Gold ends higher, scores over 3% monthly gain

Gold futures rose on Friday, despite the US dollar stability against most major currencies, as the precious metal posted large weekly and monthly gains.

Data showed today the US personal spending reading today showed a drop by 13.6% in April, lower than forecasts of -6.9%.

US President Donald Trump said that China’s pattern of misconduct is well known as it has used the US for decades and costed the country hundreds of billions of dollars.

Trump added that China has mislead the world by hiding the facts about the coronavirus, which killed more than 100,000 Americans and infected millions, in addition to severe economic losses.

The dollar index  rose 0.1% to 98.5 points as of 19:26 GMT, after it hit a high of 98.5 and a low of 97.9.

Gold futures rose 1.4% to close at at $1,751.7 an ounce, and posted a weekly gain of 0.9% and monthly gain of 3.4%, with a day high of $1,754.5 and a low of $1,725.3.