Gold futures climb 1% before the weekend
2017-07-14 16:20:28 GMT (
Gold futures climb 1% before the weekend

Gold futures rose nearly one percent in American trade to the highest since July as the dollar index tumbled to a seven-month trough, following earlier data from the US, the world's largest economy. 


As of 04:50 GMT, gold futures due on August 16 rose 0.82% to $1,227.30 an ounce from the opening of $1,216.40, while the dollar index shed 0.55% to 95.23 from the opening of 95.76. 


Earlier US data showed consumer prices slowing down on a yearly basis in June, while retail sales fell further unexpectedly last month. 


US industrial production grew more than expected in June, while the Capacity Utilization Rate rose below expectations, as business inventories match expectations in gains, while the preliminary UoM consumer sentiment survey fell unexpectedly in July. 


Otherwise, producer prices rose last month, as core prices slowed down, while on a yearly basis, both readings slowed down in June, as unemployment claims fell less than expected last week. 


The mostly negative data came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on before tightening the policy in the July 25-26 meeting, weighing on the dollar and boosting the yellow metal. 

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