Commodities

Gold settles higher as dollar backs off seven-week high

2018-10-11 08:49:22 GMT (Economies.com)

Gold futures tilted higher in Asian trade as the dollar index fell from August 20 highs for the third straight session, ahead of US data later today while markets await the G20 summit in Bali, expected to include discussions on global growth and trade. 

 

As of 04:20 GMT, gold futures due in December rose 0.29% to $1,196.90 an ounce, while the dollar index shed 0.31% to 95.21, marking October 1 lows. 

 

Gold has been buoyed as a safe haven as US stock indices slumped over 3% yesterday, marking the worst performance in eight months. 

 

Now investors await US consumer prices data, expected with a 0.2% increase, while analysts expect a 2.4% yearly increase, slowing down from 2.7% in August. 

 

Core prices are estimated with a 0.2% increase, up from 0.1% in August, while analysts expect a 2.3% yearly increase, up from 2.2%, as unemployment claims are estimated to have increased 3 thousand last week to 210K. 

 

In a Pennsylvania rally, US President Trump said the Federal Reserve has gone "crazy" with its latest rate hikes, while noting that stocks are undergoing a normal correction after a succession of record highs. 

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