Gold climbs as dollar falls off two-week high
2018-03-13 14:59:00 GMT (Economies.com)
Gold climbs as dollar falls off two-week high

Gold futures rose in American trade as the dollar index fell off early March highs for the third straight session, following earlier data from the US, the world's largest economy. 

 

As of 02:03 GMT, gold futures due on April 15 rose 0.36% to $1,325.50 an ounce from the opening of $1,320.80, while the dollar index shed 0.13% to 89.78 from the opening of 89.89. 

 

Earlier US data showed consumer prices slowed down to 0.2% as expected from 0.5% in January, while core prices slowed down as well to 0.2% from 0.3% in January. 

 

On a yearly basis, consumer prices accelerated to 2.2% as expected from 2.1% in January, while core prices steadied at 1.8% in line with expectations. 

 

New Federal Reserve Chair Jerome Powell said in his Congress testimony that hiking interest rates four times this year would be considered a "gradual pace", bolstering expectations of a March rate hike. 

 

The economy created 313 thousand new jobs last month, while wages slowed down, confirming Powell's expectations that labor would strengthen further before improvements in wages. 

 

The Federal Open Market Committee will meet on March 20-21 under Powell for the first time, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates. 

 

Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, settled on Monday at 833.73 tonnes, after rising about 3%, or 23.63 tonnes in 2017. 

 
 
 
  Symbol Last Change Chg.%
1.1657
0.0065
0.5633%
1.3263
-0.0001
0.0041%
16.445
-0.113
0.682%
69.320
4.947
7.686%
75.59
2.53
3.46%
1269.655
-10.115
0.790%
 
 
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