Gold prices edged lower on Friday, reversing part of a short-lived rebound that had pushed the price of the precious metal north of $1,850 per ounce.
Price action
- Gold futures GCQ22, expiring in August were off by $1.30, or 0.1%, at $1,848 an ounce.
- Silver futures SIN22, -0.05% expiring in July trade one cent higher at $21.90 an ounce.
- Platinum futures expiring in July PLN22, -1.20% were down $8, or 0.8%, at $943 per ounce.
- Palladium futures PAU22, -0.67% expiring in September bucked the broader trend and gained $31.70, or 1.7%, at $1,857.70.
Here’s what analysts are saying
Following a busy week of activity from central banks around the world, including the Federal Reserve, Bank of England, Swiss National Bank and — finally — the Bank of Japan, which stood firm on its ultra-loose monetary policy prescription, markets settled in for what looked to be a quiet session of trading, according to analysts at Commerzbank.
The only thing on the U.S. data calendar is May industrial production. On Thursday a handful of disappointing reports on the number of Americans buying homes and the number applying for unemployment benefits inspired a brief surge in gold prices.
Other markets
- U.S. stock futures looked set to open higher with futures for the S&P 500 SPX, -3.25% up 1% and Nasdaq Composite COMP, -4.08% futures up 1.3%. Dow Jones Industrial Average DJIA, -2.42% futures were up 0.9%. U.S. stocks are still trading near their lowest levels since December 2020.
- The U.S. dollar was up nearly 2% against the Japanese yen after the Bank of Japan decision.