WASHINGTON (dpa-AFX) - Gold prices inched higher on Friday as worse-than-expected second-quarter results from Snap Plc and weak European data added to worries of a possible recession.
Spot gold rose 0.3 percent to $1,724.27 per ounce, while U.S. gold futures were up half a percent at $1,722.85.
Recession worries were back on investors' radar after social media company Snap Plc missed on the top and bottom lines in its second-quarter earnings report and said it plans to 'substantially' slow its rate of hiring as well as the rate of operating expense growth.
Earnings results from Apple, Microsoft, Alphabet, Meta and Visa are due next week.
Eurozone business activity unexpectedly contracted this month, suggesting that recessionary pressures are becoming more widespread in the eurozone economy.
S&P Global's flash eurozone composite purchasing managers' index, which measures activity at both services and manufacturing companies across the eurozone, fell to a 17-month low of 49.4, down from 52 in June as output and new orders both fell for the first time since coronavirus lockdowns in early 2021.
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