Gold rises as dollar drops on weak USA data

Gold rises as dollar drops on weak USA data

Gold futures on the COMEX division of the New York Mercantile Exchange climbed to the highest in almost two weeks on Friday, as data on retail sales and inflation stoked concerns that the pace of economic growth may not merit lifting USA interest rates again in 2017.

WASHINGTON (AP) - Lower costs for gas, airline tickets, new and used cars and wireless mobile phone plans kept USA consumer prices flat in June, evidence that inflation remains muted. It was poised for a weekly gain of 1.3 per cent, the biggest since mid-May.

Hedge funds and money managers cut their net long position in COMEX gold to the smallest since January 2016 in the week to July 11, as they switched to their first bearish stance in silver in almost two years, US Commodity Futures Trading Commission data showed on Friday. The grey metal was trading at session highs, having rebounded from an earlier loss.

He said, however, the main event risk for the currency is tomorrow's domestic inflation data.

Asian stocks rose on Monday after the Dow and S&P 500 hit record highs on Friday on bets the Federal Reserve's accommodative monetary policy will continue following lacklustre U.S. data, with that view sending the dollar reeling. "We're seeing precious (prices) buoyed on the back of that". The contract finished the week up 1.5 per cent, its first gain in six weeks. The gold price now stands at $1,229.72. Economists surveyed by The Wall Street Journal had expected overall prices to advance 0.1% on the month.

Meanwhile, SPDR Gold Trust slipped 0.43% to 828.84 tonnes on Thursday from 832.39 tonnes on Wednesday.

"A move above US$16.20 could trigger quite a bit of accelerated buying from the funds", he said.

Excluding the volatile food and energy categories, prices rose 0.1 percent in June and 1.7 percent from a year earlier. Platinum rose 1.68 per cent at US$916.65 per ounce, set to end the week up 1.5 per cent.

Related News:

  • Presidential Poll 2017: Voting begins at Odisha Assembly

    Presidential Poll 2017: Voting begins at Odisha Assembly

    The President is elected through an electoral college that comprises MPs and State and Union Territory MLAs. Hence, the colour of ballot papers will help the returning officer count votes based on the value.
    PM Modi to states: Act on cow vigilantes

    PM Modi to states: Act on cow vigilantes

    The meeting was called to seek opposition's support for the smooth conduct of proceedings in both the Houses of Parliament. Modi also thanked everyone for the implementation of the GST, calling it a "shining example of co-operative federalism".
    A Pirates fan hurled Jedd Gyorko's home run ball into the river

    A Pirates fan hurled Jedd Gyorko's home run ball into the river

    The Cardinals have won three of four after downing the Pirates 4-0 Saturday behind outstanding pitching and a few clutch hits. Matt Carpenter went 2 for 4 with an RBI as the Cardinals sent the Pirates to just their second loss in the last eight games.
  • Indian premier calls for action against cow vigilantism

    Indian premier calls for action against cow vigilantism

    The Prime Minister also urged the political leaders to help carry forward the investigation against corrupt politicians.
    Leaked Pictures of Moto G5S Plus, Dual Camera Setup

    Leaked Pictures of Moto G5S Plus, Dual Camera Setup

    This leaked device has an EMEA label on it, meaning it is a model meant for sale in Europe, Middle East and Africa. However, there has been no official confirmation regarding the device that might be launched in the coming days.
    Woman's death in Melbourne serviced apartment not suspicious, police say

    Woman's death in Melbourne serviced apartment not suspicious, police say

    Four men, all aged in their late 20s to early 30s from the ACT and NSW, are now in custody assisting with the investigation. A woman has been found dead at a stag party in Melbourne , but two of the partygoers say they have been " stitched up ".
  • Bayern Munich CEO Plays Down Alexis Sanchez Interest

    Bayern Munich CEO Plays Down Alexis Sanchez Interest

    At least I have the impression that AC Milan are not ready to meet our demands. "At €48m (£42m) I would not be dissatisfied". Several top clubs have shown an interest in signing the Portuguese midfielder this summer, so he is not short of options.
    66 people arrested in Spanish horse meat investigation

    66 people arrested in Spanish horse meat investigation

    They worked in coordination with authorities in Belgium, France, Italy, Portugal, Romania, Switzerland and the UK. Horses in Portugal and Spain deemed unfit for consumption were slaughtered and their meat passed off as edible.
    OJ Simpson's Parole Hearing Will Reportedly Be Televised on Multiple Networks

    OJ Simpson's Parole Hearing Will Reportedly Be Televised on Multiple Networks

    On Thursday, the board will consider parole on the other charges, including kidnapping, robbery, and assault with a deadly weapon. The parole board normally issues decisions weeks after hearings, but plans to announce its decision in this case on Thursday.
  • Israeli forces kill Palestinian in West Bank raid

