Gold futures rise after weak USA inflation, retail data

Daily August Comex Gold

Daily August Comex Gold

Gold prices jumped 1.4 per cent to the highest level in almost two weeks on Friday after data pointed to weak United States inflation, reaffirming doubts that the USA central bank would again hike interest rates this year.

Spot gold was up 0.88% to Dollars 1,227.71 per ounce. The changes came just before government data showed consumer prices were little changed, fueling speculation the Fed may take longer to meet its goal, especially after Chair Janet Yellen said earlier in the week she sees uncertainty over inflation. It was up 1.6pc for the week so far, which would be its biggest weekly gain since mid May.

As a result the FT said the market-implied odds of a third rate increase in 2017 fell below 50% on Friday, "and the dimming prospects weighed on the greenback" and helped the Aussie dollar to 17 month highs. The grey metal was trading at session highs, having rebounded from an earlier loss.

The unchanged reading followed a drop of 0.1 percent in May, the Labor Department said Friday.

U.S. gold futures for August delivery gained 1.1pc to $1,230.40 per ounce. The contract finished the week up 1.5 per cent, its first gain in six weeks. A stronger US currency weighs on gold, making the dollar - p riced commodity more expensive for non - USA investors.

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Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said the chart picture had been damaged last week when gold broke below its May lows, but bullion was now fighting back. The gold price now stands at $1,229.72.

Meanwhile, holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.43 percent to 828.84 tonnes on Thursday from 832.39 tonnes on Wednesday. Economists surveyed by The Wall Street Journal had expected overall prices to advance 0.1% on the month.

"A move above US$16.20 could trigger quite a bit of accelerated buying from the funds", he said.

New Zealand's two-year swap rate rose 1 basis point to 2.26 while the 10-year swaps rose 3 basis points to 3.35 percent. Platinum rose 0.6 percent to $906.70 per ounce.

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