Gold ekes out fourth straight monthly gain; UBS suggests buying dip below $2,300

Gold futures edged higher for the month of May despite turning lower on Friday, while the metal has dropped 4.5% from their highest point reached May 20, reflecting recent economic data showing stubborn inflation.

Data released Friday from April’s Personal Consumption Expenditures price index came in roughly as expected – up 0.3% in April and 2.7% in the 12 months through March – giving gold little reason to jump.