Gold Prices Inches Down As Mixed Data Provides Few Hints on Sept Rate Hike

Gold Prices Inches Down As Mixed Data Provides Few Hints on Sept Rate Hike

The prices of gold inched down in session on Friday, but still finished the week broadly higher, as a wave of mixed economic data anticipated little indication of whether the Federal Reserve will raise short-term of interest rates in September.

In futures trading on the Comex division of the New York, gold December delivery traded in a tight range between $1,111.50 and $1,120.40 a troy ounce. Meanwhile, in Singapore gold traded 0.1% lower at $1,113.02 an ounce.

The Department of Labor, Bureau of Labor Statistics of the United States (BLS) said Friday its index of producer prices of final demand (FD PPI) increased by 0.2 in July, an increase trade in services drove wholesale prices up moderately. Analysts had forecast rose by 0.1 in the consolidated record for the month. Despite monthly earnings, the index remained to be 0.8 on a year by year basis.

The core PPI-FD, which excludes for food and energy prices, marked by 0.3 in July even though the annual growth slowed. In the month of July, the reading rose by 0.6, below a significant increase from 0.8 the previous month. The data do not represent the continued decline in oil prices during the first two weeks of August.

Moreover, the monthly index of the Federal Reserve’s industrial production increased 0.6% in July on the back of a 10.6% increase in the production of motor vehicles. Economists forecast growth of 0.4% in the month. In addition, manufacturing increased 0.8% in the month above forecasts of analysts of a gain of 0.4%.

Moreover, the University of Michigan Consumer Survey Center said consumer confidence in the first half of August remained practically unchanged since final reading in July. University of Michigan consumer sentiment index for mid-August was placed in 92.9, above estimates of 92.5, but below the level of the final July 93.1. Within the index, the expectations component dropped 0.3 to 83.8 – a level still considered quite strong following significant profits earlier in the summer. The component provides an insight on the prospects for long-term employment in the nation.

Market observers said the drop in gold futures is primarily attributable to cuts in positions of speculators, tracking a weak tendency overseas because investors turned their focus back to the timing of rising US of interest rates after China pointed out supporting its currency.

Meanwhile, at Multi Commodity Exchange, gold prices for delivery in October fell Rs 70, or 0.27%, to Rs 25,825 per 10 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 or Call: +91-761-4012307

Free Mcx Commodity Tips


MCX Commodity Tips is an experienced 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 commodity 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: Logo

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

Google+ photo

You are commenting using your Google+ 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 )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

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: