Gold traders pulled prices modestly in either direction Friday, but kept them on track for a weekly gain of nearly 2% after a rally a day earlier on growing turmoil in Iraq.
Gold for August delivery was down 10 cents to $1,273.90 U.S. an ounce on the Comex division of the New York Mercantile Exchange, trading in a tight range between a high of $1,277.60 U.S. and a low of $1,270.90 U.S.. For the week, prices were poised for a climb of around 1.7%.
Sunni-led Islamist militants in Iraq gained control of two new towns in the country’s east on Friday, according to the BBC. Earlier in the week, the rebels -- led by the Islamic State in Iraq and the Levant (ISIS) -- seized the towns of Mosul and Tikrit in the north.
In U.S. economic news on Friday, producer prices unexpectedly sank in May, while consumer sentiment data showed a decline in June to the lowest level in three months.
Elsewhere in metals trading, July silver tacked on seven cents, or 0.4%, to $19.605 U.S. an ounce. It was set for a gain of roughly 3.2% on the week.
July platinum continued to lose ground after the prior session’s retreat, sliding $3.50, or 0.2%, to $1,437.80 U.S. an ounce. September palladium, which was hit even harder on Thursday, fell 50 cents, or 0.1%, to $818.90 U.S. an ounce. Both metals were poised for losses on the week following news of progress towards a resolution to the mining strike in South Africa.
High-grade copper for July delivery tacked on 1.5 cents, or 0.5%, to $3.03 U.S. a pound, with prices down about 0.7% from the week-ago close.
