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Gold edges a tad higher in U.S. trade as Fed eyed

Investing.com -

Investing.com - Gold prices inched up in the U.S. Friday as a a U.S. Federal Reserve meeting and jobs data are slated next week and are expected to set the tone, along with any comments from President Donald Trump.

Gold for February delivery on the Comex division of the New York Mercantile Exchange gained 0.03% to $1.190.15 and on track to finish the week down a bit more than 1%. Also on the Comex, silver futures for March delivery rose 1.79% to $17.152 a troy ounce and copper futures gained 0.67% to $2.691 a pound.

The Fed releases its latest review of policy on Wednesday with the Fed Rate Monitor Tool from Investing.com showing a nearly 95% think the central bank will hold pat.

Investors took note of U.S. Bureau of Economic Analysis figures that said gross domestic product grew 1.9% in the fourth quarter of 2016, disappointing expectations for 2.2% and after a 3.5% growth rate in the three months to September. Separately, the Census Bureau said U.S. durable goods orders fell 0.4% in December, compared to expectations for a 2.6% gain. Core durable goods orders, which exclude transportation items increased by 0.5% last month, in line with expectations.

Demand for gold weakened as sentiment on the greenback improved after Trump suggested the implementation of a 20% tax on Mexican goods to pay for a border wall, sparking concerns of a possible trade war between Mexico and the U.S. as Trump said a meeting to discuss a border wall and trade ties with counterpart President Enrique Peña Nieto would not happen as planned.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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