Gold bounces from 6-year high, shrugs off dollar's fall

2019-08-14 10:49:52 GMT (Economies.com)
Gold bounces from 6-year high, shrugs off dollar's fall

Gold futures tilted lower in the Asian market today, falling for the second straight session from the highest since April 12th, 2013, shrugging off dollar's fall despite of the inverse relation between them, on economic data releases by China and ahead of the release of key data by the US economy.

 

As of 04:26 GMT, gold futures (December 15th) rose by 0.09% to $1,511.60 an ounce, from the opening of $1,513.00 an ounce, and US dollar fell by 0.01% to 97.78 from the opening of 97.79.

 

China released its reading for the retail sales y/y, which slowed to 7.6% from 9.8% in June, lower than forecasts of 8.6%, the industrial production y/y reading rose by 4.8% vs. 6.3%, lower than forecasts of 6.0%, while unemployment rose to 5.3% vs. 5.1% in June.

 

On the other hand, investors are anticipating the release of the US import prices m/m index reading, which may reflect stability at zero levels vs a drop by 0.9% in June, and the annual reading of the same index is expected to fall by 2.0% unchanged from June.

 

Following Trump's delay of the 10% tariffs increase decision on Chinese imports until December 15 instead of September 1st, Trump stated that communications with the Chinese side have been constructive and the decision is due to the holiday season because the tariffs have an impact on shopping.

 

Adding that China wants to make progress in the trade talks and intends to buy more US products, noting that the situation in Hong Kong is very difficult but can be solved, saying that many countries are manipulating their currencies, Trump also demanded Japanese Prime Minister Shinz┼Ź Abe to buy more US agricultural products.

 
 
 
  Symbol Last Change Chg.%
1.1134
0.0072
0.6509%
1.3200
0.0063
0.4803%
Tadawul
8133.72
67.30
0.83%
16.860
0.288
1.738%
58.796
-0.314
0.531%
63.72
-0.62
0.96%
1474.830
14.985
1.026%
 
 
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