Selasa, 19 Mei 2015

Gold near 3-mth high; eyes weekly gain on U.S. rate expectations

PT. Equityworld Futures - SINGAPORE, May 15 Gold traded near a three-month high on Friday and was on track for its biggest weekly gain in four months on receding expectations the Federal Reserve would hike U.S. interest rates soon.
   
Spot gold was steady at $1,221.20 an ounce by 0031 GMT, after rising 0.5 percent on Thursday. Prices had climbed to $1,227.04 in the previous session, their highest since Feb. 17.

The metal is up nearly 3 percent this week, the biggest weekly gain since mid-January.

Recent U.S. data has supported market expectations that the economy is not strong enough for the Fed to start rising record-low rates from June.

The bullion market was getting comfort from Wednesday data that showed U.S. retail sales were flat in April, weaker than expected, as households cut back on purchases of automobiles and other big-ticket items.

That added to second-quarter growth concerns already prompted by sluggish U.S. nonfarm payrolls data last week.

Data on Thursday that showed the number of Americans filing new claims for unemployment benefits fell last week towards a 15-year low failed to alleviate concerns over the economy.

The dollar was trading close to four-month lows on Friday against a basket of major currencies, on speculation the U.S. central bank will not hike rate until later this year.

Higher rates would boost demand for the greenback, but diminish the appeal of non-interest-paying bullion.
  
Traders will be watching data for cues. U.S. data due Friday includes April industrial production and the University of Michigan's preliminary May reading on consumer sentiment.


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