Gold rises in Comex after 3 Days amid U.S. inflation and housing data

Gold rises in Comex after 3 Days amid U.S. inflation and housing data

Gold futures prices rose for the first time in three days in comex on Tuesday following the release of U.S. inflation and housing data.

On the new York Comex division Gold for December delivery  modest rises 0.3 percent to $1,302.80 an ounce during U.S. morning hours.

It reached $1,293 on Aug. 15, the lowest since Aug. 6. Bullion for immediate delivery rose 0.3 percent to $1,301.98 in London, according to Bloomberg generic pricing.

Gold rose 8.4 percent this year, partly as riots, it helped demand for the fuel. Ukrainian government forces took control of one of four districts in the Russian separatist stronghold of pro Luhansk, such as Red Cross said it is working towards agreement on details of a plan of safe passage for a convoy of Russian help. Discussions about the cessation of fighting stalled yesterday. Israel and Palestinian militants have agreed to extend their five-day truce for 24 hours in another attempt to reach a long-term agreement.

A day earlier, US gold futures shed 0.53% or $ 6.90, to settle at $ 1299.30 as US stocks rose on the back of data trust of builders optimistic Americans and means of alleviating concerns about the conflict in eastern Ukraine.

The Department of Commerce of the United States said that the number of of building permits granted last month rose 8.1% to a seasonally adjusted 1.052 million units in the June total of 973,000. Analysts had expected building permits to rise by 2.5% to 1.0 million units in July.

The report also showed that housing starts in the United States soared 15.7% last month to hit a seasonally adjusted 1.093 million total of 945,000 units in June, exceed the expectations of an increase of 8.6% to 969,000 units.

At the same time, the Department of Labour said the United States consumer prices increased a seasonally adjusted 0.1% last month, meeting estimates, after expanding 0.3% in June.

In consumer prices excluding food and energy costs, rose by a seasonally adjusted 0.1% last month, compared with expectations for a 0.2% rise.

Core CPI increased at an annualized pace of 1.9% in July, in line with expectations with no changes from a month earlier.

Market participants now directed their attention to Wednesday’s release of minutes from the July policy meeting the Federal Reserve and the comments of the three-day conference of the Fed in Jackson Hole, Wyoming, begins on Thursday to more clues about the time the future interest rate hikes.

” MCX Gold October contracts prices decline yesterday by nearly 1%  to Rs 28,400 per 10 grams in futures trade today amid a weak trend overseas and profit-booking by profitters. Today gold prices are expected to face resistance at Rs 28420-28450 and selling can be seen there. On lower side price can test Rs.28130. Prices should not move above Rs.28600 to hold negative view for the day. ” 100McxTips Commodity Experts said.

 

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Posted in Commodity, MCX, Stocks Market

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