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After a tumultuous week, gold market action was quite lackluster on Friday. Bullion prices were down most of the morning and finally tried to turn slightly higher late in the day, dropping by only $0.20 at last check, to $926.25 spot bid. Most of the activity today was book-squaring related but two sets of better-than-expected economic figures (durable goods and new home sales revisions) kept the dollar close to recent highs (at 72.90 on the index) and gave some indication that if rate hikes were to commence in, say, September the economy might be able to handle them better than previously thought.
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