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Friday, November 14, 2014

Gold ends bit higher

Worldwide demand for gold dropped by 2% to 929.3 tons in the third quarter 


It was mixed finish for bullions on Thursday, 13 November 2014 at Comex. Gold drifted between small gains and small losses gain on Thursday, with its relationship to the thriving dollar continuing to keep any upside moves in check. Silver ended near unchanged mark.
Gold for December delivery rose $2.40 to settle at $1,161.50 an ounce. 

December silver was flat at $15.62 an ounce. 

The U.S. Dollar index edged lower, which tends to give gold a boost, especially in this climate.
The World Gold Council reported Thursday that worldwide demand for gold dropped by 2% to 929.3 tons in the third quarter, amid expectations prices would fall further and on a strengthening dollar from the same reporting period last year. Chinese demand for gold jewelry dropped sharply in the third quarter, but demand from India rose sharply in the period. 

China industrial production in October was reported at up 7.7% year-on-year, which is below the 8% rise that was expected. This latest economic data falls in line with Chinese economic reports that have mostly missed to the downside of expectations. While China's economic readings are still the envy of major industrial countries, the robust growth seen in recent years is decelerating. 

A European Central Bank survey showed that forecasters see this year's European Union overall inflation rate at 0.5% and see 2015 inflation coming in at 1.0%. They see EU inflation in 2016 at 1.4%. All these figures are still well below the 2.0% inflation rate the ECB has targeted. 

At Wall Street today, economic data included Initial Claims, JOLTs, and the Treasury Budget. The initial claims level increased to 290,000 from an unrevised 278,000 while the consensus expected an increase to 280,000. The Department of Labor said there were no special factors influencing the report . 

The Job Openings and Labor Turnover Survey for September indicated job opening decreased to 4.735 million from 4.853 million. Separately, the Treasury Budget for October showed a deficit of $121.70 billion, which followed the prior deficit of $90.60 billion while the consensus expected the deficit to hit $122.00 billion.
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