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London South East - Oil & Gas Investor Evening: Malcy, Echo, Savannah, SDX
Paul Welch speaks at London South East's Oil & Gas Investor Evening


Alliance News


Gold Ends Marginally Lower

Thu, 9th Aug 2018 20:29


WASHINGTON (Alliance News) - Gold prices edged down marginally on Thursday, with traders choosing to stay long with riskier assets after data showed initial jobless claims came in less than expected last week and producer price inflation stayed flat in July.

Data released by the Labor Department showed producer prices in US unexpectedly came in unchanged in the month of July, after rising 0.3% in June. Economists had expected producer prices to increase by 0.2%.

Compared to the same month a year ago, producer prices in July were up by 3.3%, reflecting a modest slowdown from the 3.4% increase in June.

Another report from Labor Department showed first-time claims for unemployment benefits unexpectedly edged lower in the week ended August 4th. The report said initial jobless claims dipped to 213,000, a decrease of 6,000 from the previous week's revised level of 219,000. Economists had expected jobless claims to inch up to 220,000.

The dollar held gains against most major currencies. The dollar index was up 0.33 or 0.35% at 95.28.

Gold futures for December ended down USD1.10, or about 0.1%, at USD1,219.90 an ounce.

Gold futures ended at USD1,221.00 an ounce on Wednesday, gaining USD2.70, or 0.2%.

Silver futures for September were up USD0.023, or 0.15%, at USD15.455 an ounce. Copper futures were higher by USD0.013, or 0.47%, at USD2.764 per pound.

Meanwhile, markets are looking ahead to the outcome of trade talks between the US and Japan later in the day.

Trade war concerns are rising by the day. On Wednesday, China slapped additional import tariffs of 25% on USD16 billion worth of US goods in retaliation for tariffs on China imposed by US President Donald Trump.

Also on Wednesday, Washington said it would soon impose new sanctions on Russia after determining Moscow had used a nerve agent in the attack against a former Russian spy in Salisbury.

Another factor set to weight on global markets is the US' move to impose new sanctions on Russia over the poisoning of former Russian spy Sergei Skripal. The sanctions would take effect around August 22.

Saying that its too early for possible retaliatory sanctions to be discussed, Russia reiterated it was not involved in the poisoning of the former spy.

Following US' decision to impose sanctions on Russia, the rouble sank to near two-year lows against the US dollar today.

Copyright RTT News/dpa-AFX

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