Gold Drifts Lower, Down 1.8% For Week



Gold Drifts Lower, Down 1.8% For Week

Gold futures fell Friday, even as the dollar continued to weaken versus Europen rivals. Rising stocks has dented gold's safe haven appeal of late, resulting in a weekly decline of 1.8% for gold futures.

Dec. gold was down $4.10, or 0.3%, to settle at $1,325.20/oz today.

U.S. retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July. Economists had expected retail sales to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.

With Hurricane Harvey negatively impacting output, the Federal Reserve released a report on Friday unexpectedly showing a notable decline in U.S. industrial production in the month of August.

The report said industrial production slumped by 0.9 percent in August after climbing by an upwardly revised 0.4 percent in July.

Activity in the New York manufacturing sector saw a modest slowdown in the pace of growth in the month of September, according to a report released by the Federal Reserve Bank of New York on Friday.

SOURCE



Leave a Reply