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Gold Gains Some Strength Despite of Limited Gains

In European morning hours on Friday, gold prices recovered some deal, after hitting one-week decline in the earlier meeting due to a tougher U.S. dollar, as the announcement of upbeat record Chinese economic development increase request for the precious metal.

On the Comex division of the New York Mercantile Exchange,  gold futures for June distribution were up 0.38 percent at $1,231.10.

The June deal closed on Thursdays session 1.75 percent  lower at $1,226.50 an ounce.

Futures were expected to find support at $1,224.60, the low from April 7 and resistance at $1,245.80, Thursday’s increase.

Records on Friday revealed that China’s gross domestic product  increase by a yearly rate of 6.7 percent in the first quarter, in line with market outlooks, following a progress rate of 6.8 percentage in the three months to December.

Another report displayed that Chinese industrial production upsurge by a yearly rate of 6.8 percent in March, beyond expectations for a 5.9 percent increase, after a 5.4 percent  increase in the previous month.


The positive data lessened concerns over strike in China, the world’s largest gold consumer.

However,  the precious metal’s increases were topped as the U.S. dollar continued to soar near two and a half week peak on Friday.

The U.S. dollar index, that measures the currency’s strength against a trade-weighted basket of six main currencies, was stable at 94.99, just lower than Thursday’s two-and-a-half week high of 95.21.

Market members were looking at the release of U.S. data on industrial outlook and consumer sentiment due later Friday for additional signs on the strength of the economy.

The U.S. Department of Labor stated on Thursday, the number of individuals filing for first jobless benefits in the week finishing April 9 reduced by 13,000 to 253,000, the bottom level since March 1973.

In March,  another data showed that the U.S. consumer price index increase increases 0.1 percent, unacceptable expectations for a 0.2 percent increase. YoY, consumer prices increased 0.9 percent last month, confounding anticipations for an upsurge of 1.0 percent.

Somewhere else in metals trading,  silver futures  delivery for May edged up 0.01 percent  to $16.175 a troy ounce, while copper futures delivery for May lost 1.11 percent to $2.147 a pound.

On Other News

Gold price set for first weekly drop in three

Today, gold strengthened  after 3 days of weakening, but seemed to be headed for its first weekly decline in three.

On Tuesday, the precious metal had touch a three week high, however,  soon lost those increases as the "strength in the dollar and global equities curbed appetite for the safe-haven metal", according to the report.

Spot gold stabilized at $1,230.50 an ounce by 10:02 GMT, after declining 1.3%  in the previous term. It is below one per cent for the week.

Boris Mikanikrezai, a metals analyst at FastMarkets stated, in spite of the decline, demand and hypothetical buying interest "could push gold to new 2016 highs in the next month or so."  

In a record released, the US labour market persistent to show strong point, but the US FED is still exercising carefulness in its rate increase approaches, according to source.


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