Markets

Gold Headed for Biggest Jump in 2 Wks. on Dollar Woes

Gold Headed for Biggest Jump in 2 Wks. on Dollar Woes

MSCI's gauge of stocks across the globe shed 0.19 percent, falling after 10 days of gains.

The euro was up 0.3 percent to $1.1664.

Wall Street indexes ended Friday flat to about 0.15 percent lower, as disappointing earnings from General Electric and energy shares weighed. Further currency strength could also dampen inflation by keeping down import costs.

The euro touched $1.1682, its highest level against the dollar in almost two years, and was last up 0.4 percent on the day at $1.1674.

The single currency rose on Friday to $1.1677, its strongest against the dollar since August 2015. Speaking Thursday, Mr. Draghi said the central bank would be motivated by the desire to reach its inflation target, rather than settle for stronger growth and lower unemployment without meeting that goal.

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The US dollar index (DXY) traded in a similar fashion but was slightly weaker as a leg of weakness prior to the European open drove DXY to its lowest level in 13 months. Platinum for October increased 4.2 dollars, or 0.45 percent, to settle at 937.40 dollars per ounce.

In commodities, oil remained in the doldrums after a consultant forecast a rise in OPEC production for July despite the group's pledge to curb output, reviving concerns about oversupply.

The Dow Jones Industrial Average fell 31.71 points, or 0.15 percent, to 21,580.07, the S&P 500 lost 0.91 point, or 0.04 percent, to 2,472.54 and the Nasdaq Composite dropped 2.25 points, or 0.04 percent, to 6,387.75.

Gold glittered on the dollar's weakness and decline in risk appetite.

Gold and Silver closed higher in futures market on Thursday, marking their longest streak of session gains in two months as the euro jumped in the wake of a European Central Bank meeting, putting pressure on the US dollar.