Gold Prices Post Weekly Gain of 0.50%

Gold prices lagged silver and platinum but neared their first weekly gain in four against the Dollar on Friday, erasing last weeks 0.8% loss to trade at $ 1324 per ounce. June gold was down $ 1.60, or 0.1%, at $ 1,320.80/oz., but posted a weekly gain of 0.5%.

A weaker dollar helped gold stay near yesterdays 2-week high. In economic news, consumer sentiment in the U.S. unexpectedly held steady in early May, according to a report released by the University of Michigan on Friday.

The report said the preliminary reading on the consumer sentiment index for May came in at 98.8, unchanged from the final April reading. Economists had expected the index to edge down to 98.5. World stock markets also showed a small gain for the week as bond prices rose, edging longer-term interest rates down from their recent multi-year highs as the US Dollar trimmed Mays gains on the FX market following Thursdays weaker than expected US inflation data.

US President Donald Trump meantime confirmed he will meet North Koreas Kim Jong un in Singapore next month to discuss de-nuclearization of the east Asian peninsula. Mine output in South Africa – which produces 70% of the worlds newly-mined platinum each year – shrank 6.1% in March from the same month in 2017, new data showed this week.