Prices for gold fell on Friday, on track to post their worst week in a month, as strong U.S. economic data and elevated Treasury yields weighed, while palladium came off a record high from a day earlier.
Spot gold slipped 0.3% to $1,765.15 U.S. per ounce early Friday morning, down nearly 0.6% so far in the week. U.S. gold futures were down 0.1% to $1,765.60 U.S. per ounce.
Despite the decline, bullion was poised for its first monthly gain of this year, having jumped to a two-month high of $1,797.67 on April 22.
Data showed on Thursday that U.S. economic growth accelerated in the first quarter as fiscal stimulus fueled consumer spending and set the course for what is expected to be the strongest performance this year in nearly four decades.
As for palladium, prices for that metal fell 0.1% to $2,948.78 U.S. per ounce, after hitting an all-time high of $2,981.99 on Thursday. It was still on track to post its third consecutive weekly and monthly gain.
Silver fell 0.7% to $25.89 U.S. per ounce but was poised for a 6% monthly gain - its biggest since December. Platinum was up 0.2% at $1,200.66 U.S.
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