Gold scales five-month high as dollar tumbles

2018-12-06 15:40:22 GMT (
Gold scales five-month high as dollar tumbles

Gold futures rose in American trade to July 11 highs as the dollar index backed off late November highs, following a stream of labor and services data from the US today. 


As of 03:20 GMT, gold futures due in February rose 0.39% to $1,247.50 an ounce, marking five-month highs, while the dollar index shed 0.41% to 96.67 off week highs. 


The US private sector added 179 thousand in November, missing estimates of 195K, and compared to 225K in October, revised from 227K. 


US productivity rose 2.3% as expected, up from 0.9% in the second quarter, while labor costs rose 0.9%, slowing down from 1% in the second quarter. 


US trade deficit widened to $55.5 billion from $54.6 in September, missing estimates of $55.2 billion, while unemployment claims fell by 4 thousand in the week ending December 1 to 231K. 


Continuing claims for the week ending November 24 fell 74 thousand to 1.631 million.


The US services PMI rose to 60.7 in November from 60.3 in October, besting estimates of 59.1. 


Two thirds of American GDP relies on services, hence the vital importance of services PMIs to markets. 


Finally, factory orders fell 2.1% in October, compared to a 0.2% increase in September, and missing estimates of a 1.9% increase. 


Finally, Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, steadied on Wednesday at 761.74 tonnes, after marking the second monthly profit in a row last month. 

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