Gold added $3 on Friday as traders bought up the cheap commodity and looked for a bit of safety as the Eurozone-Greece deal fell apart. Gold traded in the low end of its range after declining early in the week. Gold closed at 1174.80. Silver diverged from gold falling to 15.743 while Platinum ended Friday on a weak note at 1084.10. Gold snapped a five-day loss to settle higher on Friday, after prices fluctuated for much of the session, on concerns over Greece’s financial woes with no deal still in sight. The uptick in gold prices comes despite the dollar trending higher against a basket of some major currencies. Nevertheless, gold prices dropped 2.4 percent for the week. However, there was some optimism after Greece’s creditors proposed a five-month extension of its current bailout program if the government agrees to a set of reforms, reports said citing officials and leaked documents. The dollar index, which tracks the U.S. unit against six major currencies, traded at 95.44 on Friday, up from its previous close of 95.21 on Thursday in late North American trade. The dollar scaled a high of 95.67 intraday and a low of 95.08. On the economic front, consumer sentiment in the U.S. improved more than previously estimated in June, a report from the University of Michigan said Friday. The consumer sentiment index for June was upwardly revised to 96.1 from the mid-month reading of 94.6. Economists expected the index to be unrevised from the preliminary reading, which was already up sharply from the final May reading of 90.7. FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.

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