Gold Prices Solid Rebounds As Economic Worries Linger After Brexit Vote

Gold Prices Solid Rebounds As Economic Worries Linger After Brexit Vote

Prices of gold futures on Wednesday recovered their losses in the previous session, holding on to solid gains during the night after data showed that core PCE index prices rose in line with market expectations in May.

Gold for August delivery on the Comex Exchange tacked on $5.45, or 0.41%, to trade at $1,323.25 a troy ounce.

Spot gold rose 0.6 percent to $1,319.50 an ounce, up for a third session in four.

In a report, the Commerce Department said the core PCE price index rose 0.2% last month, with expectations. On a yearly basis, core PCE prices increased by 1.6%, in line with forecasts.

The Federal Reserve uses the core PCE as a tool to assist in determining if they should raise or lower interest rates, with the aim of maintaining inflation at a rate of 2% or below.

The report also showed that personal spending rose by 0.4% last month, while personal income rose 0.2%.

EU leaders have called on Britain to act promptly to resolve the political and economic turmoil unleashed by their vote to leave the EU, after the IMF said the uncertainty could put pressure on worldwide economic growth.

The vote on Britain to leave the bloc could be a new burden on the US economy at a time when the momentum in the US labor market Governor of the Federal Reserve Jerome Powell on Tuesday by the slowdown can already said.

At the Multi Commodity Exchange, gold for delivery in August was trading higher by Rs 65 or 0.21 per cent to Rs 31,380 per 10 gram in futures trade today as speculators enlarged positions amid a firm global trend.

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