Gold futures settled higher on Friday, but barely budged for the week. “Gold has struggled to shine this week as positive economic data from the United States and China cooled concerns over the global economy,” said Lukman Otunuga, senior research analyst at FXTM. “Appetite towards the metal was also bruised by the ‘phase one’ [U.S.-China] deal, which offered some light at the end of the long trade war tunnel. With stock markets hitting record highs and the dollar stabilizing, gold is positioned to weaken in the short term,” he said. February gold rose $9.80, or 0.6%, to settle at $1,560.30 an ounce. Prices ended 20 cents higher than the week-ago settlement.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.