Gold hits near 2-week high after USA data disappoints
Gold hits near 2-week high after USA data disappoints
17 July, 2017, 15:08
Spot gold gained 0.96 per cent at US$1,228.61 per ounce by 3:01pm EDT (1901 GMT) after hitting US$1,232.76.
The greenback sank to new 10-month lows against major currencies after the US Consumer Price Index for June and retail sales for the same month fell far short of market forecasts, raising doubts about the Fed's current stance on monetary policy. It was poised for a weekly gain of 1.3 per cent, the biggest since mid-May.
With Yellen's testimony over, investors have only her words and fresh economic data today to dictate the direction of gold prices.
Fed Chair Janet Yellen's comments to the US Congress this week "were more dovish than originally anticipated", said David Meger, director of metals trading for High Ridge Futures in Chicago.
The New Zealand dollar was trading at 73.16 USA cents as at 5 pm from 72.84 cents late yesterday but was weaker versus last Friday in NY when it traded at 73.80.
What makes it especially important is that it's a preview of Friday's CPI data, which is going to be a major report for United States dollars.
The New Zealand dollar held onto its overnight gains but was headed for a 0.8 percent weekly decline as investors await several USA economic indicators, including inflation numbers.
For the week, silver is on track for a gain of around 1.5%.
"We remain neutral on gold at this point as the dollar's short-term trend is inconclusive, allowing higher yields to fill the space and throttle any gold rallies", said INTL FCStone analyst Edward Meir.
Among other precious metals, silver prices dropped 0.4 percent to $15.60 per ounce.
Meanwhile, holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.43 percent to 828.84 tonnes on Thursday from 832.39 tonnes on Wednesday.
Palladium gained 1.2 percent to $861.70 per ounce and was set to end the week about 3 percent higher while platinum rose 2.2 percent to $921.50 per ounce.
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