Gold Hits Highest 22-Month After U.S. Data Dump; Fed’s Cautious Outlook

Gold Hits Highest 22-Month After U.S. Data Dump

Prices of gold futures held near the highest since August 2014 level, operation Thursday as investors digested a number of the key US to measure the health of the economy  and the Federal Reserve USA indicated that it might be less aggressive in tightening monetary policy next year.

Gold for August delivery on the Comex Exchange jumped to an intraday peak of $1,316.80 a troy ounce, the highest level in 22 months.

Spot gold had climbed 1.7 percent to $1,312.55 an ounce, after touching its highest since August 2014 at $1,313.60.

The US DOC said consumer prices increased by 0.2% in May from the previous month, compared to expectations of a rise of 0.3% and growth of 0.4% in April.

Year over year, consumer prices were 1.0% higher than the same month of last year, below expectations to be kept in the increase of 1.1% in April.

Consumer prices excluding food and energy prices expenses, rose as expected in May by a seasonally adjusted 0.2%. The core CPI rose 0.2% in April. Core CPI rose at an annual rate of 2.2% last month, which was also in line with expectations and slightly higher than the gain of 2.1% in April.

At the same time, the Department of Labor said that the number of people applying for initial UI benefits in the week ending on June 11 grew by 13,000 to 277,000 of the total 264,000 the previous week. Analysts were expecting unemployment claims to increase by 6,000 last week 270.000.

Market participants the latest monetary policy decisions of the Federal Reserve and the Bank of Japan has also digested.

The Fed held interest rates without change on Wednesday but rebranded forecasts of how quickly raise rates for the next couple of years, citing concerns about the economic outlook.

In futures trading at the Multi Commodity Exchange, gold for delivery in August rose by Rs 408 or 1.34% to Rs 30,852 per 10 gram on global cues.

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