Gold climbs to 2-week high ahead of U.S. inflation data

Gold climbs to 2-week high ahead of U.S. inflation data

Gold prices stopped just shy of hitting $1,300 after the dollar found support on the back of a pair of reports pointing to underlying strength in the usa economy.

Spot gold was up 0.4 per cent at US$1,292.88 per ounce by 3.43pm EDT (1943 GMT), while USA gold futures futures for December delivery settled down US$4.90, or 0.4 per cent, at US$1,288.90 per ounce, prior to the release of the minutes.

The dollar steadied in early Asian trading on Friday, on track for weekly losses as investors awaited the U.S. inflation data to gauge the likelihood that the Federal Reserve will stick to its plan to raise interest rates again this year.

The U.S. dollar index, a measure of the greenback against a basket of other major currencies, edged lower for three consecutive sessions, down 0.56 percent to 93.20 as of 1717 GMT.

Hurdles in USA tax and healthcare reforms had also recently pressured the currency.

The bullish wholesale data comes ahead of US retail inflation data - measured by the consumer price index - slated for Friday.

Gold is highly sensitive to rising interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar in which the metal is priced. Wall Street is pricing in an 83% chance of a rate increase in December, compared with a almost 88% probability the day before, according to CME Group data.

Elsewhere, European Central Bank Chief Mario Draghi had defended a pledge to keep interest rates at rock bottom on Thursday, while Bank of Japan's Haruhiko Kuroda stressed the central bank's resolve to maintain its ultra-loose monetary policy.

Spot gold may retrace to support at $1,281 per ounce before resuming its rally towards resistance at $1,299, said Reuters technical analyst Wang Tao.

As for other precious metals, silver for December delivery went up 23.6 cents, or 0.68 percent, to close at 17.207 dollars per ounce.

Platinum rose 0.02 per cent to US$929.20 per ounce, hitting a two-week high of US$934.50 and palladium increased 2.8 per cent at US$959.75, a one-month high.

Please enter your email.

Related News:

  • Price Target Analysis Discovery Communications, Inc. (DISCA)

    Currently, 0 million total shares are owned by the public and among those 1.53 billion shares have been available to trade. The company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.72 by ($0.04).

    Analysts See $1.62 EPS for Norfolk Southern Corp. (NSC)

    ValuEngine raised Norfolk Souther Corporation from a "hold" rating to a "buy" rating in a research note on Friday, September 1st. The stock of Oaktree Capital Group LLC (NYSE:OAK) has "Buy" rating given on Monday, May 29 by Keefe Bruyette & Woods.
    Williams-Sonoma, Inc. (WSM) Raised to Buy at Zacks Investment Research

    Williams-Sonoma, Inc. (WSM) Raised to Buy at Zacks Investment Research

    TheStreet upgraded shares of Williams-Sonoma from a "c+" rating to a "b-" rating in a research report on Monday. (NYSE:WSM). According to Zacks, "Williams-Sonoma enjoys a competitive advantage owing to its multi-brand/multi-channel business model".
  • Father of Baby Girl Found in Woods Charged With Murder

    Father of Baby Girl Found in Woods Charged With Murder

    WSB reported that as police searched the child, McNabb walked into a convenience story and told a clerk that he "didn't do it". According to reports, before he was charged in connection with the case, McNabb had been telling people that he didn't do it.
    South Alabama upsets Troy in the Battle for the Belt

    South Alabama upsets Troy in the Battle for the Belt

    Troy redshirt senior RB Jordan Chunn (undisclosed) rushed for 28 yards on 10 carries in Wednesday's 19-8 loss to South Alabama . Cole Garvin is completing 53.2 percent of his passes for 447 yards, two touchdowns and two interceptions.

    Pitt QB Browne has season-ending shoulder surgery

    DiNucci will be the starter for now but since Pickett's redshirt is burned, look for Narduzzi to get him playing time. He'll face off with NC State on Saturday as he tries to help Pitt dig out of a 2-4 start to the season.
  • Fmr LLC Lowers Stake in Stryker Corporation (SYK)

    Following the completion of the sale, the insider now owns 8,983 shares in the company, valued at approximately $1,313,853.58. It dived, as 42 investors sold NTGR shares while 52 reduced holdings. 22 funds opened positions while 40 raised stakes.

    Which Insider sold 50000 Shares Of Vishay Intertechnology, Inc. (VSH)?

    The firm earned "Outperform" rating on Friday, February 19 by Credit Suisse. (NASDAQ:NUVA) on Tuesday, June 6 with "Buy" rating. Other large investors also recently bought and sold shares of the company. 39 funds opened positions while 76 raised stakes.

