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Gold Futures Shed Early Gains, Settle Flat

Gold Futures Shed Early Gains, Settle Flat

Gold futures shed early gains and ended flat on Friday after the dollar strengthened on some upbeat economic data.

Despite gains in stock markets, gold prices edged higher earlier in the day as trade worries lingered.

Positive comments from U.S. President Donald Trump and Chinese Premier Xi Jinping about a phase one trade deal then took some shine off the yellow metal.

The dollar index rose to 98.27, gaining nearly 0.3%.

Gold futures for December ended at $1,463.30 an ounce, unchanged from previous close, after having advanced to $1,473.40 an ounce earlier in the session.

On Thursday, gold futures for December ended down $10.60, or about 0.7%, at $1,463.60 an ounce.

For the week, gold futures shed about 0.3%.

Silver futures for December ended down $0.065, at $17.000 an ounce, while Copper futures for December ended up $0.0245, at $2.6480 per pound.

A report from the University of Michigan showed a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November as consumers were more optimistic about the future than previously estimated.

The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.

The IHS Markit US Composite PMI rose to a four-month high of 51.9 in November 2019 from 50.9 in the previous month, a preliminary estimate showed. Stronger manufacturing and services sector activity contributed to the growth.

The IHS Markit US Manufacturing PMI rose to 52.2 in November 2019 from 51.3 in the previous month, while the Services PMI rose to 51.6 in November 2019 from 50.6 in the previous month.

The material has been provided by InstaForex Company – www.instaforex.com