Investing.com – Gold prices extended gains to hit a more than two-week high on Friday, as the release of disappointing U.S. inflation data dented hopes for an upcoming U.S. rate hike and sent the greenback broadly lower
Comex were up $6.67 or about 0.51% at $1,303.09 a troy ounce by 09:00 a.m. ET (13:00 GMT), their highest since September 26.
The U.S. dollar was hit after the U.S. Commerce Department said consumer prices , both on a monthly and annual basis.
A separate report showed that U.S. retail sales last month. However, the core reading exceeded market expectations.
The reports came after the of the Federal Reserve’s September policy meeting this week showed that policymakers .
Some fear that a lower than expected increase in U.S. inflation could prevent the Fed from raising interest rates in December.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.27% at 92.70, just off a more than two-week trough of 92.59 hit immediately after the U.S. data was released.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
Elsewhere on the Comex, gained 0.40% to $17.34 a troy ounce.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Investing.com – Gold prices extended gains to hit a more than two-week high on Friday, as the release of disappointing U.S. inflation data dented hopes for an upcoming U.S. rate hike and sent the greenback broadly lower
Comex were up $6.67 or about 0.51% at $1,303.09 a troy ounce by 09:00 a.m. ET (13:00 GMT), their highest since September 26.
The U.S. dollar was hit after the U.S. Commerce Department said consumer prices , both on a monthly and annual basis.
A separate report showed that U.S. retail sales last month. However, the core reading exceeded market expectations.
The reports came after the of the Federal Reserve’s September policy meeting this week showed that policymakers .
Some fear that a lower than expected increase in U.S. inflation could prevent the Fed from raising interest rates in December.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.27% at 92.70, just off a more than two-week trough of 92.59 hit immediately after the U.S. data was released.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
Elsewhere on the Comex, gained 0.40% to $17.34 a troy ounce.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
