New York (Benchmark News) – The increase in the price of gold eased in late trade on Wednesday (3/1/2017) after experiencing reinforcement in three weeks.
Reinforcement of the aggressive movement bogged down with the gold US dollar in currency markets. The dollar was at the peak of the highest level in 14 years.
Gold Futures down 0.2 per cent to US $1,156,96 per ounce. The price of gold away from the highest level on December 14, 2016. Wheres at the close of yesterday’s gold futures ended at US $1,163,52 per ounce. While the price of gold futures in the U.S. market were down 0.4 percent to US $1,157 .7 per ounce. Like quotes cnbc.com.
The U.S. dollar index is in the range of 103.34 rose to the strongest level as 103.82 since December 2002. Ownership of the SPDR Gold Trust, a gold fund exchange-supported the world’s largest, down 1.01 percent to 813.87 tonnes on Tuesday.
U.S. factory activity have risen faster to two-year highs in December 2016. This increase in the midst of a surge in new orders and fast rising prices of raw materials. This trend indicates some obstacles in the manufacturing of power and prolonged drop in the dollar price of oil is fading.
Other data on Tuesday showed U.S. construction spending reaches a height of 10-1/2 years in November. This figure gives a boost to fourth-quarter economic growth estimates. Reports suggest President Donald Trump will inherit a strong economy, with the labor market that is near jobs, from the Obama administration.
Data about the activity of the factory of China took more than expected in December due to demand accelerated. With output reaching near six-year high. Such private business survey showed on Tuesday, providing a strong manufacturing sector a boost heading to 2.017…(Red)