Markets

Gold rises as dollar drops on weak United States data

Gold rises as dollar drops on weak United States data

The New Zealand dollar was trading at 73.16 USA cents as at 5 pm from 72.84 cents late yesterday but was weaker versus last Friday in NY when it traded at 73.80.

Spot gold gained 0.96 per cent at US$1,228.61 per ounce by 3:01pm EDT (1901 GMT) after hitting US$1,232.76.

US CPI remained unchanged in June after falling 0.1 per cent the previous month and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter. It was poised for a weekly gain of 1.3 per cent, the biggest since mid-May.

Investors have been using US data to gauge whether the economy is strong enough to bear a third interest-rate increase this year.

After Yellen's initial testimony, said Goldman, they see "a 10% probability (vs. 20% previously) that the next rate hike comes in September, 5% in November and 55% (vs. 50% previously) in December". The prospects of a hike to the fed funds rate in December is now sitting at 45 percent even though the Fed's guidance is for a third hike this year.

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"We also expect iron ore and coal prices to edge lower, which should put some downward pressure on the AUD".

Gold prices drifted lower in United States trading on Thursday as the dollar stabilised and global bond yields moved higher, although there was support on approach to the $1,215 per ounce level.

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 key level is US$1,230 on gold". That's down sharply from February, when prices rose 2.7 percent from a year earlier.

Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, fell 0.43 per cent on Thursday from Wednesday. Platinum rose 1.68 per cent at US$916.65 per ounce, set to end the week up 1.5 per cent.


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