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What’s next? – GOLD 14.08.17

14 August 2017 02:06 PM BDT
What’s next? – GOLD 14.08.17

Gold futures moved slightly higher in Asian hours on Monday, with regional economic data leading the headlines, while the Korean crisis continued to weigh on risk on sentiment. On the Comex division of the New York Mercantile Exchange, gold futures were trading 0.07 percent or $0.90 lower at $1,293.10 a troy ounce as of 07:10 GMT. Earlier in the session, China reported an 8.3 percent increase of fixed asset investment in July, compared to expectations for an 8.6 percent reading. Industrial production rose 6.4 percent, falling short from an estimated 7.2 percent. Retail sales grew 10.4 percent vs 10.8 percent seen. Also, Japan said its economy expanded in 4.0 percent on yearly basis, outperforming an estimated growth rate of 2.5 percent. Last quarter, the Nippon gross domestic product rose by 1.0 percent, comfortably above a forecasted 0.6 percent build. Traders of the yellow metal will keep an eye on the release of Fed’s latest meeting minutes on Wednesday as they search for hints on the future of monetary policy. According to Fed funds tracked by CME Group’s FedWatch tool, traders are currently pricing in a 42.2 percent probability of a third 25 basis points rate increase by December. Also, inflation and employment data from the United Kingdom will be in focus as market participants assess the impact of Brexit negotiations. Last Friday, the US Labor Department said consumer prices rose by 0.1 percent in July, leaving the annual increase in the CPI at 1.2 percent, still far from Fed’s 2.0 percent target. The precious metal is sensitive to changes in Fed’s short term interest rates, which lift the opportunity cost of holding non yielding assets such as gold.

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