Gold futures ended lower on Friday but enjoyed their fourth weekly gain in five weeks as investors continued to weigh the demand for the metal against mixed trading in the stock market ahead of the busiest week in the March quarter reporting season.
The US dollar was mixed to slightly weak and the Aussie dollar ended a touch under 64 US cents at 63.71 US cents.
US economic data Friday failed to provide a lift to gold prices. Orders for durable goods sank14.4% in March. The second biggest fall ever since the government began keeping track in the early 1990s.
Consumer sentiment, however, appeared to stabilise toward the end of April following the biggest decline ever. The final reading for a key survey of consumer sentiment for April edged up to a very weak 71.8 from an initial very weak 71, the University of Michigan (which conducts the survey) said Friday.
Comex gold for June delivery fell by $US9.80, or 0.6%, to settle at $US1,735.60 an ounce. For the week, gold enjoyed a gain of just over 2%, its fourth weekly rise in five weeks, according to FactSet data.
Elsewhere on Comex, May silver lost 9.4 cents, or 0.6%, to $US15.263 an ounce, for a weekly loss of 0.2%.
May copper settled at $US2.337 a pound, up 1.1% Friday, but a weekly loss of 0.3%.
Iron ore prices fell on Friday and over the week. The Metal Bulletin said the price of the benchmark 62% Fe fines fell 11 cents to $US84.35. For the week the price fell around 2% from $US86.17
