Tuesday, May 22, 2018 | ePaper

Gold futures rise after weak US inflation, retail data

  • Print
Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange climbed to the highest in nearly two weeks on Friday, as data on retail sales and inflation stoked concerns that the pace of economic growth may not merit lifting U.S. interest rates again in 2017.
The most active gold contract for August delivery rose 10.2 U.S. dollars, or 0.84 percent, to settle at 1,227.50 dollars per ounce.
The surge in gold prices came after a Friday report on consumer prices showed that inflation in June came in flat, a sign that consumer prices had trouble sustaining its upward momentum. A weaker-than-expected reading for June' s retail sales, which fell 0.2 percent, also signaled weakness.
Market analysts said the lack of spending from U.S. shoppers made it difficult to envision inflation approaching the Fed's 2 percent target.
Fed chair Janet Yellen on Wednesday had reaffirmed her outlook for gradual interest-rate increases, giving gold a modest boost.
Rising real interest rates lower the attractiveness of holding gold because the metal provides no yield, and entices investors to rotate into riskier assets like stocks.

More News For this Category

Macao has 27 banks, more than 6,000 employees

Xinhua, Macao :There were a total of 27 banks in China's Macao Special Administrative Region (SAR), with 6,239 full-time employees at the end of the first quarter this year,

Rezoan Haider, Managing Director of Asian Motorbike Ltd, a distributor of Japanese brand Kawasaki Motorcycle in Bangladesh and Khwaja Azmal Hossain Shakil, Head of Business Development, sign an agreement in the city recently. Under the deal, all marketing promotion of Kawasaki motorcycle will be done by Business Brains.

Rezoan Haider, Managing Director of Asian Motorbike Ltd, a distributor of Japanese brand Kawasaki Motorcycle in Bangladesh and Khwaja Azmal Hossain Shakil, Head of Business Development, sign an agreement in the city recently. Under the deal, all marketing promotion of Kawasaki motorcycle will be done by Business Brains.

.

Japan-US trade surplus edges up in April

AFP, Tokyo :Japan's politically sensitive trade surplus with the US edged up in April, government data showed Monday, after Tokyo warned it may take retaliatory measures against US tariffs.

Nepal-China joint venture starts trial production of cement

Xinhua, Kathmandu :Hongshi-Shivam Cement Private Limited, a Nepal-China joint venture, started trial cement production in Nepal starting from Friday, a director of the company said. Satish Kumar More, a

China remains world's largest developing country: Expert

Xinhua, Moscow :China is still the world's largest developing country despite its massive economic and social achievements over the past four decades, a Russian expert has said. China still

Nazmul Haque, Managing Director of Grameen Uniqlo and Tahsan Khan, Actor and singer, inaugurating its new store at Bailey Road recently.

Nazmul Haque, Managing Director of Grameen Uniqlo and Tahsan Khan, Actor and singer, inaugurating its new store at Bailey Road recently.

.

Md. Mehmood Husain, Managing Director of NRB Bank Limited, handing over a cheque to Tuku Sheikh, a farmer as Agri Loan at Bogra Branch recently as a part of Argi-Loan Disbursement Project. Imran Ahmed FCA and Chief Operating Officer, Rahat Shams, Head of Retail Banking, Mohammed Abu Shayem, Head of SME of the bank and Abedur Rahman, DGM of Bangladesh Bank were present.

Md. Mehmood Husain, Managing Director of NRB Bank Limited, handing over a cheque to Tuku Sheikh, a farmer as Agri Loan at Bogra Branch recently as a part of Argi-Loan Disbursement Project. Imran Ahmed FCA and Chief Operating Officer, Rahat Shams, Head of Retail Banking, Mohammed Abu Shayem, Head of SME of the bank and Abedur Rahman, DGM of Bangladesh Bank were present.

.

US, China back off on tariffs, easing trade tensions

AFP, Washington :US Treasury Secretary Steven Mnuchin confirmed Sunday that Washington and Beijing have agreed to back off from imposing tariffs on each other, a day after reaching an

UAE announces ownership, visa reforms to lure foreign investors

AFP, Abu Dhabi :The United Arab Emirates has announced plans to allow 100 percent ownership and visa incentives to foreigners, in a bid to attract investors to boost its

M. Khorshed Anowar, Head of Retail Banking of Eastern Bank Ltd and Md. Abdur Rahim, Director, One World Aviation Limited, General Sales Agent (GSA) of Air Arabia in Bangladesh, exchanging documents after signing an agreement in Dhaka recently. Under the agreement, EBL Cardholders will get up to 35 percent discount on base fare to different popular international destinations.

M. Khorshed Anowar, Head of Retail Banking of Eastern Bank Ltd and Md. Abdur Rahim, Director, One World Aviation Limited, General Sales Agent (GSA) of Air Arabia in Bangladesh, exchanging documents after signing an agreement in Dhaka recently. Under the agreement, EBL Cardholders will get up to 35 percent discount on base fare to different popular international destinations.

.