Gold prices went higher on Friday as dollar slipped, but it was prone to further losses ahead of USA key economic data and European Central Bank meeting in the coming week.
The most active gold contract for August delivery rose 10.2 US dollars, or 0.84 percent, to settle at 1,227.50 dollars per ounce.
United States consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and soft domestic demand that diminished the prospects of a third interest rate increase from the Federal Reserve this year. It was poised for a weekly gain of 1.3 per cent, the biggest since mid-May.
The Financial Times says the weak reports "have thrown into question whether policymakers at the Federal Reserve have been right to see other soft economic data since the start of the year as "transitory", justifying their decision to forge ahead, for now, on a planned course of interest-rate increases in 2017". "That sent the USA dollar lower alongside Treasury bond yields TMUBMUSD10Y, -0.14%, boosting the appeal of anti-fiat and non-interest-bearing assets".
The unchanged reading followed a drop of 0.1 percent in May, the Labor Department said Friday. USA gold futures for August delivery rose 0.24 percent to $1,230.50 per ounce. "In order to turn neutral again we need to move back above that level", he said.
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Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, fell 0.43 per cent on Thursday from Wednesday.
September silver futures were up 7 cents, or 0.4%, at $15.77 a troy ounce at 7:28 a.m. ET.
In silver, there was a sharp split between funds, which had largely sold off their record long position, and ETF investors, who had been recently buying, Hansen said.
New Zealand's two-year swap rate rose 1 basis point to 2.26 while the 10-year swaps rose 3 basis points to 3.35 percent. Platinum rose 1.68 per cent at US$916.65 per ounce, set to end the week up 1.5 per cent.