Bullion prices ended lower at Comex on Friday, 01 March 2019 at Comex. Gold futures dropped below the key $1,300 mark on Friday to settle at their lowest in a month and half, down over 2% from a week ago—the sharpest weekly fall since August. An overall risk-on sentiment, which boosted U.S. and global stocks, as well as strength in the U.S. dollar worked to dull demand for the precious metal.
April gold fell $16.90, or 1.3%, to settle at $1,299.20 an ounce. For the week, bullion was down about 2.5%.
May silver settled at $15.256 an ounce, down 2.4% for the session, with prices losing around 4.1% for the week.
The precious metal only managed to briefly pare some of its earlier losses, as the dollar's weakness in the immediate wake of cooler-than-expected U.S. ISM manufacturing and consumer-sentiment readings proved to be short-lived.
On Friday, data showed the final reading of the University of Michigan consumer sentiment index faded in February, with a 93.8 reading, below the consensus of 95.6. American manufacturing grew their businesses in February at the slowest pace since the election of President Donald Trump in November 2016, with the ISM manufacturing survey falling to 54.2 in February from 56.6.
The weaker-than-expected data prompted the dollar, as measured by the ICE U.S. Dollar to give up its earlier gains, but it then moved higher, looking to erase nearly all of its weekly loss. The index was up 0.3% at 96.468 as gold futures settled. Strength in the greenback can pressure prices for gold, which are traded in the dollar.