    Analyst EPS Predictions Coverage: Global Blood Therapeutics Inc. (GBT)

    Equities analysts predict that Global Blood Therapeutics Inc will post ($2.55) earnings per share for the current fiscal year. The analysts, on average, are forecasting a $57.45 price target, but the stock is already up 146.82% from its recent lows.
  • Nadal and Federer cruise in Shanghai

    Nadal and Federer cruise in Shanghai

    The 36-year-old broke the world number 41 in the first game before saving a break point in the tenth to seal the opening set 6-4. Nadal has preserved two balls break during his game of knockout, in the fourth game of the second set.

    Asteroid that just buzzed Earth may not miss on return visit

    An asteroid the size of a small house passed extremely close to the Earth early Thursday, according to the USA space agency. As its name suggests, the asteroid was first spotted in 2012 by a telescope in Hawaii.

    Stock Rating Update on the Shares of Delcath Systems Inc (DCTH)

    To measure price-variation, we found DCTH's volatility during a week at 8.08% and during a month it has been found around 17.4%. PetMed Express, Inc. (PETS) pays a dividend of 0.80, which translates to dividend yield of 2.24% based on the current price.


Most liked

Target (TGT) EPS Estimated At $0.85; USA Truck (USAK) Has 0.77 Sentiment
TheStreet raised shares of Target Corporation from a "c+" rating to a "b" rating in a research note on Thursday, September 28th. Jefferies Group LLC restated a "hold" rating on shares of Target Corporation in a research note on Friday, August 25th.

Twelfth straight quarter of weaker computer sales
In Asia/Pacific, PC shipments reached 24 million units in the third quarter of 2017, down 2.1% on same quarter a year ago . The outlook for the fourth quarter remains cautious, likely with a small decline in volume for the quarter and the year.

American Equity Investment Life (NYSE:AEL) Trading Volume Significantly Lower
American Equity Investment Life Holding Company (NYSE:AEL) is worth US$2.59 Billion and has recently risen 0.2% to US$29.61. Investors sentiment increased to Infinity in 2017 Q2. 0 analysts call it Underweight, while 1 think it is Overweight.

Supreme Court's under-18 ruling triggers fresh debate on teen sexuality
As per Section 375 of the IPC , which defines rape, sex with a woman under the age of 18 is a criminal offence. It said if a married girl was over 15 years of age, her husband could not be charged with any offense.

Under-fire Arena addresses US future: 'I'll do whatever is right'
While fans fulminated over the front office, the next national team coach must instigate a ruthless roster purge. Open Cup titles and the team has made the playoffs every season since 2011. "This has been coming for a while".

Family "Heartbroken" After Woman Found Dead In Belfast
The PSNI said tonight that it had been asked to issue the following statement from the Conlon family. In a statement , relatives of the Belfast woman say she was "a very independent person".

Smith pays tribute to Passchendaele soldiers
Today marks 100 years since 846 Kiwi soldiers lost their lives in the Battle of Passchendaele as they passed through Ypres. There was a ceremonial welcome from the Maori Cultural Group of the New Zealand Defence Force.

'Sausage Party's' Conrad Vernon to Direct Animated 'Addams Family' Movie
The Addams Family began as a popular comic strip that was featured in the New Yorker and illustrated by cartoonist Charles Addams. Pamela Pettler ( Corpse Bride , Monster House ) wrote the new screenplay based on the cartoons, with revisions by Matt Lieberman.

Pakistan violates ceasefire in J&K's Poonch, third provocation in 24 hours
Following the heavy shelling by the Pakistani side, the schools in Digwar sector have been asked to remain shut. The spokesperson said Reddy was a courageous and sincere soldier and Zahir was an honest and dedicated worker.

Greenwich's XPO Logistics top USA company on Forbes' revenue-growth list
Analyst Recommendations are opinions given by analysts to their clients about whether a given stock is worth buying or not. It fall, as 81 investors sold AZO shares while 174 reduced holdings. 24 funds opened positions while 59 raised stakes.

Robben announces retirement from Dutch national team
Fizzled out The Dutch, however, lacked the necessary creativity as Sweden shut up shop in the second half and the match fizzled out.

Nawaz Sharif to skip court proceedings in Panama Papers case today
She stayed at the home of her son-in-law, which is located on The Mall, rather than going to her Jati Umra residence. Kulsoom, who is suffering from throat cancer, has undergone three surgeries in the United Kingdom so far.

Local scouting community reacts to Boy Scouts changes
In Western New York, the Girl Scouts serve about 15,000 girls and there are 21,000 total members including adults, she said. A press release from the Girl Scouts of Western New York states the organization is against the idea.

Snyder stands by his congressional testimony
Hollins said Snyder told him in December that he had not been aware of the Lengonnaires' issues before Hollins informed him. Rick Snyder (R) on when he found out about health problems stemming from the Flint drinking water crisis.

Watch Katy Perry Coordinate An Epic Onstage Marriage Proposal
While Becky laughed and put her hands up to her mouth in shock, Katy jumped up and squealed: "Say yes, Becky , if you want to get married!" "My wish came true", said Katie .