Gold Futures Little Drop Near 7-Week Highs as Markets Digest U.S. Economic data

Gold Futures Little Drop Near 7-Week Highs as Markets Digest U.S. Economic data

Gold futures prices were little changed near a seven-week high on Tuesday as market players beat a major boost in US economic data to gauge the strength of the world’s largest economy and how it would affect the Fed’s monetary policy outlook.

Comex gold futures for August were at $1,266.62 a troy ounce, up 20 cents. It touched its highest since June 14 at $1,270.80 in the prior session.

MCX Gold was trading 0.13 per cent, or Rs 36, down at Rs 28,521 per 10 gram.

Consumer spending did not rise in the United States barely in June, where the income increase failed for the first time in seven months, indicating a moderate pace of growth in consumption in the third quarter.

The report also showed that the CPI excluding food and energy rose by 0.1%. In the 12 months to June, the so-called core personal consumption index rose 1.5%.

A fundamental measure is the inflation gauge favored by the Fed. The US Central Bank has a 2% target.

SPDR Gold Trust GLD, fund, said its latest holdings stood at 791.88 tonnes.

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