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Firmer gold futures

FOREX_Gold-futures-head-for-weekly-gain

Gold futures grasped at a narrow advance Friday and headed for a weekly gain of about 3% even as the bruised dollar index tipped higher and rebounding, if still turbulent, stocks headed for their best week in more than a year.

April gold GCJ8, +0.18% was up $4.10, or 0.3%, to $1,359.00 an ounce. It fell modestly Thursday after a settlement at $1,358 Wednesday, marking its highest in nearly three weeks. The gold-backed exchange-traded fund SPDR Gold Shares GLD, +0.11% was up 0.3%, while the VanEck Vectors Gold Miners ETF GDX, +0.04% ) gained 0.1%.

Financial markets may be quiet given the long holiday weekend. U.S. financial markets will close on Monday in observance of Presidents Day. A reading on import prices for January, due at 8:30 a.m. Eastern Time, might draw extra attention as investors keep an eye out for signs of inflation.

Data on housing starts for January are also due at 8:30 a.m. Eastern, while the University of Michigan’s consumer sentiment index for February is expected at 10 a.m. Eastern.

The ICE U.S. Dollar Index DXY, +0.28% a measure of the currency against six main rivals, rose 0.2% to 88.80, but the gauge was headed toward its biggest weekly loss in about nine months. Precious metals, which are often pegged to dollars, tend to rise when the buck weakens because weakening greenback can make buying those assets relatively cheaper for investors using strengthening monetary units.

Expectations of a possible fourth interest rate increase this year by the Federal Reserve have grown after recent inflation figures and after the central bank shared its forecast of an inflation pickup later this year. Nevertheless, commodity buyers will still watch for signs of a sustainable rise in consumer prices.

Rising yields, in theory, should detract from the appetite for gold because precious metals don’t bear a yield. However, accelerating inflation could also provide a lift for precious metals because it is often viewed as a hedge against inflation. Gold had been moving higher over the last few days after the futures contract erased 1.6% last week in its worst performance in two months.

The yield on the 10-year Treasury note TMUBMUSD10Y, -0.84%   was at 2.885%. The yield hit 2.940%, the highest yield level since around January 2014, according to the WSJ Market Data Group.

U.S. stock futures climbed Friday, hinting at a sixth-straight winning session for equities, which have battled volatile sessions to carve out what’s shaping up to be the best weekly performance in more than a year.

In other metals trading, March silver SIH8, -0.39% was little changed near $16.790 an ounce, while the silver-focused iShares Silver Trust SLV, -0.69% was off by 0.3%.

March copper HGH8, +0.18% rose 0.4% to $3.2575 a pound, April platinum PLJ8, +0.71% added 1% to $1,010.60 an ounce and March palladium PAH8, +2.02% gained 2.1% to $1,027.65 an ounce.

Souce:marketwatch.com

Gold futures grasped at a narrow advance Friday and headed for a weekly gain of about 3% even as the bruised dollar index tipped higher and rebounding, if still turbulent, stocks headed for their best week in more than a year.

April gold GCJ8, +0.18% was up $4.10, or 0.3%, to $1,359.00 an ounce. It fell modestly Thursday after a settlement at $1,358 Wednesday, marking its highest in nearly three weeks. The gold-backed exchange-traded fund SPDR Gold Shares GLD, +0.11% was up 0.3%, while the VanEck Vectors Gold Miners ETF GDX, +0.04% ) gained 0.1%.

Financial markets may be quiet given the long holiday weekend. U.S. financial markets will close on Monday in observance of Presidents Day. A reading on import prices for January, due at 8:30 a.m. Eastern Time, might draw extra attention as investors keep an eye out for signs of inflation.

Data on housing starts for January are also due at 8:30 a.m. Eastern, while the University of Michigan’s consumer sentiment index for February is expected at 10 a.m. Eastern.

The ICE U.S. Dollar Index DXY, +0.28% a measure of the currency against six main rivals, rose 0.2% to 88.80, but the gauge was headed toward its biggest weekly loss in about nine months. Precious metals, which are often pegged to dollars, tend to rise when the buck weakens because weakening greenback can make buying those assets relatively cheaper for investors using strengthening monetary units.

Expectations of a possible fourth interest rate increase this year by the Federal Reserve have grown after recent inflation figures and after the central bank shared its forecast of an inflation pickup later this year. Nevertheless, commodity buyers will still watch for signs of a sustainable rise in consumer prices.

Rising yields, in theory, should detract from the appetite for gold because precious metals don’t bear a yield. However, accelerating inflation could also provide a lift for precious metals because it is often viewed as a hedge against inflation. Gold had been moving higher over the last few days after the futures contract erased 1.6% last week in its worst performance in two months.

The yield on the 10-year Treasury note TMUBMUSD10Y, -0.84%   was at 2.885%. The yield hit 2.940%, the highest yield level since around January 2014, according to the WSJ Market Data Group.

U.S. stock futures climbed Friday, hinting at a sixth-straight winning session for equities, which have battled volatile sessions to carve out what’s shaping up to be the best weekly performance in more than a year.

In other metals trading, March silver SIH8, -0.39% was little changed near $16.790 an ounce, while the silver-focused iShares Silver Trust SLV, -0.69% was off by 0.3%.

March copper HGH8, +0.18% rose 0.4% to $3.2575 a pound, April platinum PLJ8, +0.71% added 1% to $1,010.60 an ounce and March palladium PAH8, +2.02% gained 2.1% to $1,027.65 an ounce.

Souce:marketwatch.com

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