Gold prices retraced gains late Friday but still notched up a second weekly rise as concerns over the Trump administration’s ability to push through its pro-growth economic agenda underpinned safe haven demand.
Gold for April delivery settled down 0.34% at $1,243.00 on the Comex division of the New York Mercantile Exchange, off session highs of $1,251.85.
Gold touched its highest since February 28 on Thursday, at $1,253.15 and ended the week with a gain of 1.07%.
Prices of the precious metal turned lower as the dollar steadied after Republican leaders dropped legislation to replace the Affordable Care Act before a planned vote in the House of Representatives, after it failed to gather enough support to pass.
Investors viewed the Trump administration’s failure to push through a healthcare overhaul as a sign he may also face further setbacks delivering on other policy pledges including corporate tax cuts, regulatory reform and infrastructure spending.
Elsewhere in precious metals trading, silver was at $17.78 a troy ounce late Friday, and ended the week up 2.11%.
Platinum was up 0.26% to $966.35, while palladium added 1.12% to $809.12 an ounce.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Tuesday, March 28
The U.S. is to release data on consumer confidence.
Bank of Canada Governor Stephen Poloz is to speak.
Dallas Fed President Robert Kaplan is to speak.
Wednesday, March 29
The UK is to publish data on net lending.
Chicago Fed President Charles Evans is to speak.
The U.S. is to release a report on pending homes sales.
Thursday, March 30
In the euro zone, Germany and Spain are to release preliminary data on inflation.
Canada is to publish figures on raw material price inflation.
The U.S. is to release revised data on fourth quarter growth along with the weekly report on initial jobless claims.
Friday, March 31
Japan is to publish data on household spending and inflation.
New Zealand is to report on business confidence.
China is to release its official manufacturing and services PMI’s.
Germany is to release figures on retail sales and unemployment change. Meanwhile, the euro zone is to publish preliminary data on inflation.
The UK is to report on the current account and release revised data on fourth quarter growth.
The U.S. is to round up the week with data on personal income and spending, a report on manufacturing activity in the Chicago region and revised data on consumer sentiment.
Source: UK Investing.com
