Gold Futures Settle Higher For The Day, But Shed 0.5% In Week

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Gold futures ended higher on Friday, but still posted a weekly loss as the dollar’s continued strength dimmed the demand for the safe-haven asset.

As risk sentiment improved thanks to strong U.S. economic data and progress on vaccination rollouts, equities gained in strength.

The dollar index, which rose to 92.87, was last seen at 92.80, up nearly 0.3% from previous close.

Gold futures for April ended up $7.20 or about 0.4% at $1,732.30 an ounce. Gold futures shed 0.5% in the week, the first weekly loss in three weeks.

Silver futures for May finished higher by $0.067 at $25.114 an ounce, while Copper futures for May settled at $4.0680 per pound, gaining $0.0900.

A report released by the University of Michigan showed U.S. consumer sentiment improved by even more than previously estimated in the month of March.

The report said, the consumer sentiment index for March was upwardly revised to 84.9 from the preliminary reading of 83.0. Economists had expected the index to be upwardly revised to 83.6.

The consumer sentiment index is well above the final February reading of 76.8, reaching its highest level since hitting 89.1 in the same month a year ago.

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