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Monday, September 29, 2014

Gold stays weak

Prices drop as the dollar climbed on upbeat U.S. economic data 


Bullion prices fell on Friday, 26 September 2014 at Comex, thereby gold marking a fourth week of retreat, as the dollar climbed on upbeat U.S. economic data, and as U.S. stocks traded higher after a sharp fall. 

Gold December futures contract lost $6.50 to settle at $1,215.40 an ounce. The precious metal posted a weekly loss of 0.1%. 

December silver also declined 10 cents, or 0.6%, to $17.48 an ounce. 

The dollar kept up its momentum as data showed the U.S. economy grew 4.6% in the second quarter, on an annual basis, matching the best performance since the recession ended in mid-2009. The dollar's recent gains have dulled gold's attraction. Stocks were also on the rise Friday, coming off the steepest drop in two months. 

Dollar Index continued charging higher to extend this week's gain to 1.1%. The index will enter the final two sessions of the month after surging 3.6% so far in September. 

Latest report shows that the U.S. economy grew at a 4.6% annual pace in the second quarter. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. 

The biggest gains came in business investment, a good sign for the economy in the months ahead. 

Separately, the final September reading on the University of Michigan/Thomson Reuters consumer sentiment index remained steady at the highest level since July 2013 and well above a final August level of 82.5.
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