2023.01.2718:25:00UTC+00Gold Futures Settle Slightly Lower

Gold futures settled slightly lower on Friday, but still managed to record a gain for a sixth consecutive week.

The dollar index dropped to a low of 101.58 before rallying to 102.19. However, the index eased to 102.00 subsequently.

Gold futures ended down $0.60 at $1,929.40 an ounce.

Silver futures for March ended lower by $0.398 at $23.622 an ounce, while Copper futures for March settled at $4.2225 per pound, down $0.0450 from the previous close.

On the U.S. economic front, a report from the Commerce Department showed personal income inched up by 0.2% in December after rising by a downwardly revised 0.3% in November.

Economists had expected personal spending to edge up by 0.2% compared to the 0.4% increase originally reported for the previous month.

The data said personal spending dipped by 0.2% in December after slipping by 0.1% in November. The modest decrease matched economist estimates.

The report also said core consumer prices, which exclude food and energy prices, rose by 0.3% in December after inching up by 0.2% in November.

The inflation reading, which is said to be preferred by the Fed, was expected to show another 0.2% uptick.

The Commerce Department said the annual rate of growth in core consumer prices slowed to 4.4% in December from 4.7% in November.

A separate report from the National Association of Realtors showed an unexpected rebound in pending home sales in December, while the University of Michigan upwardly revised its reading on consumer sentiment in January.