Gold rises for second session as dollar retreats
2018-04-16 15:07:54 GMT (
Gold rises for second session as dollar retreats

Gold futures rose in American trade as the dollar index gave up ground, following earlier data from the US, the world's largest economy, while Federal Reserve Bank of Atlanta President Raphael Bostic is due to speak about the economy at the Shoals Chamber of Commerce, in Alabama.


As of 02:10 GMT, gold futures due on June 15 rose 0.25% to $1,351.30 an ounce from the opening of $1,347.90, while the dollar index declined 0.42% to 89.43 from the opening of 89.80. 


Earlier US data showed retail sales rose 0.6% in March, compared to a 0.1% dip in February, and beating expectations of a 0.4% rise, while core sales rose 0.2% in line with expectations. 


The Empire State Manufacturing Index slowed down to 15.8 in April from 22.5 in March, missing expectations of 14.9, while business inventories rose 0.6% as expected in February, as the NAHB Housing Market Index inched down to 69 from 70 in March, missing forecasts of 71. 


US President Donald Trump accused both Russia and China of engaging in a ploy to drive the value of their currencies lower as the US hikes interest rates, calling it "unacceptable".


Geopolitical tensions on Syria eased after President Trump announced "Mission Accomplished" following the US-led strikes on Bashar Al Assad's military establishment, indicating to intention to carry on the campaign against the Syrian Army. 


Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, settled on Friday at 865.89 tonnes, the highest since June 8, 2017, after rising 3%, or 23.63 tonnes in 2017, while gold prices rose 13% last year, the second yearly rise in a row.

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