Gold Futures Market News and Commentary
The dollar index (DXY00) on Friday rose by +0.449 (+0.43%). The dollar index Friday climbed to a 2-week high and posted moderate gains. Recession fears sparked safe-haven demand for the dollar after the U.S. Jun ISM manufacturing index expanded at the slowest pace in 2 years. Also, data that showed record-high inflation in the Eurozone Friday weighed on the euro to the benefit of the dollar as EUR/USD dropped to a 2-week low.
U.S. May construction spending unexpectedly fell -0.1% m/m, weaker than expectations of +0.4% m/m and the first decline in 8 months.
The U.S. Jun ISM manufacturing index fell -3.1 to 53.0, weaker than expectations of 54.5 and the slowest pace of expansion in 2 years.
EUR/USD (^EURUSD) on Friday fell by -0.0058 (-0.55%). EUR/USD on Friday fell to a 2- week low and finished moderately lower. Dollar strength on Friday weighed on the euro. Also, record-high inflation in the Eurozone weighed on EUR/USD Friday after Eurozone Jun CPI rose more... Read more