Commodities

Gold rallies 2% above $1,200, dollar hits two-week trough

2018-10-11 15:17:03 GMT (Economies.com)

Gold futures rose two percent in American trade to September 13 highs, while the dollar index fell off August 20 highs, following earlier data from the US, the world's largest economy. 

 

As of 02:40 GMT, gold futures due in December rose 1.83% to $1,215.20 an ounce, while the dollar index shed 0.28% to 95.24, marking September 28 lows. 

 

Earlier US data showed consumer prices rose 0.1%, slowing down from 0.2%, while core prices rose 0.1%, also missing estimates of 0.2%. 

 

On a yearly basis, consumer prices rose 2.3%, slowing down from 2.7%, while core prices rose 2.2%, below expectations of 2.3%. 

 

Unemployment claims rose 7 thousand in the week ending October 6 to 214 thousand, while continuing claims rose 4K in the week ending September 29 to 1.660 million.

 

Otherwise, Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, rose 8.82 tonnes on Wednesday to 738.99 tonnes, the first such increase since March 19, after prices marked the sixth monthly loss in a row in September, the longest such losing streak since late 1996. 

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