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Bullions drop
18-Jun-18   07:54 Hrs IST

Bullion prices ended lower at Comex on Friday, 15 June 2018. Gold futures settled at the lowest level of the year on Friday, just a day after finishing at a monthly high, as the benchmark U.S. dollar index briefly touched an 11-month peak, weighing on assets pegged to the monetary unit. The move comes after President Donald Trump announced tariffs on $50 billion worth of Chinese imports.

August gold dropped $29.80, or 2.3%, to settle at $1,278.50 an ounce on Friday. Based on the most-active contract, prices settled on Thursday at their highest in roughly a month. On Friday, they marked the lowest settlement since December and lost roughly 1.9% for the week.

On Friday, July silver gave up 4.5% to $16.48 an ounce, fueling a loss of around 1.6% for the week.

The ICE U.S. Dollar Index, a measure of the dollar against a half-dozen major currencies, traded as high 95.131, a level not seen since July 2017, boosted by lingering U.S. economic optimism. The dollar index has, however, eased back to 94.789, little changed in Friday dealings. The index, heavily weighted toward euros, was up 1.3% this week.

Data Friday showed the Empire State manufacturing survey rose 4.9 points in June to a reading of 25, the highest since October, while the University of Michigan consumer-sentiment index in June rose to a 99.3 reading.

Separately, on Friday, the Bank of Japan left its monetary policy steady, but investors were focused on its comments on consumer-price inflation. That followed comparatively more hawkish tones set by the ECB, which held its benchmark rates in check Thursday, but laid out a timetable to eventually tighten policy sometime next year. The Federal Reserve lifted rates Wednesday by a quarter-point for a seventh time since December of 2015 to a range between 1.75% and 2%.

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