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Friday, October 16, 2015, Kartik 1, 1422 BS, Muharram 2, 1437 Hijr

World Market & Commodity News
Gold up in US on soft data
Published :Friday, 16 October, 2015,  Time : 12:00 AM  View Count : 19
CHICAGO, Oct 15: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as weak U.S. economic data gave support to the precious metal.
The most active gold contract for December delivery rose 14.4 U.S. dollars, or 1.24 per cent, to settle at 1,179.80 dollars per ounce.
Gold was given support as a report released by the U.S. Department of Commerce showed retail sales gaining by only 0.1 per cent in September. Analysts noted that gasoline sales are leading the weakness, as they fell 3.2 per cent during September.
However, analysts also noted that there are some indicators that consumer strength is growing as motor vehicles sales gained 1.7 per cent in September.
The precious metal was also given a boost by the U.S. Department of Labor's Producer Price Index report which showed a fall of 0.5 per cent in September.
Despite the fact that energy prices are leading the weakness, services also weakened, falling by 0.4 per cent in September after two months of 0.4 per cent gains.
Analysts believed that the data may lead traders to speculate that deflationary pressures are increasing instead of decreasing.
Traders will also keep a close eye on the Consumer Price Index report from the U.S. Department of Labor due out on Thursday for an indication on the state of inflation in the U.S.

Editor : Iqbal Sobhan Chowdhury
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