WASHINGTON (dpa-AFX) - Gold prices were flat Friday, unable to sustain a mid-week rally driven by geopolitical tensions.
North Korea has had a measured response to President Donald Trump's decision to back out of an upcoming summit. This has put some investors' minds at ease and dented gold's safe haven appeal.
Traders also weighed downbeat U.S. economic data that will do little to clarify the Federal Reserve's interest rate outlook.
June gold settled at $1,303.70/oz, down 70 cents, or less than 0.1%. But it was a good week for gold bugs. Prices steadied and were up 1% for the week.
The Commerce Department released a report on Friday showing a bigger than expected decrease in new orders for U.S. manufactured durable goods in the month of April.
Durable goods orders slumped by 1.7 percent in April after spiking by an upwardly revised 2.7 percent in March.
Consumer sentiment in the U.S. unexpectedly saw a modest deterioration in the month of May, according to revised data released by the University of Michigan on Friday.
The report said the consumer sentiment index for May was downwardly revised to 98.0 from the preliminary reading of 98.8.
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