Gold logs in first weekly loss in five weeks

Gold prices rose on Friday, shrugging off a surge by the dollar index following upbeat data, however, the precious metal still registered a weekly loss.

Recent US data showed personal spending, the Fed’s favorite inflation index, stabilized at a 2.8% growth rate in March, but remained above analysts’ expectations of 2.7%. 

Core personal spending, excluding food and energy, rose 2.7%, up from 2.5%.

Personal income rose 0.5% last month, above 0.3% in February. 

Data from Michigan University showed the consumer confidence index down 2.8% m/m in April to 77.2 from 79.4 in March. 

Otherwise, the dollar index rose 0.4% as of 16:22 GMT to 105.9, with a session-high at 106.1, and a low at 105.4. 

Gold spot prices rose 0.4% as of 19:32 GMT, or $9.5 to $2352 an ounce, while logging in a weekly loss of 2.8%.