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Gold climbs 1% and locks in strong weekly gains
AI Summary
- Gold prices rose 1% on Friday due to a weaker dollar and US economic data assessment
- Federal Reserve Vice Chair Michelle Bowman emphasized the need for rate cuts to stabilize the labor market
- US President Donald Trump announced a 100% tariff on branded drugs unless manufacturers build factories in the US
Gold prices rose on Friday as the dollar weakened against most major currencies and markets assessed US economic data.
According to data released today, the core Personal Consumption Expenditures (PCE) price index — which excludes food and energy — held steady at 2.9% year-on-year in August, below expectations of a 3% increase.
A University of Michigan survey released Friday showed that US consumer sentiment fell 5.3% to 55.1 in the revised September reading, remaining 21.6% lower than the same month in 2024.
Federal Reserve Vice Chair for Supervision Michelle Bowman reiterated on Friday the need to accelerate rate cuts, citing rising risks to labor market stability.
Separately, US President Donald Trump announced a 100% tariff on branded and patented drugs starting October 1, unless manufacturers build factories in the United States.
Meanwhile, the US dollar index fell 0.4% to 98.1 by 20:04 GMT, after reaching a high of 98.5 and a low of 98.1.
In trading, spot gold rose 1% to $3,805 an ounce by 20:04 GMT, with the precious metal gaining 2.8% for the week.
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