Gold trades near two-high high, US retail sales eyed . . . . . . . . . . . . . Precious-Gold traded near two-week high on Thursday amid global growth concerns, ahead of U.S. retail sales data. Taking advantage of its safe-haven merit, gold benefited from a report from the World Bank showing global growth will expand 2.8 percent this year, down from previous estimates of 3.2 percent, where the report warned of a possible slowdown in China, U.S. and Russia. After the absence of economic data from the U.S. this week, eyes will concentrate on retail sales data. Analysts predict that retail sales have gained 0.6 percent in May from 0.1 percent in April. Investors will keep their attention on U.S. data on expectations the Fed would continue with its stimulus reduction. On the physical side, the drop in gold prices to a four-month low enhanced some demand from China, the world’s biggest bullion buyer. The demand soared to a two-week high of 12,914 kilograms yesterday, from a two-month low of 8,568 kilograms on June 6, according to the benchmark spot contract in Shanghai. Also, the rally in the stock market was halted as Dow Jones Industrial Average snapped a five-day winning streak to hit its worst in three weeks. Gold is currently trading around $1261.54 an ounce after hitting a high of $1262.23 and a low of $1259.75. Palladium hovered near 13-year high amid supply concerns from the world’s second biggest producer South Africa as strikes continued for a fifth straight month. The U.S. dollar retreated versus a basket of major currencies to hover around 80.74, after touching a peak of 80.80. Crude oil for July’s delivery edged up to trade around $104.87 a barrel from the session’s opening of $104.45. #egyptyard
Posted on: Thu, 12 Jun 2014 11:00:34 +0000
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