Gold futures edge lower after wild week for markets

Gold futures edge lower after wild week for markets
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Gold prices edged lower on Friday, reversing part of a short-lived rebound that had pushed the price of the precious metal north of $1,850 per ounce.

Price action
  • Gold futures
    expiring in August were off by $1.30, or 0.1%, at $1,848 an ounce.

  • Silver futures
    expiring in July trade one cent higher at $21.90 an ounce.

  • Platinum futures expiring in July
    were down $8, or 0.8%, at $943 per ounce.

  • Palladium futures
    expiring in September bucked the broader trend and gained $31.70, or 1.7%, at $1,857.70.

Here’s what analysts are saying

Following a busy week of activity from central banks around the world, including the Federal Reserve, Bank of England, Swiss National Bank and — finally — the Bank of Japan, which stood firm on its ultra-loose monetary policy prescription, markets settled in for what looked to be a quiet session of trading, according to analysts at Commerzbank.

The only thing on the U.S. data calendar is May industrial production. On Thursday a handful of disappointing reports on the number of Americans buying homes and the number applying for unemployment benefits inspired a brief surge in gold prices.

Other markets
  • U.S. stock futures looked set to open higher with futures for the S&P 500
    up 1% and Nasdaq Composite
    futures up 1.3%. Dow Jones Industrial Average
    futures were up 0.9%. U.S. stocks are still trading near their lowest levels since December 2020.

  • The U.S. dollar was up nearly 2% against the Japanese yen after the Bank of Japan decision.

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