08.06.201807:48:00UTC+00Gold Barely Budges Ahead Of G7

Gold futures were flat Friday morning, clinging to the $1300 mark ahead of what may be a contentious G7 summit.

The U.S. and some of its biggest allies are embroiled in a trade squablle that may overshadow progress on other issues.

President Trump blasted neighbor Canada's leadership last night.

"Prime Minister Trudeau is being so indignant, bringing up the relationship that the U.S. and Canada had over the many years and all sorts of other things...but he doesn't bring up the fact that they charge us up to 300% on dairy - hurting our Farmers, killing our Agriculture!" he tweeted.

Gold was down 40 cents to $1301.50/oz.

On the economic front, the U.S. Commerce Department's Wholesale Trade inventories report for April will be issued at 10.00 am ET. The consensus is for an increase of 0.1 percent versus 0.3 percent last month.

Baker-Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 1159 and U.S. Rig Count was 1060.