Gold ends its five week winning streak as inflation concerns resurface
economictimes.indiatimes.comgold closed with a gain of 0.27% at $2338 Friday. However, the metal posted its first weekly decline in six on inflation concerns as the US inflation data remained elevated. The metal fell 2.20% on the weekly closing basis.
The ten-year US yields at 4.67% were around 1% lower Friday; however, yields were up nearly 1% to finish the week higher, whereas the 2-year US yields at 4.99% were up nearly one bps on the week, but down nearly one bps Friday.
The US Dollar Index closed with a gain of nearly half a percent at 106.07 Friday, and was steady on a weekly basis.
Data roundup
The S&P Global Flash April Composite Index (April)) of output at manufacturers and service was noted at 50.90 Vs the forecast of 52. It was the lowest reading since August. The measure of employment slid 3.20 points to 48, the lowest reading in around four years on contraction in services payroll and slower manufacturing growth. S&P Global manufacturing PMI unexpectedly contracted as against the forecast of 52. New home sales data (March) came in at 693K, which topped the forecast of 668K; however, the February data was revised lower.
The US durable goods orders data (March) were mixed as the March data beat the forecast but prior data were revised lower. The US GDP for Q1 2024 was noted at 1.6% QoQ, which was below estimates of 2.5%, and way lower than the Q4 2023’s 3.4%. However, the core Personal Consumption Expenditure Price Index (PCE) surged by 3.7% that topped the estimate of 3.4% and was sharply up from the prior data of 2%. The
