Gold declines but marks weekly and monthly profits
2 months ago

Gold prices fell on Friday as the dollar gained ground against most  major rivals following US data on consumer spending.




Earlier data showed US consumer spending growth slowed down to 0.3% last month from 0.5% in the previous reading.


On a yearly basis, consumer spending rose 5%, slowing down from 5.3% in January, and hitting 1-1/5 year lows.


White House and Banking Sector


US President Joe Biden asked federal regulators to take measures to protect the US banking sector following the collapse of the Silicon Valley Bank and Signature Bank.


In a press release, the White House said that Biden's suggestions go in line with his recent efforts to bolster regulations of major banks to avoid a repetition of such situations.


Otherwise, the dollar index rose 0.4% as of 19:34 GMT to 102.5, with a session-high at 102.5, and a low at 102.05.


Gold spot prices fell 0.5%, or $9.8 to $1,987.8 an ounce, while marking a 8.1% profit in March, and a quarterly profit of 8.8%.

Commodities News

Gold News


Gold declines under pressure from the dollar
1 hour ago
Gold prices declined in European trade for the first session in three under pressure from the ...
Gold News


Gold extends gains but still trades below $2,000
15 hours ago
Gold prices rose on Tuesday even as the dollar muscled up against major rivals, but the precious ...
Copper News


Copper loses momentum amid economic concerns and technical signals
18 hours ago
Copper prices stalled on Tuesday on continuous concerns about economic growth following weak US and ...

Commodities Technical Analysis

Brent oil Analysis


Midday update for Brent oil 07-06-2023
33 minutes ago
Brent oil price trades positively to approach the key resistance 76.80, and as long as the price is ...
Oil Analysis


Midday update for Crude oil 07-06-2023
33 minutes ago
Crude oil price shows bullish bias to attempt to breach 71.55 level, which urges caution from the ...
Silver Analysis


Midday update for Silver 07-06-2023
33 minutes ago
Silver price settles below the intraday bullish channel’s support line, reinforcing the ...