Gold futures drifted lower Friday, extending losses from a sharp drop in the previous session and set for a third straight weekly loss as investors looked to the latest economic data to help gauge demand for the precious metal.
Gold for June delivery on Comex fell $10.50, or 0.9%, to $1,171.90 U.S. an ounce after losing a total of more than $30.00 over the past two trading sessions. Prices, tracking the most-active contracts, traded about 0.3% lower for the week, which would be their third straight weekly loss.
July silver dropped 14.3 cents, or 0.9%, to $16.01 U.S. an ounce, with prices poised for a gain of roughly 2% for the week.
Many European and Asian markets were closed Friday for a holiday.
Data released Friday showed that the Institute for Supply Management’s manufacturing index was flat at 51.5%. Consumer sentiment rose to a final April reading of 95.9 — matching a preliminary estimate, while construction spending fell 0.6% in March.
The ISM factory employment number was at its weakest point since September 2009. The ISM manufacturing and construction spending data came well below the forecast and that provided some support for gold, according to one expert, with prices moving off the session’s lows.
In other metals trade, July platinum fell $6.80, or 0.6%, to $1,133.60 U.S. an ounce, set for a gain of about 1% for the week, while June palladium lost 35 cents, or 0.1%, to trade at $776.15 U.S. an ounce, trading up 0.8%.
July copper rose 3.95 cents, or 1.4%, to $2.927 U.S. a pound, with prices trading higher by more than 6% for the week.
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