posted small gains on Friday as the yellow-metal moved in concert with rising
for December settlement on the Comex division of the New York Mercantile
Exchange was last up $4.40 or 0.5 percent to $1,127.0 per ounce. Trade has
ranged from $1,123.10 to $1,132.30.
Dow Jones industrial average has jumped 1,000 points in the last two trading
sessions, the largest two-day increase December 2008 as global equity markets
continue to recover from “Black Monday”.
SPDR Gold trust – the world’s largest gold exchange-traded-fund – saw inflows
of 1.5 tonnes yesterday, demonstrating that gold is still an attractive
investment option for market participants.
second quarter US GDP figures were released showing the country grew 3.7
percent, above the forecast of 3.2 percent and besting the initial reading of
the better than anticipated figure, the CME Group FedWatch was barely unchanged
at a 24 percent probability of a rate hike in September.
the sharply rising equity markets…nor the renewed increase in Fed rate hike
expectations in response to robust US GDP data have been able to put any
further pressure on gold,” Commerzbank said.
news, investors will parse the language of various Fed officials during the
multi-day Jackson Hole Symposium in Wyoming for any clues on the central bank’s
decision whether to raise interest rates or not.
should be noted that Federal Reserve chairwoman Janet Yellen is not in
US data today, Core PCE price index was in-line with estimates at a 0.1 percent
increase, with personal income coming also matching expectations of 0.4 percent
personal spending rose 0.3 percent, below forecast of 0.4 percent.
to wider markets, UK
second estimate GDP quarter-over-quarter matched consensus at 0.7 percent,
while preliminary business investment quarter-over-quarter jumped 2.9 percent,
above the projected 1.6 percent gain.
in eurozone equities, Germany’s
DAX and France’s
CAC-40 were last down 0.5 percent and 0.1 percent respectively, while the euro
was virtually unchanged at $1.1245 against the dollar.
for the other precious metals, Comex silver for September delivery was surged
3.80 cents at $14.455 per ounce. Trade has ranged from $14.340 to $14.540.
for October delivery on the Nymex was unchanged $1,006.0 per ounce, while the
most-actively traded palladium contract was at $570.20 per ounce, up $1.60.
Edited by SHMET