x
Breaking News
0

Gold / Silver / Copper futures - weekly outlook: August 14 - 18

CommoditiesAug 13, 2017 06:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gold hits 2-month highs as U.S. inflation data tempers rate hike expectations

Investing.com - Gold prices rose to a two-month high on Friday following a weaker-than-expected U.S. inflation report that investors worried would delay plans for another interest rate hike by the Federal Reserve this year.

Gold futures for December delivery settled up 0.38% at $1,295.00 on the Comex division of the New York Mercantile Exchange, the highest close since June 6.

A Labor Department report showed that U.S. consumer prices edged up 0.1% in July from the prior month, bringing the annual increase in the consumer price index to 1.2%.

The data was the latest in a string of weak inflation readings that investors worry will make the Fed more cautious about plans for a third rate hike this year.

Futures traders are pricing in about a 35% chance of another rate hike by December, according to Investing.com’s Fed Rate Monitor Tool.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

Demand for the precious metal was also underpinned by increased safe haven demand amid heightened geopolitical tensions between the U.S. and North Korea.

Elsewhere in precious metals trading, silver was at $17.07 a troy ounce late Friday, after hitting $17.24 in the previous session, its highest since June 14. For the week, silver was up 5.24%, the largest weekly percentage gain since July 2016.

Platinum was up 0.19% to $987.8 a troy ounce after rising to $995.55 earlier, the most since March 2. It was up 2.23% for the week.

Palladium slid 0.34% to $894.02 a troy ounce to end the week up 2.27%.

Meanwhile, copper climbed 0.41% to $2.91 a pound to end the week with a gain of 1.01%. The industrial metal has been boosted in recent weeks from improved demand prospects from China and the country’s potential ban on scrap imports.

In the coming week, Wednesday’s minutes of the Fed’s latest meeting will be in focus as investors look for more hints on the timing of the next U.S. rate hike. A report on U.S. retail sales will also be closely watched.

Elsewhere, UK data on inflation and employment will be in the spotlight amid ongoing concerns over the economic fallout from Brexit.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, August 14

New Zealand is to release data on retail sales.

Japan is to produce preliminary figures on second quarter growth.

China is to publish reports on industrial production and fixed asset investment.

Tuesday, August 15

The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting.

In the euro zone, Germany is to release preliminary data on second quarter growth.

Switzerland is to release inflation data.

The UK is also to report on consumer price inflation.

The U.S. is to produce reports on retail sales and manufacturing activity in the New York region.

Wednesday, August 16

Australia is to release data on the wage price index.

The UK is to publish its monthly employment report.

The euro zone is to produce revised data on first quarter economic growth.

Canada is to report on foreign securities purchases.

The U.S. is to release data on building permits and housing starts and the Fed is to publish the minutes of its latest monetary policy meeting.

Thursday, August 17

New Zealand is to release data on producer prices.

Australia is to publish its monthly employment report.

The UK is to produce retail sales data.

The euro zone is to release revised inflation data and the European Central Bank is to publish the minutes of its latest monetary policy meeting.

Canada is to report on manufacturing sales.

The U.S. is to release data on jobless claims, industrial production manufacturing activity in the Philadelphia region. Dallas Fed President Robert Kaplan is also to speak.

Friday, August 18

Canada is to report on inflation and retail sales.

The U.S. is to round up the week with data on consumer sentiment.

Gold / Silver / Copper futures - weekly outlook: August 14 - 18
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email