Futures of gold futures edged up slightly on Wednesday (May 15), although still below the 1,300 USD mark / oz, when US stock indexes erased...
Futures of gold futures edged up slightly on Wednesday (May 15), although still below the 1,300 USD mark / oz, when US stock indexes erased the early decline to turn up when Gold contracts closed, MarketWatch reported.
"Precious metals received support when tensions escalated with Iran, worries remain about trade and tariff negotiations with China - with ... Brexit has not been resolved", George Gero, Managing Director reason at RBC Wealth Management, said. "Continual global instability has supported gold as a safe haven, from global economic instability to politics."
At the end of the trading session on Wednesday, the gold contract in June inched up 1.50 USD (equivalent to 0.1%) to 1,297.80 USD / oz, although it withdrew from the peak in the session of 1.301.70 USD / oz.
According to CNBC, also on Wednesday, spot gold contracts advanced 0.1% to 1,298.26 USD / oz.
The Dow Jones and S&P 500 jumped sharply on Tuesday (May 14), negatively affecting gold prices, as volatility persisted after the trade-related decline started this week. The dollar index (ICE U.S. Dollar Index) - a measure of the dollar's performance against the other 6 major currencies - is almost flat on Wednesday.
US stocks, which tend to move in the opposite direction with gold, have erased early gains on Wednesday to reverse the rally, but were cautious about US-China trade conflicts and joint data The number of retail outlets in the US is weaker than forecast.
Specifically, retail sales in the US dropped by 0.2% in April, reducing the 2nd month in the past 3 months. Industrial production in the US in April also lost 0.5% and using capacity decreased sharply from 78.8% to 77.9%.
In addition, Chinese data show that industrial output fell from 8.5% to 5.4% in April, while retail sales growth of this country recorded the lowest rate in 16 years.
Among the Comex metals, silver for July delivery was almost unchanged at $ 14,812 / oz. Copper contract delivered in July plus 0.7% to USD 2,743 / lb.
Meanwhile, platinum contract for July delivery lost 1.3% to 847.70 USD / oz. Palladium contract in June fell 10 cents to 1,332.90 USD / oz.
Mr. Lucky Guy
