BULLION LATEST 03/01: Gold prices retreat as dollar rebounds on strong US data
Gold prices weakened in the Asian morning trading session on Wednesday January 3 as the dollar rebounded following the release of strong US economic data.
The spot gold price was recently quoted at $1,312.55/1,312.90 per oz, down $7.42 from the previous trading day’s close. Trade has ranged from $1,311.90 to $1,321.30 per oz so far today.
The US dollar index on Wednesday morning was up 0.06 to 91.89 after US manufacturing PMI for December indicated the strongest manufacturing growth since March 2015.
“US manufacturers ended 2017 on a high. Output growth accelerated to its fastest since the start of the year on the back of a marked upswing in demand as the year came to a close,” Chris Williamson, Chief Business Economist at IHS Markit said.
Silver and PGMS rise
- In the other precious metals, the spot silver price down $0.110 at $17.060 to $17.080 per oz. Platinum down $3 to $937/942 per oz while palladium down $3 to $1087/1092 per oz.
- On the Shanghai Futures Exchange, gold for June delivery was recently at 276.15 yuan ($42.49) per gram, and the June silver was at 3,915 yuan per kilogram
Currency moves and data releases
- In other commodities, the Brent crude oil spot price was up $0.09 at to $66.57 per barrel and the Texas light sweet crude oil spot price was down $0.01 at $60.41 per barrel.
- In equities, the Shanghai Composite was up 0.77% to 3374.26.
- In data, the market will be keeping its eyes on FOMC minutes due tonight, as well as Spanish and German unemployment figures and the US ISM manufacturing PMI number.