Morning Gold: Gold Consolidates After Yesterday Gains

Gold

(Kitco News) – On Friday, gold is trading higher after hitting 7-week high in early U.S. trading hours.

Thursday gains are encouraging the gold bulls to continue forward, taking the prices sideways to near-term high. Gold price in the spot market was last quoted up by $6.25 at $1,372.41 per ounce while gold futures for September delivery were up $3.00 to $1,363.90 per ounce.

Gold price was above the $1,370 level during the Asian trading hours, and during the early U.S. trading hours.

As of the situation in Egypt, the Muslim Brotherhood (MB) urged for a mass protest, and the government expects violence based on yesterday’s MB marches and reports. News helped to support safe-haven gold demand, added fuel to the rising prices of oil, and to put some downside pressure on the U.S. stock market.

The USD index is faintly higher on a technical correction of the recent losses. Investors might keep an eye on the U.S. economic data due to release on Friday. The University of Michigan consumer sentiment survey and Housing Starts might be the most awaited.

London A.M. gold fix for Friday is $1,360.75 versus the previous P.M. fix at $1,329.75.