Baku-APA. Gold futures on the COMEX division of the New York Mercantile Exchange dipped slightly Friday as investors abstained from trading ahead of the three-day holiday weekend, APA reports quoting Xinhua.
The most active gold contract for June delivery dropped 5.2 dollars, or 0.37 percent, to settle at 1,386.6 dollars per ounce.
Gold traded quietly Friday, as the U.S. Commerce Department announced that orders for durable goods climbed 3.3 percent in April to a seasonally adjusted 222.6 billion dollars, higher than the market expectation for a rise of 1.4 percent.
Favorable factors such as a weaker dollar and decline in stock markets failed to exert any influence on gold market Friday.
In short term, gold's future will hinge on the direction of the U.S. dollar and the prospects of quantitative easing policy by the U.S. Federal Reserve, according to market analysts.
Gold trading on COMEX will reopen Tuesday after the Memorial Day holiday which falls on Monday.
Silver for July delivery lost 1.2 cents, or 0.05 percent, to close at 22.496 dollars per ounce. Platinum for July delivery slipped 5.3 dollars, or 0.36 percent, to close at 1,451.9 dollars per ounce.
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