Gold prices were flat on Friday and
poised for a fourth consecutive monthly drop, as an elevated
U.S. dollar and aggressive monetary policies from top central
banks continued to erode demand for bullion.
* Spot gold was flat at $1,755.59 per ounce, as of
0045 GMT. U.S. gold futures edged up 0.1% to $1,752.70
* The U.S. economy unexpectedly contracted in the second
quarter, raising risks of an economic slowdown, which lifted
gold’s safe-haven allure and helped bullion prices gain more
than 1% on Thursday.
* Gold is on track for its best week since mid-May, with
prices up 1.6% so far. However, bullion is unlikely to stave off
a fourth straight monthly decline, its worst run of losses since
* Despite some day-to-day volatility, the dollar has
spent most of July hovering around 20-year highs, hammering
demand for greenback-priced gold among other currency holders.
* The U.S. Federal Reserve on Wednesday hiked interest rates
by three-quarters of a percentage point for the second straight
meeting as it attempts to fight soaring inflation.
* Higher rates and bond yields increase the opportunity cost
of holding non-interest bearing gold.
* Spot silver firmed 0.2% to $20.01 per ounce, and
platinum gained 0.2% to $889.81, but both face monthly
* Palladium rose 0.4% to $2,086.02, and is set for
its best month since January, having gained 7.7% so far.
0530 France GDP Preliminary QQ Q2
0645 France CPI (EU Norm) Prelim YY July
0755 Germany Unemployment Chng, Rate SA July
0800 Germany GDP Flash QQ SA, YY NSA Q2
0900 EU HICP Flash YY July
0900 EU HICP-X F&E Flash YY July
0900 EU GDP Flash Prelim YY, QQ Q2
1230 US Consumption, Adjusted MM June
1400 US U Mich Sentiment Final July
(Reporting by Bharat Govind Gautam in Bengaluru; Editing by