Friday, November 24, 2017 | ePaper

Gold futures rise after weak US inflation, retail data

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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.

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