Gold at $1298 on Solid U.S. Data

Gold struggled below $1,300 an ounce on Friday as U.S. jobs and factory data indicated brighter prospects for the economy, hurting the metal’s appeal as an investment hedge.

Spot gold was little changed at $1,296.30 an ounce by 0021 GMT, after dropping 0.7 percent on Thursday. The metal is still up 0.6 percent for the week on earlier gains on Ukraine tensions.

New applications for U.S. unemployment benefits hit a seven-year low last week while consumer prices recorded their largest increase in 10 months in April, pointing to a firming economy. Factory activity in New York state expanded at its quickest pace in nearly four years in May.

CNBC

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