Gold at lowest level of 2023 after fourth straight weekly decline
Gold settled at a 2023 low on Friday, with the most actively traded contract logging its fourth straight weekly loss after the January PCE report showed a stronger-than-expected increase in prices, a sign that the Federal Reserve will likely continue its aggressive rate hike and monetary tightening to combat inflation.
That was the biggest increase since last summer, a sign that stubbornly high inflation is likely to take awhile to return to low prepandemic levels.Meanwhile, consumer spending rose 1.8% in January to mark the biggest increase in almost two years, but the surge was powered by unusually strong auto sales and is unlikely to last. Analysts polled by The Wall Street Journal had forecast a 1.4% advance. It was the first increase in three months in consumer spending.
The ICE U.S. Dollar Index DXY, +0.57%, a gauge of the dollar’s strength against a basket of six major rivals, rose 0.7%, to 105.27 on Friday afternoon, on pace to book its best week since September, 2022, and its longest winning streak in over four months, according to Dow Jones Market Data.
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