Equityworld Futures:Gold futures on the COMEX division of the New York Mercantile Exchange in yesterday’s trading were in the green zone until closing, for technical trading and Indian demand.
The most active gold contract for December delivery rose 2.8 points, or 0.23%, to settle at US $ 1,224.50 per ounce tray. After touching a five-month low, the precious metal rebounded slightly in a technical “rebound”, aided reconfiguration rupee India by the Indian Prime Minister Narendra Modi.
However, the increase will not bwrlanjut due to a report released by the US Census Department on Tuesday showed retail sales increased 0.8%, retail sales excluding automobiles increased 0.8%, and retail sales excluding automobiles and gas increased by 0.6%, during October.
Analysts noted that the three figures show strong economic growth and they further show that this report will raise hopes for the report fourth-quarter gross domestic product. The US dollar index rose 0.26% to 100.22 at 18:30 GMT.
The index is a measure of the dollar against a basket of major currencies. Gold and the dollar usually move in opposite directions, which means that if the dollar will rise, gold futures fell, because gold is measured in dollars more expensive for investors.
The Dow Jones Industrial Average US also rose 13 points, or 0.07 at 18:30 GMT. Analysts noted that while equities posted a loss of the precious metal usually rises, as investors sought a safe haven.
Meanwhile, as US equities posted gains, the precious metal is usually down. Analysts noted that many economic reports to be released this week. Report of the producer price index and industrial production will be released on Wednesday (16/11), the consumer price index, new home construction (housing starts), weekly jobless claims, Business Prospects Survey of Federal Reserve Bank of Philadelphia on Thursday (17/11), and the last few Federal Reserve officials scheduled to speak on Friday (18/11).
Meanwhile, silver for December delivery rose 15 cents, or 0.89%, to close at 17.043 dollars per ounce. Platinum for January delivery rose 1.1 dollars, or 0.12%, to close at 934.70 dollars per ounce.Simak gold price movements are live today