Gold futures are rallying on Friday, paring their losses from earlier in the week. The yellow metal is recording gains mostly from a sliding US dollar, which is in focus ahead of a key Federal Reserve policy meeting later this month. But gold’s ascent was capped by the August retail sales report.
December gold futures surged $6.90, or 0.46%, to $1,514.30 per ounce at 12:40 GMT on Friday on the Comex division of the New York Mercantile Exchange. Gold prices are on track for a minuscule weekly loss of 0.05%, but they are still up 18%
Silver, the sister commodity to gold, is in the red to close out the trading week. November silver futures dipped $0.025, or 0.13%, to $18.15 an ounce. The white metal is also poised for a weekly decline of roughly 0.6%, So far on the year, silver has advanced 17%.
Metal commodities are benefiting from a weaker US dollar as the greenback fell 0.18% to 98.13, from an opening of 98.41. The dollar will post a 0.3% loss this week. A lower buck is good for
The dollar is sliding as investors anticipate the US central bank will cut interest rates later this month, especially following the
On the surface, retail sales experienced a solid 0.4% gain in August, driven by higher purchases of new automobiles and building supplies. However, according to the US Census Bureau, excluding new vehicles and Internet receipts, retail sales were flat. Retail sales were also better than initially reported in June and July.
In other metal markets, October copper futures soared $0.04, or 1.5%, to $2.68 per pound. October palladium futures dipped $2.80, or 0.17%, to $1,602.00 an ounce. October platinum futures rose $3.80, or 0.4%, to $956.40 per ounce.
If you have any questions and comments on the commodities today, use the form below to reply.
SOURCE: Commodity Blog – Read entire story here.