March, offering little hope of recovery in the very first quarter.
Germany’s economic sector growth in March slowed to its most affordable level in six years. In France, service sector growth dropped to its slowest speed in two months.
In U.S. economic news, a report from the National Association of Realtors revealed a substantial rebound in existing home sales in the month of February.
NAR stated existing home sales soared by 11.8% to a yearly rate of 5.51 million in February after plunging by 1.4% to a modified rate of 4.93 million in January. Economic experts had actually anticipated existing house sales to surge up by 3.2%.
According to data launched by the Commerce Department, wholesale stocks in the U.S. increased by far more than prepared for in the month of January, rising 1.2%, after leaping by 1.1% in December. Economic experts had actually expected inventories to rise by 0.2%.
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