Gold rises on weaker United States dollar ahead of USA inflation data

A pedestrian walks past a window displaying a representation of a gold bar at a bullion broker in Piccadilly London

Spot gold was up 0.3 per cent at $1,320.19 an ounce, as of 0111 GMT.

As for other precious metals, silver for March delivery rose 35 cents, or 2.12 percent, to settle at 16.878 dollars per ounce.

Gold prices climbed almost 2 percent on Wednesday, rebounding from early losses that followed stronger-than-expected USA inflation data, as the dollar surrendered gains and equities swung higher.

The dollar index, which measures the greenback against a basket of currencies, eased 0.2 per cent to 90.291 after gaining 1.4 per cent last week.

In other news, the Commerce Department said on Wednesday that USA retail sales decreased 0.3 percent last month, the largest decline since February 2017, as households cut back on purchases of motor vehicles and building materials.

Victoria Beckham says Spice Girls won't reunite for new tour
At the latest biannual gathering of the Victoria Beckham Appreciation Club (President Harper , V.P. Speaking to British Vogue , Beckham scotched the idea that she would get back on the road.

Inappropriate to question Kelly? Think again
Clearly, though, Wray's account deepened the crisis enveloping Kelly and his colleagues. Gowdy told CNN early Wednesday that he opened the probe late Tuesday.

Sheriff confirms Florida shooter was former student, 18
Asked about security, the mayor said a police officer is always stationed at the school and there was a "single point of entry". Seven victims were transported to Broward Health Medical Center, and one victim was taken to Broward Health Coral Springs.

Stock markets, which scaled record peaks in recent months, slid sharply last week, dragging gold prices as investors sought refuge in the USA dollar. Last week the index rose 1.4 percent because of a flight to safer assets amid a rout in global equity markets. Precious metals, which are often pegged to dollars, tend to rise when the buck weakens because a falling dollar can make buying those assets cheaper for investors using weaker monetary units.

The dollar initially rose after Wednesday's inflation report showed USA consumer prices rose more than expected in January, as traders bet that rising price pressures could spur the Federal Reserve to boost interest rates faster than previously forecast.

Last week, the benchmark S&P 500 fell 5.2 percent, its biggest decline since January 2016.

"It's just common sense for some portfolio managers to exhibit some short-covering behaviour especially after the sell-off we saw last week".

Spot gold is expected to end its current bounce in a resistance zone of $1,325 to $1,330 per ounce and then revisit its February 8 low of $1,306.81, said Reuters technical analyst, Wang Tao. Platinum rose 2 percent at $993.24, earlier hitting $998.80, its highest in almost three weeks. On Friday, it fell to $953 an ounce, the lowest since January 10. On Friday, it fell to its lowest since October 25.

Related:

Comments

Latest news

Royal Dutch Shell Plc (RDSB) Given Consensus Recommendation of "Buy" by Brokerages
This is something that Investors should look for in all the stocks they are trading and is an important indicator to keep tabs on. A reading under 20 would suggest no trend, and a reading from 20-25 would suggest that there is no clear trend signal.

GM's Closing Its Gunsan Plant In South Korea
The factory operated at barely 20% of its capacity previous year , building both the Chevrolet Cruze sedan and the Orlando SUV. GM Korea also gave 1.8 trillion won from 2014 to 2016 to its headquarters on the ground of research and development spending.

At least 17 dead in Florida high school shooting
Multiple reports indicate he was expelled from the school. "Seventeen people were taken to the Broward Health hospitals", said Dr. He reportedly pulled a fire alarm at the end of the school day in an effort to increase the death toll from his attack.

Most dependable USA vehicle brands, according to the JD Power 2018 study
Vehicle Dependability Study, visit http://www.jdpower.com/resource/us-vehicle-dependability-study . That included the Prius, the top-ranked Compact Car , and its Tacoma, the leading Midsize Pickup .

'Spread Love, Not Jumlas': Congress's Valentine's Day message for PM Modi
Referring to the BJP-led NDA government's crusade against corruption, Modi said the government has been able to curb corruption through the direct bank transfer (DBT) scheme.

'Put up or shut up': Nationals at war over Barnaby Joyce's future
Mr Joyce, 50, broke his silence on the scandal during an interview on national television on Thursday night. Joyce was being urged to take leave next week "at a minimum", the Fin said .

Kendall Jenner dragged into palimony lawsuit filed by Blake Griffin's ex-girlfriend
Kendall Jenner was spotted in public with Blake Griffin following his break-up with long-time girlfriend Brynn Cameron . Of the five Kardashian sisters, Kendall Jenner seems to attract a disproportionate number of negative headlines.

Five most problematic jails in New York State with repeat violations
Under the City Council's new leadership, de Blasio said he was confident the city could close Rikers ahead of the original 10 year timeline.

Google Family Link Launches in Canada, Along with iPhone App
The design will mean more new Android phones with cut-outs at the top of their screens to fit cameras and other sensors. So, Gmail Go is almost half in size than the regular Gmail app that we have been using for the past so many years.

Cuba Rejects Exclusion of Venezuela from Summit of Americas
Peru's decision was made with the support of the Lima Group, which upheld the high democratic standard for Summit participation. That, combined with hyperinflation in the oil-rich country, has led to the mass exodus.

Quiz: What kind of dog are you?
Dogs symbolise honesty, loyalty and decisiveness and their lucky numbers are 3, 4 and 9; 1, 6 and 7 are said to be unlucky. Various dishes including meat, vegetables, soup and candies are placed on the table including the most essential: fish.

Prime Gamechangers Stocks For The Day- The Coca-Cola Company (NYSE:KO)
Hamilton Point Investment Advsrs Limited Liability Company invested 0.15% of its portfolio in The Coca-Cola Company (NYSE:KO). Coca-Cola Amatil Limited (CCA) manufactures, distributes and sells ready-to-drink beverages in the Asia-Pacific region.

Bafana up 1 spot in Federation Internationale de Football Association rankings
However, it was a different tale entirely for the country's oppositions at the 2018 Fifa World Cup in Russian Federation . The next edition of FIFA's ranking list is due to be published on March 15, 2018.

Rajapaksa's party wins local bodies polls
Rajapaksa, a legislator in the opposition benches, commands the backing of 54 legislators who have defected from Sirisena's party. The UNP and the SLFP have been coalition partners since 2015, but had fought the local bodies elections separately.

Xiaomi launches world's thinnest LED TV in India
The primary camera is a 12MP shooter with Sony IMX486 sensor, coupled with a 5MP Samsung sensor for capturing depth information. The new smartphones will be exclusively available on Flipkart in the country, apart from Mi.com and the Mi Home retail stores.

Other news