Gold heads for weekly dip, platinum hits highest in more than a decade
Gold traded flat on Friday and was headed for a weekly fall, weighed down by an overall stronger dollar and solid U.S. economic data, while platinum scaled its highest level since August 2014.
Spot gold was unchanged at $3,337.59 per ounce, as of 0156 GMT. U.S. gold futures eased 0.1% to $3,343.20. Bullion has declined 0.5% so far this week.
The dollar edged 0.1% lower against its rivals on Friday, but was headed for a second straight weekly gain. A stronger dollar makes greenback-priced bullion more expensive for other currency holders.
"We are starting to see data coming in that is still supporting a rather vigilant U.S. economy and potentially market participants are still looking at a situation where we are not expecting a very dovish Fed," OANDA senior market analyst Kelvin Wong said.
Data showed on Thursday that U.S. retail sales rose more than expected in June, advancing 0.6% last month after an unrevised 0.9% drop in May.
U.S. initial jobless claims were better than expected, dropping 7,000 to a seasonally adjusted 221,000 for the week ended July 12. Economists polled by Reuters had forecast 235,000 claims for the week.
The strong data showed the world's largest economy remained on a stable footing, supporting the Federal Reserve's hesitance to resume monetary policy easing.
However, Fed Governor Christopher Waller said he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy.
Gold, often considered a safe haven during times of economic uncertainty, tends to do well in a low-interest-rate environment.
Meanwhile, investors closely watched trade negotiations as U.S. President Donald Trump broadened his tariff war.
Elsewhere, spot platinum rose 1% to $1,472.20 per ounce, its highest since August 2014, while palladium climbed 1.4% to $1,297.78, its highest since August 2023. Silver was flat at $38.12.
Source : Reuters
