Gold slumped lowest after retail sales, jobless claims data, SPDR holdings shrink

Gold slumped lowest after retail sales, jobless claims data

Prices of gold futures dropped to the lowest levels of the session on Thursday as equities rallied and investors continued to monitor the dollar address, while the digestion of the latest series of economic figures for the United States in its search for measuring the metal’s appeal.

In addition, assets in the world’s biggest exchange-traded product backed by gold slumped to the lowest since the start of the financial crisis.

On the Comex, gold futures for August delivery shed 0.7 percent to $1,177.80 an ounce.

Global holdings in gold-backed ETPs dropped to 1,586.9 tons on Wednesday, the lowest since 2009, according to Bloomberg data.

The United States Department of Commerce, said retail sales rose 1.2% last month, surpassing of expectations of a gain of 1.1%, while retail core, which exclude auto sales, they increased by 1.0%, compared with forecasts of a 0.7% increase.

A separate report showed as the number of people applying initial unemployment benefits rose 2000-279000 last week. Analysts had expected initial unemployment claims will remain unchanged at 277,000 last week.

The greenback index, which measures the US currency’s strength against major currencies, was quoted at 95.07, up 0.45% from the previous close of 94.646.

The rupee ended at 63.97 per dollar, down 0.21% from its previous close of 63.84, erased the morning gains against the US dollar on Thursday, tracking weakness in the local stock markets.

At Multi Commodity Exchange, as speculators trimmed positions, tracking a weak global trend, gold for delivery in August fell by Rs 49, or 0.18 per cent to Rs 26,922 per ten grams.

For commodity market tips, MCX live tips, Gold-Silver prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

commodity tips provider

Advertisements

100McxTips is an experienced Mcx Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at 100mcxtips free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: