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Gold futures settle lower after US PCE data

01 Jun 2024 Evaluate
Gold futures settled lower on Friday, kindled by the firmness in dollar and as US PCE inflation data rose 2.8% on a year-on-year basis in April, matching March's advance. Persisting prolonged elevated benchmark interest rates kept pressuring investment appeal of the non-yielding bullion. The yellow metal for the most active contract registered second consecutive weekly loss of 0.47%.

Gold futures for August delivery down by $20.70 or 0.87% to $2,345.80 per ounce on the Comex division of the New York Mercantile. While, spot gold declined by $15.74 or 0.67% to $2,327.33 an ounce.

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