Gold Ends A Shade Lower, Down 1.2% For Week

(RTTNews) - Gold futures slipped for a fourth straight session to end a shade lower Friday, as the dollar trended higher on some positive economic data, even as the precious metal struggled to find support with developments in Ukraine.

Some positive comments made by the U.S. Federal Reserve Chair Janet Yellen before the Congress on the economy also impacted gold.

Chinese inflation slowed more-than-expected to an 18-month low in April, while the negative trend in producer prices persisted for the 26th straight month, providing the government scope to introduce more stimulus to achieve its 7.5 percent growth target.

German exports in March declined at the fastest pace since last May, and imports fell for the first time this year, as the Ukraine crisis and the slowdown in China weighed on demand.

Gold for June delivery, the most actively traded contract, dropped $0.10 to close at $1,287.60 an ounce on the Comex division of the New York Mercantile Exchange on Friday.

Gold for June delivery scaled an intraday high of $1,294.50 and a low of $1,285.50 an ounce.

Yesterday, gold ended lower amid some positive data from the U.S. and China, but finding some support after the Russian president called for a peaceful resolution to the conflict in Ukraine.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 782.85 tons on Friday from its previous close.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.87 on Friday, up from its previous close of 79.44 late Thursday in North American trade. The dollar scaled a high of 79.89 intraday and a low of 79.42.

The euro traded lower against the dollar at $1.3757 on Friday, as compared to its previous close of $1.3840 late Thursday in North America. The euro scaled a high of $1.3844 intraday and a low of $1.3754.

In economic news from the U.S., wholesale inventories rose more than expected in March, a report from the Commerce Department showed Friday. Inventories rose 1.1 percent in March, while anticipated a 0.4 percent increase. Wholesale inventories for February were revised up 0.7 percent, higher than the prior 0.5 percent reading.

From Europe, U.K. manufacturing output maintained growth momentum for the fourth consecutive month in March, with robust exports taking the visible trade gap to its lowest since December, a report from the Office for National Statistics showed Friday. Manufacturing output gained 0.5 percent in March from February and exceeded the 0.3 percent rise forecast by economists.

Meanwhile, industrial output dropped slightly by 0.1 percent, largely due to a plunge in oil and gas extraction. Production was forecast to decrease 0.2 percent after rising 0.8 percent in February.

Germany's trade surplus declined to a seasonally adjusted EUR 14.8 billion from EUR 15.8 billion in February. The unadjusted surplus, meanwhile, rose to EUR 16.4 billion from EUR 16.2 billion.

German exports fell 1.8 percent month-on-month in March, sharper than the 1.3 percent fall seen in February, data from Destatis revealed Friday. Economists had forecast a 1.3 percent rise. Imports slid 0.9 percent on a monthly basis, the first fall in three months, reversing a 0.4 percent rise in February. Economists expected a 0.6 percent increase for March.

China's Inflation eased notably to 1.8 percent in April from 2.4 percent in March, the National Bureau of Statistics said Friday. Overall inflation was slower than the expected 2.1 percent and remains within the government's full year 3.5 percent target.