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Gold Firm on Easing Dollar, Stocks Amid Hawkish Central Banks

Gold prices steadied on Friday, supported by an easing dollar and falling equities even as comments from global central banks suggested monetary tightening in Europe and Canada.

FUNDAMENTALS

  • Spot gold was nearly flat at $1,245.08 per ounce at 0104 GMT. It was set to end about 1 percent lower for the week, about 2 percent lower for month. For the quarter, gold is down 0.3 percent.
  • S. gold futures for August delivery fell 0.1 percent to $1,245.10 per ounce.
  • The world’s top central bankers have delivered what seems to be a collective message this week that quantitative easing is being put back in its box and interest rates are going up – and global markets are taking note.
  • British Prime Minister Theresa May won backing for her policy programme with a slender parliamentary majority on Thursday in the first test of her authority after an election setback and growing pressure on her Brexit and austerity agenda.
  • Gabriel Resources Ltd will seek $4.4 billion in damages from Romania for losses related to its long-stalled Rosia Montana gold mine project in a claim that the Canadian miner plans to file Friday with a World Bank Tribunal.
  • The U.S. economy slowed less than feared in the first quarter due largely to a jump in consumer spending, providing a slightly more encouraging outlook for growth this year.
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