Investing.com – Gold prices fell slightly today, erasing some of last week's gains. After several central bank officials gave tough comments on interest rate cuts,
Gold rose to nearly $2,400 an ounce this week. After reporting weak US economic data, however, dropped on Thursday and Friday.
It was flat at $2,377.40 an ounce, while June futures were at $2,381.10 an ounce at 00:19 ET (04:19 GMT).
Gold fell after the central bank cut interest rate confidence
Gold fell on Thursday after several central bank officials warned against betting on interest rate cuts.
Several members of the central bank's interest rate-setting committee said the bank should be more confident that inflation is slowing.
This dampened confidence about interest rate cuts in September and yields rebounded this week.
However, weak data supports gold's trend for a 0.7% gain this week.
Gold has now hit a new high above $2,430 an ounce. Although that doesn't seem likely in the short term.
Other precious metals also fell, but are still expected to make gains this week, falling 0.2% but gaining 6.2% this week, while falling 0.4%, gaining 4.5% this week.
Copper changes in mixed data in China
One-month copper futures eased from two-year highs on mixed economic data in the industrial metals group. But three-month copper futures are higher and are expected to make big gains this week. This is because the market is confident of tight supply and demand recovery in the coming months.
It rose 0.6% to $10,445.0 a ton and 0.3% to $4.8935 a pound.
Today's data from China showed the economy grew more than expected, but it slowed. It's shrinking faster than ever, and China's has slowed too.
All these statements present different perspectives on China. Even now, Beijing has launched additional economic stimulus measures to support growth.
Three-month copper futures are rising, gaining nearly 4% this week on demand recovery perspective.
Invest in US stocks like a pro Get access to InvestingPro and get 10% off when you enter coupon code THNEW2024 at checkout. Apply today.