RTTNews - Gold finished slightly higher on Friday in U.S. trading, receiving a boost from a weaker U.S. dollar. The metal posted a weekly gain for the first time in four weeks.
August-gold climbed to $941, up $1.50 on the session. Prices reached as high as $949.00 after earlier hitting $936.60.
The metal finished the week up $4.80 an ounce, snapping a three-week streak of losses. The metal briefly fell to a monthly low of $913.20 on Tuesday before recovering the losses.
The dollar saw weakness against other majors on Friday in New York as China again asked the for a new reserve currency. The greenback drifted toward a multi-week low against the euro, adding to gold's hedge appeal.
In economic news, a Commerce Department report showed that personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April. Economists had expected income to rise 0.3 percent compared to the 0.5 percent growth originally reported for the previous month.
Additionally, the Commerce Department also said that personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.
Later, the Reuters/University of Michigan survey of consumers report showed that the consumer sentiment index was revised up to 70.8 in June from the preliminary reading of 69.0, coming in well above the May reading of 68.7. Economists had been expecting the index to be unrevised at 69.0.
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