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Gold on track to snap 5-week losing streak amid dollar weakness

CommoditiesJul 14, 2017 01:17PM ET
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© Reuters. Gold is poised to snap a five-week losing streak

Investing.com – Gold prices traded higher on Friday, benefiting from a slump in the dollar to a ten-month low, following a pair of disappointing economic reports suggesting U.S. economic growth is not as robust as previously anticipated.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $10.52, or 0.86%, to $1,227.83 a troy ounce.

Fresh U.S. economic jitters resurfaced Friday, following the release of inflation and retail sales data that undershot economists’ forecasts, reducing investor expectations about future rate increases.

The rate of inflation over the past 12 months slowed to 1.6% in June from 1.9% in the prior month, and it is down from a five-year high of 2.7% just five months ago.

Economist had expected an inflation reading of 1.7%,

In a separate report the Depart of Commerce said retail sales dipped by 0.2% in June, missing economists’ forecasts of a 0.2% increase.

It was the second-straight month of timid retail sales activity.

The timid inflation report comes amid fears that a slowdown inflation could weigh on the Federal Reserve’s ability to hike rates after Fed chair Janet Yellen, earlier this week, said future rate increases would be gradual.

Both the dollar and U.S. 10-Year dipped to lows, lifting investor sentiment for gold, which remained on track to snap a five-week losing streak.

In other precious metals, silver futures rose 1.56% to $15.937 a troy ounce while platinum futures added 1.76% to $923.10.

Copper traded at $2.690, up 1.07%, while natural gas, tacked on 0.81% to trade at $2.984.

Gold on track to snap 5-week losing streak amid dollar weakness
 

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