1 month ago
Commodities

Gold Prices Little Changed as Traders Weigh Weak U.S. Data, Trade News

Investing.com - Gold prices were little changed on Friday in Asia as traders weighed the latest positive trade news and

Investing.com - Gold prices were little changed on Friday in Asia as traders weighed the latest positive trade news and a set of weak U.S. data.

Gold Futures traded near flat at $1,328.15 per ounce by 1:20 AM ET (06:20 GMT) on the Comex division of the New York Mercantile Exchange.

The safe-haven metal dropped nearly $20 on Thursday as the U.S. and China made progress on discussing a trade deal.

Investors remained upbeat that the two countries may soon reach an agreement on trade after Reuters reported on Thursday that they are currently outlining a deal.

The report boosted Asian equities, while safe-haven gold fell.

However, weak economic data from the U.S. limited additional declines of the precious metal.

The Philadelphia Fed said Thursday its manufacturing index fell to a reading of -4.1 in February from 17.0 last month.

The Commerce Department said core durable goods orders slowed to a rate of 0.1% in December, missing economists forecasts for a 0.2% rise.

The National Association of Realtors said existing home sales fell 1.2% in January from the prior month to a seasonally adjusted annual rate of 4.94 million units. Economists were expecting a 0.8% increase to 5.01 million homes.

Gold prices were also under pressure this week after minutes from the Fed’s January policy meeting indicated there might be a rate hike this year. Higher interest rates reduce investor interest in non-yielding bullion.

The U.S. dollar index last traded at $96.472, up 0.01%.