Commodity News
HeadLine : Gold eases on demand for riskier assets, set for worst week in two months
Date : Jan 17 2020
Gold edged lower on Friday, on track to post its worst week in two months, as positive U.S. economic data and optimism over an interim U.S.-China trade deal boosted appetite for riskier assets and dented some of bullion’s allure. Spot gold edged 0.1% lower to $1,550.96 per ounce. For the week, prices have declined 0.7% so far, it’s lowest since the week ended Nov. 8. U.S. gold futures was flat at $1,550.80. Asian equities rose on the back of global stocks and Wall Street scaling new records, on encouraging U.S. economic data and strong corporate earnings. Data from the United States showed retail sales rose for a third straight month in December and the number of Americans filing claims for unemployment benefits dropped for a fifth straight week last week.  A gauge of manufacturing activity in the U.S. Mid-Atlantic region rebounded in January to its highest in eight months. Investors are now awaiting Chinese economic data, where China is expected to post that economic growth slowed to its weakest in nearly three decades in 2019 amid a bruising trade war with the United States.

Source : Reuters

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