gold futures news
November 15th, 2017
Gold futures climbed to one-month highs on Wednesday, as the U.S. dollar remained under broad selling pressure despite the release of positive U.S. inflation and retail sales reports.
Comex gold futures were up $5.47 or about 0.42% at $1,288.08 a troy ounce by 08:45 a.m. ET (12:45 GMT).
The U.S. Commerce Department said consumer prices rose 0.1% in October, in line with forecasts.
A separate report showed that U.S. retail sales increased by 0.2% last month, just above expectations for a more modest gain of 0.1%.
On a less positive note however, the New York Federal Reserve reported that its Empire State manufacturing index fell 11 points to 91.4 in November, compared to analysts forecast for a reading of 26.00.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.43% at 93.33, the lowest since October 20.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
The greenback has been under pressure recently amid uncertainty over the fate of a major U.S. tax overhaul.
U.S. Senate Republicans on Tuesday said their tax plan will involve the repeal of the Obamacare individual mandate that requires most Americans to have some form of health coverage.
Markets are concerned about whether or not the tax plans can be passed before the year ends. Republicans had initially hoped to hold a final vote on the bill by Thanksgiving next week, but analysts expressed some doubt at the timeline.
Elsewhere on the Comex, silver futures were up 0.50% at $17.16 a troy ounce.
- Investing.com.