    Israeli forces kill Palestinian in West Bank raid

    Some women wailed and cried while telling people not to enter. Officials had earlier given another name for the suspect. The army said Tirawi was behind both incidents.
    Wildfire burning in Lake Country

    Wildfire burning in Lake Country

    Despite cooling temperatures, crews expect strong winds to continue to hamper firefighting efforts in the coming days. A number of B.C. wildfires were fueled by heavy winds Saturday, leading to a number of new evacuation orders .
    Bride Calls Off Wedding, Invites Homeless Instead

    Bride Calls Off Wedding, Invites Homeless Instead

    When 25-year-old Sarah Cummins called off her wedding with her fiancé Logan Araujo, she made a decision to do something about it. The bride said she was touched by how much effort family and friends had put into helping her organise a flawless wedding .


Most liked

Aston Villa man reportedly wanted by Leeds United
The club will hope that the experience and leadership of the former England captain will be beneficial to their side next season. The Blues also ended their last season on the top of the table, but lost the FA Cup final against Arsenal 2-1.

Rossi: Runner-up finish marks Toronto as "breakthrough" race
Schmidt Peterson Motorsports made a driver change this week, removing Mikhail Aleshin from the No. 7 Lucas Oil Honda. Hunter-Reay also acknowledged that clag on tires was a significant issue for him. "I feel very satisfied that way".

IIFA Awards 2017: Shahid Kapoor, Alia Bhatt win top awards
The hosts for the ceremony were Saif Ali Khan and Johar, who had the audience in splits with their amusing one-liners and banter. Aniruddha Roy Choudhruy got the award for Best Director for his film Pink . "Thanks team IIFA and "Udta Punjab"," he tweeted.

USA president attends women's golf tournament for third day
However, after seeing they might cause a distraction for the golfers, the protesters rerouted to a concession stand up the road. What is pertinent to note is how Trump is now measuring his success on a protester, supporter ratio.

AC Milan close to signing Real Madrid striker Morata
Meanwhile, ESPN FC's Mark Ogden has reported that United don't think Real Madrid have the funds to pay for De Gea right now. The club tried to sell Álvaro Morata as well and United were interested at first.

LeBron James watches Nike-inspired Ball dominate in Vegas tournament
No agreement was ever reached, and Lonzo went into the Summer League as an independent athlete with his own Big Baller Brand shoe. Dragan Bender and Mike James each added 18 points for the Suns (2-2), who will meet the fourth-seeded Grizzlies on Thursday.

Nolito completes £8m Sevilla move
Nolito will not go to the U.S. with City but instead head straight to Japan where he can link up with Eduardo Berizzo's men. Sevilla have reached an agreement with Manchester City for the permanent signing of Nolito .

Indu Sarkar: Madhur Bhandarkar cancels film's promotional event, here's why
The notable filmmaker had to cancel a promotional event in Pune for his upcoming film Indu Sarkar . Due to Congress workers' protests, he was not able to promote the film, Bhandarkar said.

US Intelligence Alleges UAE Hacked Qatari Government Sites Sparking Crisis
Saudi Arabia and its allies believe the USA has mostly sided with Qatar in the current crisis rather than backing them. On Tuesday, speaking in Doha, Tillerson described Qatar as being "reasonable" in its dispute with the four states.

Samsung Galaxy Note 8 launch confirmed
The device is expected to be official unveiled some time later next month , with a release on the market shortly after. At the top of the screen protector are small cutouts for the Note 8's receiver, front-facing camera and light sensor.

First Warning Forecast: A chance for scattered showers and storms Monday
The weather service says the skies will remain clear throughout the state Sunday , with highs ranging from 84 to 87. Both days should feature high humidity and mostly sunny skies, however, a shower or t-storm can not be ruled out.

United Airlines Sends Rapper's Dog To The Wrong Airport
It wasn't long before he received a response, with United asking him to contact them via direct message so they could "look into this further".

'Hulk Movie Will Never Happen,' Says Mark Ruffalo
Universal owns the rights to Hulk movies and they share him with Marvel for various team-ups like The Avengers . Ruffalo spoke about the prospect of a standalone Hulk movie and his forecast was grim.

Dissident Liu Xiaobo cremated, China claims his wife is now free
Supporters paid their respects by observing a minute of silence and marching through the streets of Hong Kong holding lit candles. Authorities have tightly controlled information about Liu Xiaobo's health and life as well as access to his family members.

Justin Trudeau meets the baby Syrian refugee named in his honour
Afraa Hajj Hammoud and Mohammed Belal fled Syria in 2016 and now call the Canadian city of Calgary home, according to CBC News . She added that Mr Trudeau told her at the meeting: "I appreciate that you named him after my name".