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By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures drifted on Friday, swerving between small gains and losses after a positive run this week that put the metal on track for a weekly gain of nearly 1%.
Gold for December delivery GCZ2 +0.27% rose $1.30, or 0.1%, to trade at $1,621.50 an ounce on the Comex division of the New York Mercantile Exchange.
The metal posted losses in three out of the past four sessions, holding on to the $1,600-an-ounce line on hopes central banks across the globe would soon announce additional stimulus measures.
Such hopes continued on Friday, but gains were kept in check by a stronger dollar. The greenback rose after weaker-than-expected Chinese trade data. Read more about currencies.
The ICE dollar index DXY +0.06% , which measures the performance of the U.S. unit to a basket of six currencies, rose to 82.828 from 82.646 late Thursday in North American trading.
A stronger dollar tends to weigh on gold and other dollar-denominated commodities, as it makes them more expensive to holders of other currencies. For gold, it also undermines the metal’s role as an alternative currency.
The Chinese data kept the broader suite of metals futures under pressure on Friday. China’s trade surplus narrowed in July, with exports barely higher and imports increasing at a smaller rate. See more about China trade data.
The reports come after worrying data on industrial output and retail sales, and added to concerns about the world’s No. 2 economy and top commodity consumer.
Copper for September delivery HGU2 -1.24% retreated 5 cents, or 1.5%, to $3.37 a pound. September silver SIU2 +0.08% was off 32 cents, or 1.1%, to $27.79 an ounce.
Claudia Assis is a San Francisco-based reporter for MarketWatch.
