Gold closes $12.5, investors sell safe-haven assets after bright economic data
New York gold futures ended lower overnight (Nov 16), with markets pressured by the dollar’s appreciation. and safe-haven sales after the US released better-than-expected economic data. This includes the October retail sales.
The COMEX (Commodity Exchange) gold contract will be delivered in December. It was down $12.5, or 0.67%, at $1,854.1/ounce.
Silver metal contract for delivery in December It was down 16.1 cents, or 0.64%, at $24.944 an ounce.
Platinum contract delivered in Jan. It was down $22.4, or 2.04%, at $1,074.5 an ounce.
Palladium contract delivered in December It was up $11.50, or 0.5%, at $2,167.60 an ounce.
gold contracts fall after the dollar index The dollar’s movement index against six major currencies in a basket of currencies rose 0.53% to 95.9182 overnight.
The strength of the dollar also caused the gold contract, which was priced in dollars, to It is more expensive and less attractive to investors holding other currencies.
Investors also sell gold as a safe haven asset. after the US released strong economic data The US Department of Commerce said. Retail sales rose 1.7 percent in October month-over-month. That was higher than analysts’ expectation of a 1.4 percent gain, helped by rising oil prices. and the increase in car sales for the first time in 6 months
The Federal Reserve (Fed) reported that overall US industrial production rose 1.6 percent in October after falling 1.3 percent in September. It is a measure of adaptation of the US manufacturing, mining and utilities sectors.