Investing.com - Gold prices rose on Friday as robust euro zone inflation data sent the euro higher against the U.S. dollar, but the precious metal still ended the week lower.
Gold for June delivery settled at $1,269.65 on the Comex division of the New York Mercantile Exchange.
The annual rate of inflation in the euro area rose by 1.9% in April, Eurostat said, the highest level in over three years.
The upbeat data fueled expectations that the European Central Bank could adopt a more hawkish stance at its next policy meeting in June, lifting gold which is priced in U.S. dollars.
Data on Friday also showed that the U.S. economy posted its slowest growth in three years in the three months to March, with gross domestic product growing at a 0.7% annual rate.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slid to 98.89 late Friday.
The precious metal was 1.61% lower for the week, the largest weekly decline in almost two months as waning geopolitical tensions over North Korea and relief over the first round result in the French presidential elections sharpened risk appetite, pressuring gold.
Elsewhere in precious metals trading, silver slid 0.45% to $17.25 a troy ounce and ended the week down 3.65%.
Copper prices climbed to the highest level in more than two weeks Friday, as a threatened labor strike at a mine in Indonesia looked set to disrupt supplies.
Copper was trading at $2.61 a pound late Friday and ended the week up 1.28%.
Palladium was up 1.48% percent at $825.02, having touched a two-year high of $830.35 and finished the week up 4.55%.
Platinum was little changed at $948.15 an ounce.
In the week ahead, markets will be paying close attention to Friday’s U.S. nonfarm payrolls report as well as Wednesday’s policy statement by the Federal Reserve.
The euro zone is to release data on first quarter growth and the UK is to publish survey data that will further show the economic impact of last year’s Brexit vote.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, May 1
Financial markets in Shanghai, Hong Kong and Europe will be closed for holiday.
The European Commission is to release its economic forecasts for the European Union area.
U.S. Treasury Secretary Steven Mnuchin is to speak at an event in Los Angeles.
The U.S. is to release data on personal income and expenditure.
Later Monday, the Institute for Supply Management is to publish its manufacturing index.
Tuesday, May 2
China is to publish its Caixin manufacturing PMI.
The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.
The UK is to release data on manufacturing activity.
Wednesday, May 3
Financial markets in Japan and Hong Kong will be closed for holidays.
New Zealand is to publish its quarterly employment report.
The euro zone is to publish a preliminary estimate of first quarter economic growth.
The UK is to release data on construction activity.
The U.S. is to release the ADP nonfarm payrolls report for January and the ISM is to release its non-manufacturing PMI.
The Federal Reserve is to announce its benchmark interest rate and publish a monetary policy statement.
Thursday, May 4
Financial markets in Japan will be closed for a holiday.
Australia is to report on its trade balance.
The UK is to release data on service sector activity.
Canada is to publish its latest trade figures.
The U.S. is to release a flurry of economic reports, including data on initial jobless claims, the trade balance and factory orders.
ECB President Mario Draghi is to speak at an event in Switzerland.
Bank of Canada Governor Stephen Poloz is to speak at an event in Mexico.
Friday, May 5
Financial markets in Japan will be closed for a holiday.
The RBA is to publish its monetary policy statement.
New Zealand is to release data on inflation expectations.
Canada is to produce its monthly employment report and the Ivey PMI.
The U.S. is to round up the week with the non-farm payrolls report for April and Fed Chair Janet Yellen is to speak at an event in Providence. Fed Vice Chair Stanley Fischer is to speak at an event in Stanford.