Gold prices inched higher Friday, poised for a weekly gain, thanks in part to a dollar that weakened after a bucket of U.S. data.
Gold for April delivery rose $3.70, or 0.2%, to $1,594.40 U.S. an ounce on the Comex division of the New York Mercantile Exchange. It settled at $1,590.70 U.S. an ounce in the previous session. Prices are set for a gain of around 1% for the week.
May silver also tacked on nine cents, or 0.3%, to $28.90 U.S. an ounce, trading about 0.2% lower for the week.
Economic data was mixed Friday. Consumer sentiment dropped in March to the lowest level since Dec. 2011.
A big jump in gasoline prices pushed consumer prices to rise at the fastest pace in more than three years, up 0.7% in February, slightly more than forecast. The core CPI, which includes volatile food and energy categories, rose 0.2%.
The Empire State Manufacturing Index stayed in positive territory for a second straight month. The closely watched gauge is the first regional manufacturing survey for the month.
As well, industrial output data showed a 0.7% rise for February.
The U.S. dollar stayed lower versus other currencies after that batch of data, particularly the slightly bigger rise in inflation. The dollar index, which measures the greenback against six rivals, traded at 82.156 versus 82.605 in late North American trading on Thursday.
Also, May copper fell 1.5 cents, or 0.4%, to $3.52 U.S. a pound, but it was up about 0.4% from a week ago.
April platinum rose $1.10, or 0.1%, to $1,590.90 U.S. an ounce. June palladium rose $3.10, or 0.4%, to $773.85 U.S. an ounce. Both contracts traded lower for the week.
