World Economy

Gold Firms But Eyes Weekly Loss

Gold Firms But  Eyes Weekly LossGold Firms But  Eyes Weekly Loss

Gold firmed on Friday as forecast-beating eurozone inflation boosted the euro against the dollar, while global stock markets retreated from Wednesday’s record highs as concerns about global trade subdued appetite for cyclical assets, Reuters reported. The metal remains on track for its biggest weekly drop in seven, however, as appetite for nominally higher-risk assets sharpened early in the week at gold’s expense. Spot gold was up 0.2% at $1,266.11 an ounce, while US gold futures for June delivery were up $1.90 at $1,267.80. Spot gold was down 1.4% from last Friday’s level, its biggest weekly loss since early March. “Most of the correction should be done by now,” Commerzbank analyst Daniel Briesemann said. “We see good support at this level. There are a lot of uncertainties remaining.” The euro hit session highs versus the US currency while eurozone bond yields and stocks rose after data showing eurozone inflation beat expectations in April.


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