Gold futures pared losses Friday, poised for a gain on the week, as a fall in U.S. consumer sentiment to the lowest level since December helped lift the metal’s investment appeal and furthered expectations that the U.S. central bank won’t taper its monetary-stimulus program anytime soon.
Gold for December delivery fell $3.20, or 0.2%, to $1,347.10 U.S. an ounce on the Comex division of the New York Mercantile Exchange, but it had dropped to lows under $1,340 U.S. during the electronic session overnight. Futures prices still held onto a gain of about 2.4% for the week.
December silver sank 39 cents, or 1.7%, to $22.44 U.S. an ounce, though set for a gain of around 2.4% for the week.
Comex prices for both gold and silver cut their losses after Friday reports showed that a gauge of consumer sentiment fell to a final October reading of 73.2. Economists had expected a final October reading of 74.8 for the University of Michigan/Thomson Reuters consumer-sentiment index.
Durable-goods orders data released earlier Friday, meanwhile, showed a jump of 3.7% in September. Economists had forecast a seasonally adjusted 3.0% increase in new orders. But orders for core capital goods, seen as a proxy for business investment, slipped 1.1% in September.
Also on Comex Friday, January platinum fell $8.20, or 0.6%, to $1,448 U.S. an ounce, trading about 0.7% higher than a week ago. Palladium for December delivery shed $10, or 1.3%, to $737.80 U.S. an ounce, down around 0.4% for the week.
High-grade December copper traded at $3.25 U.S. a pound, down nearly two cents, or 0.6%.
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