Gold and crude watch their prices drop in New York
ecPulse
2014-09-12 21:51PM UTC
Gold dropped to an eight-month low on waning demand for the metal as a hedge against inflation while that the black gold is heading for a weekly loss amid concerns that global oil demand is slowing. If truth be told as we saw yesterday Paris-based IEA cut its projection for demand growth in 2014 by 150,000 barrels a day because of weaker performance in China and Europe, forecasting that worldwide consumption will expand by 900,000 barrels a day to average 92.6 million. Otherwise today a report showed that the country’s retail sales increased in August at the fastest pace since April, asserting a strong economic outlook for the second half of the year. Retail sales rose a seasonally adjusted 0.6% in August, the Commerce Department said on Friday, and were in line with expectations by Bloomberg analysts. Accordingly the gold is so far trading around $1223.30 an ounce recording a high of $1240.55 ounce and a low of $1227.40 an ounce and crude is trading around $92.25 a barrel recording a high of $93.65 a barrel and a low of $91.95 a barrel.
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