Gold futures on the COMEX division of the New York Mercantile Exchange experienced a decrease on Friday as a result of the strengthening U.S. dollar.
The most active gold contract for February delivery dropped 9.20 U.S. dollars, or 0.45 percent, ending at 2,035.70 dollars per ounce.
New York Federal Reserve President John Williams stated during an interview with CNBC on Friday that interest rates are “at or near the right place” to control inflation and maintain economic growth. However, he also noted that it is “premature” to discuss interest rate cuts.
Released economic data on Friday presented a mixture of results. The S&P flash U.S. services purchasing managers index (PMI) climbed to 51.3 in December from 50.8 in November, surpassing the anticipated 50.8.
On the other hand, the S&P flash U.S. manufacturing PMI dropped to 48.2 in December, the lowest in four months, compared to November’s 49.4 and below the forecasted 49.3.
The New York Fed’s Empire State manufacturing index also deteriorated by 24 points from 9.1 in November to -14.5 in December, marking a four-month low and reflecting ongoing weakness in the U.S. economy’s manufacturing sector.
The U.S. Federal Reserve issued a statement indicating that U.S. industrial production increased by 0.2 percent in November, significantly higher than the revised 0.9 percent decline in October, aligning with market expectations.
Furthermore, Silver for March delivery fell 23.20 cents, or 0.95 percent, concluding at 24.154 dollars per ounce. Platinum for January delivery also experienced a decline of 15.30 dollars, or 1.58 percent, closing at 952.60 dollars per ounce.
