WASHINGTON (dpa-AFX) - Gold futures settled higher on Friday, as the dollar remained weak and data showed a slowdown in the pace of core consumer price growth in the month of April.
The dollar index, which dropped to around 101.55 around mid morning, recovered subsequently and was down marginally at 101.75 a little while ago.
Gold futures for June ended higher by $3.70 or about 0.2% at $1,851.30 an ounce. The most active August contracts ended higher by $3.40 at $1,857.30 an ounce.
Silver futures for July ended up by $0.131 at $22.096 an ounce, while Copper futures for July settled at $4.3065 per pound, up $0.0475 from the previous close.
The Commerce Department's report showed the rate of core consumer price growth slowed to 4.9% in April from 5.2% in March.
The data has contributed to optimism that the Fed will slow the pace of monetary policy tightening in the second half of the year.
The report showed personal income rose by 0.4% in April after climbing by 0.5% in March. Economists had been expecting another 0.5% increase.
Meanwhile, the Commerce Department said personal spending advanced by 0.9% in April after surging by an upwardly revised 1.4% in March.
Personal spending was expected to increase by 0.7% compared to the 1.1% jump originally reported for the previous month.
A separate report from the University of Michigan showed consumer sentiment in the U.S. deteriorated by even more than previously estimated in the month of May.
The report showed the consumer sentiment index for May was downwardly revised to 58.4 from the preliminary reading of 59.1. Economists had expected the index to be unrevised.
The consumer sentiment index is even further below the April reading of 65.2, slumping to its lowest level since hitting 55.8 in August of 2011.
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