By Ellie Wang
The gold price moved lower during Asia morning trading hours on Friday after reaching multi-month highs yesterday amid a weakened dollar following a disappointing press conference by US President-elect Donald Trump on Wednesday.
The spot gold price was recently quoted at $1,192.50/1,192.80 per oz as of 11:47 Shanghai time, down $3.50 from the previous day’s close. Trade has ranged from $1,191.15 to $1,196.75 so far today.
Trump’s comments during his first press conference since winning the US presidential election in November did little to instil confidence in his ability as the upcoming US president, instead fuelling greater market uncertainty, which subsequently saw the dollar slide.
Gold in response surged to over the key psychological level of $1,200 on Thursday, the first time since November.
US Fed Chair Janet Yellen later on Thursday said that she was upbeat over the US’s short-term economic outlook, adding that the economy is doing well and that there were no serious obstacles ahead in the near term.
However, she did express some concern towards longer term issues such as widening income inequality and weak growth in labour productivity.
•The US dollar index stood at 101.53 as of 11:24 Shanghai time, up 0.11% against last session’s close.
•US weekly unemployment claims came in at 247,000 on Thursday, lower than expected 266,000, a bit higher than previous week’s 237,000.
Silver, PGMS down
•In other precious metals, the spot silver price was down at $16.705/16.685 per oz as of 11:50 Shanghai time.
•Platinum was down $3 at $969/974 per oz as of 11:51 Shanghai time while palladium decreased $1 to $753/758 per oz.
•On the Shanghai Futures Exchange, gold for June delivery was recently at 270.75 yuan ($39.24) per gram as of 11:30 Shangai time, up 0.02% compared with yesterday’s close.
•On the SHFE, the June silver was at 4,111 yuan per kg as of 11:30 Shanghai time, a decrease of 0.53% compared with yesterday’s close.
Currency moves and data releases
•The US dollar index stood at 101.53 as of 11:24 Shanghai time, up 0.11% against last session’s close.
•The central bank of China recently set the yuan middle rate against the US dollar at 6.8909, slightly stronger than 6.9141 on Thursday.
•In equities, the Shanghai Composite was at 3123.58 as of 11:26 Shanghai time, down 0.14% compared
(Editing by Kyle Docherty)
The post Gold lower after yesterday’s surge appeared first on The Bullion Desk.
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Source: Bullion Desk News
