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vegassports-odds.com January 17, 2018


Gold inches up as dollar retreats

17 July 2017, 03:05 | Melvin Schneider

Gold inches up as dollar retreats

Gold inches up as dollar retreats

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.

The dollar was little changed against a group of peers early on Friday, as currency investors remained cautious ahead of US inflation data due later in the session.

Spot gold was up 1.2 per cent to $1,231.82 per ounce at 1400 GMT, the strongest since July 3. Interest rate markets are now tipping the first rate hike to come in June 2018 versus the central bank's forecast of September 2019.

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 unchanged reading followed a drop of 0.1 percent in May, the Labor Department said Friday.

USA gold futures for August delivery settled at Dollars 1,227.50 per ounce.

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For the week, silver is on track for a gain of around 1.5%.

Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said the chart picture had been damaged last week when gold broke below its May lows, but bullion was now fighting back.

"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.

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, fell 0.43 per cent on Thursday from Wednesday. Oil prices rose 1% and gold was up, as was copper.

In silver, there was a sharp split between funds, which had largely sold off their record long position, and ETF investors, who had been recently buying, Hansen said.

Platinum for October delivery rose 16.40 dollars, or 1.81 percent, to close at 923.5 dollars per ounce.



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