Gold Little Changed Amid Uncertain Outcome OF Alaska Summit

(RTTNews) - Gold prices rose incrementally on Friday amid improved risk appetite in markets, with expectations that a meeting between the presidents of the US and Russia today may lead to a ceasefire in Ukraine, although the outcome is uncertain.

Front Month Comex Gold for August delivery closed up by 80 cents (or 0.02%) at $3336.00 per troy ounce today. Notably, Gold lost $103.10 (or 3.00%) per troy ounce this week.

Front Month Comex Silver for August delivery closed down by 8.8 cents (or 0.23%) at $37.894 per troy ounce today. Silver lost 52.30 cents (or 1.36%) per troy ounce this week.

Accompanied by high-powered delegations, in an effort to end the three-plus-year war between Russia and Ukraine, US President Donald Trump is meeting Russian President Vladimir Putin in Alaska today. Of note, Putin has praised his counterpart's "sincere efforts" to stop the war.

Trump had earlier warned that Russia would face severe consequences if it fails to stop the war following the summit.

As Russia remains under Western sanctions, traders feel that a positive outcome from this meeting could streamline global trade as well as financial and commodities markets.

On the economic data front, retail sales in the US increased 0.5% month-over-month in July and increased by 3.9% year-on-year.

Increases were seen in sales at motor vehicle & parts dealers (1.6%), furniture (1.4%), sporting goods (0.8%), clothing (0.7%), and gasoline stations (0.7%).

Export prices in the US rose 0.1% month-over-month in July and prices of goods imported rose by 0.4% in July from the previous month.

Month-on-month industrial production in the United States edged down 0.1% in July, while year-on-year industrial production rose by 1.4%.

The yield on the 10-year US Treasury note held around 4.3% on Friday.

Expectations for substantial rate cuts this year are more subdued due to the mixed US economic data released yesterday and today, though traders feel that the upcoming September meeting of the Fed could favor minimal slashing of rates.

Last week's confusion about a proposal from the US government to tariff gold imports, which helped gold hit new highs, was allayed by Trump on Monday, as he stated via social media that gold will not be tariffed.

Analysts are now focused on the outcome of the summit between Trump and Putin at Joint Base Elmendorf-Richardson in Anchorage, Alaska.