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03.10.2016 15:30

Gold trading lower



Gold fall today after stronger US data on business activity.

The US dollar rose after the manufacturing sector rebounded in September.

According to the report of the Institute for Supply Management (ISM), manufacturing PMI sector rose to 51.5 in September from 49.4 in August. Readings above 50 indicate expanding activity.

The manufacturing sector in recent years harmed the sluggish global economic growth and a strong US dollar.

"Positive news that the production index jumped after the fall, - says Brian Deyndzherfild, an analyst at RBS Securities -. Since September, the Fed signaled its intention to raise interest rates and the market, of course, will follow the economic data."

Earlier, gold prices were largely stable after the decision of the UK to triger article 50.

China's markets are closed from 1 to 9 October.

British Prime Minister Theresa May said on Sunday that the United Kingdom will start the process of exit from the EU no later than March next year, but it did not have any significant impact on the demand for gold.

Brexit calendar unlikely to have a direct impact on the gold price, says Julius Baer analyst, Carsten Menke.

Messages that Deutsche Bank is in talks with the US Justice Department to reduce the compensation designated for settlement of the dispute, also increased investors' appetite for risk.

Gold imports to India fell for the ninth straight month as weak retail demand and high prices have prompted banks and refining company to reduce foreign buying.

The cost of December futures for gold on the COMEX fell to $ 1313.7 per ounce.

03.10.2016 15:37

WSE: Session Results

Market Focus

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  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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