Gold Futures Settle Lower For 4th Straight Day, But Gains 3% For The Month

Gold prices edged lower on Friday, extending losses to a fourth straight session, as the dollar firmed up against other major currencies and yields on bonds rose.

The dollar index rose to 91.31, gaining more than 0.8%.

Gold futures for June ended lower by $0.60 or 0.03% at $1,767.70 an ounce. Gold futures gained about 3% for the month.

Silver futures for July ended down $0.212 at $25.873 an ounce, while Copper futures for July settled at $4.4680 per pound, down $0.0185 from the previous close.

On the economic front, a report from the Commerce Department said personal income in the U.S. soared by 21.1% in March after plunging by a revised 7% in February.

Economists had expected personal income to spike by 20.3% compared to the 7.1% slump originally reported for the previous month.

The report also showed personal spending jumped by 4.2% in March following a 1% decrease in February. Personal spending was expected to surge up by 4.1%.

Chicago-area business activity unexpectedly saw faster growth in the month of April, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer jumped to 72.1 in April from 66.3 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 65.3.

Revised data released by the University of Michigan showed consumer sentiment in the U.S. improved by more than initially estimated in the month of April.

The report showed the consumer sentiment index for April was upwardly revised to 88.3 from a preliminary reading of 86.5. Economists had expected the index to be upwardly revised to 87.5.

The consumer sentiment index rose from 84.9 in March to reach its highest level since hitting 89.1 in March of 2020.

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