GOLD DOWN SLIGHTLY, STILL UP OVERALL
Gold is down Friday following the dollar’s rebound as the U.S. Federal Reserve appears on track to raise interest rates this year. The dollar rose 0.3 percent versus a basket of currencies, supported by strong U.S. jobs and service sector data, while European stocks gained after a two-day retreat. Despite Friday's losses, Gold is on track to finish the week up around 1.5 percent after a seven-day rally, the metal's longest winning stretch since August 2012. is still gaining ground because the Fed is cautious about the pace of interest rate increase.
Oil prices fell more than $1 per barrel Friday on waning worries over the threat of Saudi Arabian-led air strikes in Yemen disrupting Middle East supply. This is after U.S. crude and North Sea Brent were headed for a 5-10 percent jump. “The risk for the weekend and early next week is the possibility of a political agreement (with) Iran,” Swiss analyst Olivier Jakob said. “We want to be positioned for the possibility of the Strait of Hormuz opening up rather than for the possibility of the Bab el-Mandeb shutting down.”
At 9:24 a.m. (ET), the APMEX Precious Metals spot prices were:
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