Gold Set for 2nd Weekly Gain
Gold held steady around $2,360 per ounce on Friday, hovering at its highest level in two weeks, and set to post its second weekly gain, as soft US economic data reinforced anticipations that the Federal Reserve might lower interest rates this year. Last week's data revealed a slowdown in the labor market and price pressures, followed by weak retail sales data on Tuesday, indicating that US economic activity remained sluggish in the second quarter. Additionally, initial claims for unemployment benefits decreased slightly last week, while new housing construction in May fell to its lowest level in nearly four years. Investors’ focus now turned to the flash purchasing managers' indexes due later in the day, which could provide further insight into the economy's strength.