Published: Mon, July 17, 2017
Markets | By Noel Gibbs

Gold inches up as dollar retreats

Gold inches up as dollar retreats

WASHINGTON (AP) - Lower costs for gas, airline tickets, new and used cars and wireless mobile phone plans kept US consumer prices flat in June, evidence that inflation remains muted.

U.S. gold futures for August delivery settled at United States dollars 1,227.50 per ounce. This increased demand from foreign investors for the dollar-denominated precious metal. It is also benefiting from USA dollar weakness as signs the Federal Reserve will pursue only a gradual rate tightening path weigh on the greenback after Senate testimony from Federal Reserve chair Janet Yellen. She delivered her message to the Senate Banking Committee on Wednesday and Thursday.

Market analysts said the lack of spending from US shoppers made it hard to envision inflation approaching the Fed's 2 percent target.

Explainer: Here's how India's 14th President will be elected
There are a total of 32 polling stations, including one at Parliament House and one each at all the state legislative assemblies. The President is elected through an electoral college that comprises MPs and State and Union Territory MLAs.

The kiwi was battered early in the week by disappointing domestic data but gained sharply toward the end of the week amid speculation the Reserve Bank may be more inclined to hike interest rates in the face of increases and bullish talk from other central banks including the Bank of Canada. Since the theme of Yellen's remarks seemed to center on inflation, today's U.S. Consumer Inflation report takes on added importance.

China is expected to report on Monday that its economy grew 6.8 per cent in April-June from a year earlier, cooling from the previous quarter's robust 6.9 per cent pace.

Gold could erase the gains attributed to Yellen's dovish comments if the CPI comes out well above the forecast.

Linfield to probe bottle incident involving Celtic's Griffiths
One supporter did make it onto the surface but was quickly ejected as police and stewards moved in to contain the situation. Linfield manager David Healy claimed not to have seen any object being thrown and backed the home fans.

Silver prices rose 1.79 per cent at US$15.94 per ounce, heading toward a weekly gain of 2.3 per cent.

Three big banks, JPMorgan Chase, Citigroup and Wells Fargo could also determine the direction of gold prices on Friday.

"Most of the downside in gold this morning was largely due to profit-taking, but more importantly, market sentiment is still on the rosy side and in a more positive environment", said OCBC analyst Barnabas Gan.

Justin Trudeau Meets Justin Trudeau, the Baby Syrian Refugee Named After Him
Last February, another Syrian refugee couple, Hussam Eddin Alahmada and Sherin had also named their baby after Justin Trudeau . The Syrian family are not the only ones to name their baby after the Canadian prime minister .

Like this: