Gold declines but marks weekly and monthly profits

Economies.com
2023-03-31 19:47PM UTC

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

 

Data

 

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%.

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