Gold retreats for second session, dollar moves little
2018-07-11 14:33:32 GMT (
Gold retreats for second session, dollar moves little

Gold futures gave up ground in American trade away from June 26 highs, as the dollar index traded flat, following earlier inflation data from the US, and ahead of anticipated speeches by Federal Reserve governors later today. 


As of 02:10 GMT, gold futures due on August 15 slipped 0.33% to $1,251.20 an ounce from the opening of $1,255.40, while the dollar index barely inched up to 94.17 from 94.16, moving off June 14 lows for the third straight session. 


Earlier US data showed producer prices rose 0.3% in June, slowing down from 0.5% in May and beating estimates of 0.2%, while core prices rose 0.3%, same as before and also beating forecasts of 0.2%. 


The final reading for wholesale inventories showed a 0.6% increase, up from 0.5% in the preliminary reading, and 0.1% in April. 


Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak at the Virginia Society of Certified Public Accountants, while Federal Reserve Bank of New York President John Williams is due to speak about the local economy at a town hall event, in Brooklyn later today. 


World Gold Council 


Recently, the World Gold Council reported a 7% drop in global demand in the first quarter of 2018 to 973.5 tonnes, the lowest since the first quarter of 2008, as investments fell 27% on the precious metal to 287 tonnes from 383 tonnes in the first quarter of 2017.


Central banks' gold demand rose 42% to 116.5 tonnes, especially from Russia, while jewelry demand steadied at 487.7 tonnes, as mine supplies grew 1% y/y to 770 thousand tonnes. 

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