Articles
-
Gold futures slide lower on profit-taking
Investing.com - Gold prices slid lower in European morning hours on Friday, as investors locked-in profits from the metal’s rise to four-month highs on Thursday and as the dollar regained some strength after the release of positive U.S. jobless claims and inflation data.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.88% at $1,177.50. The December contract ended Thursday’s session 0.65% higher at $1,187.50 an ounce.
Futures were likely to find support at $1,167.30, Wednesday’s low and resistance at $1,188.30, Thursday’s high.
The dollar strengthened broadly after the U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending October 10 decreased by 7,000 to 255,000 from the previous week’s total of 262,000.
Analysts had expected jobless claims to rise by 8,000 to 270,000.
Separately, the U.S. Commerce Department said that consumer prices fell 0.2% last month, matching forecasts. Year-over-year, consumer prices were flat in September.
Core consumer prices, which exclude food and energy costs, increased by 0.2%, above expectations for a gain of 0.1%.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 94.49.
Investors were awaiting reports on U.S. industrial production and consumer sentiment due later Friday, for further indications on the strength of the economy.
Elsewhere in metals trading, silver futures for December delivery declined 0.89% to $16.020 a troy ounce, while copper futures for December delivery dropped 0.85% to $2.402 a pound.
Read full article
-
Authorized Person for MEX NEPAL
Mob: +977 9856030634 -
Biratnagar Branch Manager
Mob: +977 9852033934 -
Our Clearing Member
-
Our Banking Partners
-
-
-
