Gold Silver Reports — Gold futures inched higher Friday, adding to weekly gains amid concerns about gridlock in Washington, DC, geopolitical tensions, and slumping equities. Renewed speculation that the Federal Reserve will be very cautious in raising interest rates has also given the precious metal a boost. April gold settled at $1,248.50/oz, up $1.30, or 0.1%, for a weekly gain of 1.5%.
At one point this week, gold touched its highest since late February. In economic news, the Commerce Department released a report on Friday showing that new orders for U.S. manufactured durable goods shot up by more than anticipated in the month of February. Orders jumped by 1.7 percent in February after surging up by a revised 2.3 percent in January.
Existing home sales in the U.S. saw a sharp pullback in the month of February, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales tumbled by 3.7 percent to an annual rate of 5.48 million in February after jumping by 3.3 percent to a rate of 5.69 million in January. Economists had expected sales to drop to 5.58 million. — Neal Bhai Reports