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Gold falls on positive US economic data

08-15-2012 06:22 BJT

CHICAGO, Aug. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell further Tuesday, as positive U.S. macroeconomic data took away some support for future economic stimulus measures.

The most active gold contract for December delivery lost 10.2 U. S. dollars, or 0.63 percent, to settle at 1,602.4 dollars per ounce.

Gold futures declined for a second straight session, and closed at the precious metal's lowest level in over a week. Gold hit a session low of 1,594 dollars an ounce before ultimately settling just above the critical 1,600 dollars an ounce level.

Gold traded lowest following the morning's release of U.S. macroeconomic reports. The U.S. Department of Commerce reported that U.S. retail sales increased 0.8 percent in July, which was their biggest jump since February. The Department of Labor also reported that July U.S. wholesale prices rose 0.3 percent due to higher food prices.

While the U.S. data was cheered by Wall Street, with U.S. equities and crude oil rising on the news, gold turned lower.

Recently, gold traders have rallied at the possibility of future quantitative easing policies from the U.S. Federal Reserve Bank, as the precious metal traditionally takes support from fears of inflation. More positive U.S. data could take away some momentum for the Fed to take further action in loosening monetary policy.

Gold also saw some pressure on the session from a higher dollar. A stronger greenback hurts commodities, as it makes them more expensive for holders of other currencies.

Silver for September delivery fell 0.4 cents, or 0.01 percent, to close at 27.763 dollars per ounce.

 

 

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Editor:James |Source: Xinhua

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