Gold futures fell Friday, but posted their sixth winning week in seven thanks to a weak U.S. dollar and conflicting comments from the Trump Administration.
Upbeat U.S. GDP data helped cool gold’s rally today.
Feb. gold fell $10.80, or 0.8%, to settle at $1,352.10/oz, easing from a yearly peak.
The U.S. expanded at a 2.6% annual pace in fourth quarter, data showed this morning. Consumer spending was up sharply, a sign that the economy is doing well.
There was also a a substantial increase in new orders for U.S. manufactured durable goods in the month of December.
“Our country is becoming so economically strong again – and strong in other ways, too, by the way – that the dollar is going to get stronger and stronger. And ultimately, I want to see a strong dollar,” said Trump yesterday in Davos.
However, the previous day, Treasury Sec Steve Mnuchin indicated the administation was OK with a weak dollar as it helped exporters.
The material has been provided by InstaForex Company – www.instaforex.com
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