Gold Futures Close Lower For Fifth Consecutive Session

Gold futures saw further downside during trading on Friday, closing lower for the fifth consecutive session.

A firm dollar weighed on the precious metal. The dollar index climbed to 105.64 around mid-morning, but gave up some gains as the session progressed. It was hovering around 105.30 a little while ago, gaining about 0.6%.

Gold futures for August ended lower by $5.80 at $1,801.50 an ounce, recovering from a low of $1,783.40 an ounce.

Silver futures for September ended down by $0.685 or about 3.4% at $19.667 an ounce, the lowest settlement since July 2020.

Copper futures for September settled at $3.6095, down $0.1060 from the previous close.

A report from the Institute for Supply Management showed the pace of growth in U.S. manufacturing activity slowed by more than expected in the month of June.

The ISM said its manufacturing PMI slid to 53.0 in June from 56.1 in May, although a reading above 50 still indicates growth in the sector. Economists had expected the index to dip to 54.9.

With the bigger than expected decrease, the manufacturing PMI slumped to its lowest level since hitting 52.4 in June of 2020.

Data from the Commerce Department showed U.S. construction spending unexpectedly edged lower in the month of May.

The report showed construction spending edged down by 0.1% to an annual rate of $1.780 trillion in May after climbing by 0.8% to an upwardly revised rate of $1.783 trillion in April.

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