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On Friday, the prices of gold drop slightly in Asia and investors watched for changes in the outlook for Asian economies, ahead of the Chinese yuan’s unexpected devaluation this week.
Gold for December delivery traded down by 0.14% to $1,114.00 a troy ounce on the Comex division of the New York Mercantile Exchange. Meanwhile, silver for September delivery fell 0.12% to $15.380 per troy ounce, and copper for September delivery declined by 0.08% to $2.352 per pound.
Overnight, gold futures shed some of their gains from last Wednesday’s rally, as investors locked into profits in the previous session, and the People’s Bank of China calmed markets by stating that there will be no further devaluation of the yuan.
In spite of the PBOC’s additional efforts to stabilize its currency, USD/CNY stayed close to its four-year high of 6.40, after the Chinese central bank reduced the Yuan Reference Rate by 1.1%.
It was stated by the PBOC deputy governor Yi Gang during a press conference in Beijing that the central bank is expecting to accelerate foreign exchange market development by remodeling its yuan pricing mechanism both offshore and on mainland China.
Furthermore, it was highlighted by Gang that the PBOC has sufficient foreign exchange reserves to give strong support for the significant devaluations in the currency.
Yi Gang goes a long way to dismiss reports that the PBOC could devalue the Yuan by as high as 10 percent on a long term basis.
China is the second largest gold consumer behind India and the world’s biggest producer of gold.
The primary jobless claims in the U.S remained near historic lows at 274,000 in the previous week and just above consensus estimates of 270,000. Meanwhile, the 4-month average edged lower by 1,750 to 266,250—a level 15,000 lower compared to the past month.
The U.S Labor Department gave a positive outlook for the labor market after announcing that nonfarm payrolls for the month of July has increased by 215,000, and the unemployment level stayed the same at 5.3%.
Elsewhere, the retail sales in the U.S sharply surged by 0.6% in the previous month. This figure is beyond the 0.5-percent increase that analysts expect. Furthermore, the US Census Bureau also revised retail sales data for the month of May and June upwardly, giving assurance for positive overall gains in the second quarter.
Gold2
On Friday, the prices of gold drop slightly in Asia and investors watched for changes in the outlook for Asian economies, ahead of the Chinese yuan’s unexpected devaluation this week.
Gold for December delivery traded down by 0.14% to $1,114.00 a troy ounce on the Comex division of the New York Mercantile Exchange. Meanwhile, silver for September delivery fell 0.12% to $15.380 per troy ounce, and copper for September delivery declined by 0.08% to $2.352 per pound.
Overnight, gold futures shed some of their gains from last Wednesday’s rally, as investors locked into profits in the previous session, and the People’s Bank of China calmed markets by stating that there will be no further devaluation of the yuan.
In spite of the PBOC’s additional efforts to stabilize its currency, USD/CNY stayed close to its four-year high of 6.40, after the Chinese central bank reduced the Yuan Reference Rate by 1.1%.
It was stated by the PBOC deputy governor Yi Gang during a press conference in Beijing that the central bank is expecting to accelerate foreign exchange market development by remodeling its yuan pricing mechanism both offshore and on mainland China.
Furthermore, it was highlighted by Gang that the PBOC has sufficient foreign exchange reserves to give strong support for the significant devaluations in the currency.
Yi Gang goes a long way to dismiss reports that the PBOC could devalue the Yuan by as high as 10 percent on a long term basis.
China is the second largest gold consumer behind India and the world’s biggest producer of gold.
The primary jobless claims in the U.S remained near historic lows at 274,000 in the previous week and just above consensus estimates of 270,000. Meanwhile, the 4-month average edged lower by 1,750 to 266,250—a level 15,000 lower compared to the past month.
The U.S Labor Department gave a positive outlook for the labor market after announcing that nonfarm payrolls for the month of July has increased by 215,000, and the unemployment level stayed the same at 5.3%.
Elsewhere, the retail sales in the U.S sharply surged by 0.6% in the previous month. This figure is beyond the 0.5-percent increase that analysts expect. Furthermore, the US Census Bureau also revised retail sales data for the month of May and June upwardly, giving assurance for positive overall gains in the second quarter.
Gold2
Daily outlook 8-14-2015
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