Gold Slips As Stocks Surge, Waiting for U.S. Inflation and Consumer Data

Gold Slips As Stocks Surge, Waiting for U.S. Inflation and Consumer Data

Prices of gold fell on Friday as stronger dollar and rising Asian stock markets and settled for the first weekly decline since May, after slipping at least two weeks in the previous session and as investors looked ahead the inflation numbers and data on the US consumer to be released in the United States.

On the Comex division of the New York, gold for August delivery edged forward 0.06% to $1,333.50 a troy ounce.

Spot gold prices eased 0.4 per cent to $1,328.78/ounce. Bullion fell about 0.6 per cent on Thursday and hit $1,319.82, its lowest since 30, June.

Asian stock markets extended gains to fresh eight-month highs, on track for a solid weekly gain, as better than expected economic data from the China raised the risk sentiment that was already buoyant after record highs on Wall Street.

US dollar It extended its gains and extended a three-week low against the yen.

The GDP numbers out of China showed an increase of 6.7% in the second quarter ended June period year to year, outpacing the 6.6% increase seen, and 1.8% quarter-to-quarter also increased , above the 1.6% increase expected.

Also in China, investment in fixed assets grew by 9.0%, lower than the 9.4% gain seen year after year in June, whereas industrial production gained 6.2%, better than the 5.9 % in the same time and retail sales rose 10.6% a slightly better than 10.0% seen.

During the night gold declined sharply at full risk trade, as driven rally by JP Morgan sent stocks on Wall Street rises to the turntable new highs as investors turned away from a group of safer assets following a unexpected Bank decision of England to keep its key interest rate.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 94 or 0.30 per cent to Rs 31,330 per ten grams in futures trade today as speculators trimmed positions, tracking a weak global trend.

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Posted in Commodity, MCX, Stocks Market

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