Gold up slightly on weaker dollar

Jan 10, 2017 - 5:42 AM GMT
by

By Ellie Wang

Gold prices were up slightly during Asian morning trading hours on Tuesday amid a weaker dollar.

The spot gold price was recently quoted at $1,186.10/1,186.30 per oz as of 11:34 Shanghai time, up $3.4 from the previous day’s close. Trade has ranged from $1,180.05 to $1,186.90 so far today.

The dollar continued to weaken this morning after posting falls yesterday.

•The dollar stood at 101.58 as of 11:43 Shanghai time, down 0.39% compared with yesterday’s close.

•The dollar closed down at 101.96 despite most data coming in on target on Monday.

•In data on Monday, the January EU Sentix investor confidence index was 18.2, beating the forecast 12.6. But November German industrial production rose just 0.4%, below the predicted 0.7%.

•The US Labour Market conditions Index for December came in at -0.3% month-on-month, much lower than previous 2.1%.

Silver flat, PGMS up

•In other precious metals, the spot silver price was almost flat at $16.655 to 16.675 per oz as of 11:36 Shanghai time.

•Platinum was up $6 at $977/982 per oz as of 11:36 Shanghai time while palladium increased $4 to $759/764 per oz.

•On the Shanghai Futures Exchange, gold for June delivery was recently at 271.7 yuan ($39.2) per gram, up 0.82% compared with yesterday’s close.

•On the Shanghai Futures Exchange, the June silver was at 4,134 yuan per kg, an increase of 0.78% compared with yesterday’s close.

Currency moves and data releases

•The dollar stood at 101.58 as of 11:43 Shanghai time, down 0.39% compared with yesterday’s close.

•The central bank of China recently set the yuan middle rate against the US dollar at 6.9234, down slightly from Monday’s rate of 6.9262.

•Chinese consumer price inflation (CPI) for December fell to an annual rate of 2.1%, from 2.3% in the preceding month. 2.2% had been expected.

•China’s PPI data for December came in at 5.5%, against the expected 4.6%. It was also higher than November’s rate of 3.3%.

•In data due later today, China has M2 money supply and new loans data for December.

(Editing by Kyle Docherty)