The gold price hit its lowest in a month in Friday afternoon trading, maintaining its poor performance after Thursday’s heavy sell-off.
Spot gold was last at $1,171.70/1,172.60 per ounce, down $11.50 on the previous session’s close and around intraday lows – it struck its cheapest since March 20 at $1,170.20 earlier. Silver was last down 10 cents at $15.97/16.02.
Gold failed to respond to soft US data that initially pushed the dollar to fresh two-month lows against the euro at 1.1290. The US ISM manufacturing PMI at 51.5 fell short of the forecast 52.1, as did construction spending at -0.6 percent.
Revised UoM consumer sentiment at 95.9 was the second-lowest reading since 2007 while inflations expectations were at 2.6 percent, up from 2.5 percent previously.
But as has been customary for several weeks now, downside pressure on Friday afternoon prevailed, with the dollar clawing back to 1.1189.
The precious metals’ moves may have been exacerbated by the likes of China and parts of Europe being absent for May Day holidays.
Platinum was last down $12 at $1,126/1,131 and palladium was $4 lower at $771/777.
(Editing by Mark Shaw
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