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Gold dropped for a second straight day on Thursday as traders continued to collect profits from the recently-seen record highs. Even as the dollar gave back gains against the euro, gold failed to mount much of a comeback, showing it may have found some resistance.
December gold closed at $1,050.60 per ounce, down $14.10 on the session. Prices fell as low as $1,046.20 after reaching a record $1,072 yesterday.
The dollar hit a 14-month low of 1.4967 against the euro before finding its footing. The dollar also dropped against the resurgent British pound.
On the economic front, the Labor Department revealed that consumer prices rose by 0.2 percent in September, matching economists' expectations. This followed an advance of 0.4 percent in the previous month. CPI was down 1.3 percent year-over-year.
Separately, the Labor Department revealed that jobless claims fell to 514,000 from the previous week's revised figure of 524,000. Economists had been expecting jobless claims to edge down to 520,000 from the 521,000 originally reported for the previous week.
The Philadelphia Fed index came in at 11.5. A reading of 12.3 was forecast for October, compared to a 14.1 in September.
Industrial production data is expected at 9:15 a.m. ET tomorrow. An increase of 0.1% is expected for September, compared to 0.8% in August.
The University of Michigan and Reuters will release the preliminary consumer sentiment report for October at 9:55 a.m. ET. A reading of 73.5 is expected, same as last month.
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