Gold futures rise, head for weekly gains
Gold futures settled with a gain on Thursday to turn higher for the week after ending the previous session at their lowest since late May. Traders may now have an eye on the U.S. inflation data on Tuesday, a day ahead of the Federal Reserve's monetary policy announcement, said Craig Erlam, senior market analysis at OANDA. "These events may ultimately determine whether gold breaks higher once more, with potential record high ambitions or continues to correct lower, having so far fallen almost 7% from the March highs." Gold for August delivery climbed by $20.20, or 1%, to settle at $1,978.60 an ounce on Comex after losing 1.2% on Wednesday. Prices for the most-active contract trade nearly 0.5% higher for the week so far.
-Myra P. Saefong
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 08, 2023 13:52 ET (17:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.