Gold futures settled higher on Friday as the dollar turned weak against its major counterparts, weighed down by data showing a surprise contraction in the American economy in the first quarter.
The dollar had been moving up steadily over the past few sessions amid expectations of aggressive rate hikes by the Federal Reserve to combat inflation.
The dollar index, which rose to a near 20-year high to $103.93 on Thursday, dropped to 102.82 today, losing about 0.8%.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.