Gold futures extended gains for a second straight day to settle higher Friday, as the dollar ticked lower and investors continued to buy the precious metal. Investors also await news from the scheduled Group of Eight meeting this weekend that is primarily expected to discuss eurozone problems.
Concerns over the eurozone debt crisis continued with Fitch Ratings downgrading Greece's credit rating by one notch to CCC from B- on fears the nation will exit the eurozone. Meanwhile, Moody's Investor Service downgraded 16 of Spain's banks.
Gold for June delivery, the most actively traded contract, rose $17.00 or 1.1 percent to close at $1,591.90 an ounce Friday on the Comex division of the New York Mercantile Exchange.
Gold traded at an intraday high of $1,597.50 an ounce and a low of $1,567.80 an ounce.
Yesterday, gold snapped a four-day losing streak to rebound from a 10-month low, mostly on bargain buying and on reduced near-term uncertainties after Greece announced June 17 for fresh elections.
The U.S. dollar traded lower against most major currencies Friday, after fourteens sessions of gains in its longest rally since 1985.
The dollar index, which tracks the U.S. unit against six major currencies, was trading lower at 81.278 on Friday, from 81.454 in North American trade late Thursday. The dollar scaled a high of 81.76 intraday and a low of 81.26.
The euro traded higher against the dollar at $1.2724 on Friday, as compared to $1.2702 late Thursday. The euro scaled a high of $1.2740 intraday and a low of 1.2644.
In economic news from the eurozone, Germany's producer price inflation slowed to the lowest level in twenty-two months in April, data from the Federal Statistical Office showed. The output price inflation eased to 2.4 percent in April from 3.3 percent in March, while economists expected inflation to slow to 2.5 percent. The growth rate for April was the smallest since June 2010, when output prices increased 1.7 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.