WASHINGTON (dpa-AFX) - Gold futures settled lower on Friday as the commodity's safe-haven appeal faded amid bets the Federal Reserve will raise interest rates again to continue its fight against inflation.
Philadelphia Fed President Patrick Harker said on Thursday that 'some additional tightening may be needed to ensure policy is restrictive enough' to support the Fed's dual mandate of keeping both unemployment and inflation low.
The dollar index climbed to 102.12 round mid morning, rallying from a low of 101.65. However, the index pared gains subsequently and was last seen at 101.82, down with a small loss.
Gold futures for June settled lower by $28.60 or about 1.4% at $1,990.50 an ounce, the lowest close in about three weeks.
Silver futures for May ended down $0.315 at $25.058 an ounce, while Copper futures for May settled at $3.9800 per pound, down $0.0455 from the previous close.
In economic news from Europe, data showed a surprising recovery in the euro zone, easing concerns around an impending recession.
A survey showed the eurozone economy's growth accelerated in April and hit an 11-month high.
Data from the HCOB Flash Eurozone purchasing managers' index (PMI) survey published by S&P Global rose to 54.4 in April from 53.7 in March.
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