Gold takes breather after largest daily loss in 6 weeks

2021-09-17 11:28:41 GMT (Economies.com)
Gold takes breather after largest daily loss in 6 weeks

Gold prices rose on Friday, within recovery from a 5-week low, after posting yesterday the largest daily loss in 6 weeks, but remain on track for the second straight weekly loss, after strong US economic data boosted the chances of tightening the US monetary policy.

 

Gold prices rose more than 0.7% to $1,766.86 an ounce, after opening at $1,754.02, and hit a high at $1,752.52.

 

Gold closed lower by 2.25% yesterday, and hit its 5-week low of $1,745.34 an ounce, after strong US retail sales data.

 

Gold prices have lost 1.2% so far this week, to head for the second straight weekly loss, as demand shifted for the US dollar as the best investment.

 

In the US, retail sales rose 0.7% in August, beating estimates of a 0.7% decline, while industrial activities improved in Philadelphian during September.

 

A survey by the US Federal Reserve also showed that Philadelphia's industrial production increased in September thanks to easing lockdown restrictions.

 

The data bolstered the case for a reduction in US bonds purchases before the year's end in a step that aims at raising US interest rates. 

 

Gold stocks at the SPDR ETF rose 1.46 metric tonnes yesterday, with the total at 999.92 metric tonnes.

 
 
 
  Symbol Last Change Chg.%
1.1292
0.0049
0.4339%
1.3338
-0.0068
0.5042%
Tadawul
11299.45
-68.73
0.60%
23.648
-0.839
3.428%
74.176
-1.674
2.207%
77.55
-4.71
5.73%
1808.835
-9.000
0.495%
 
 
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