Gold futures score first monthly gain since January

29-May (MarketWatch) — Gold futures scored their first monthly gain in four months on Friday, but still settled lower for the week on the back of recent strength in the U.S. dollar.

Prices had erased earlier losses Friday to settle higher after revised data showing that the U.S. economy shrank less than expected in the first quarter.

…The U.S. economy shrank at an 0.7% annual pace in the first quarter, the Commerce Department reported Friday. Economists surveyed by MarketWatch had forecast a 1% contraction.

“Shrinking of first quarter GDP quarter should be positive for gold,” said Chintan Karnani, chief market analyst at Insignia Consultants.

[source]

PG View: Spot gold eked out an ever-so-slight monthly gain in April as well.