On Friday in Asia Gold prices rose despite US inflation stronger than expected and job data opposed by Jerome Powell’s Federal Reserve Chairman’s concerns that economic growth was under threat.
August’s gold distribution revenue at the New York Mercantile Stock Exchange Comex division traded at $ 1,409.6 for 12:38 ET, up 0.2%.
Earlier this week, Powell expressed concerns that the US economy was under threat from a number of uncertainties, not least US trade disputes and their impact on the wider world economy. He was also concerned that weak inflation would be more stable than previously expected.
“After all, the economy is in a very good place and we want to use our means to keep it there,” said the Fed chair, who pledged to “act as appropriate to support the expansion” of the economy US.
However, data released on Thursday showed that weekly unemployment claims came to 209,000, lower than 220,000, adding that the signs that the US labor market remains strong. The data came after a stronger report than expected, released last Friday.
Meanwhile, consumer base price rose by more than a year and a half in June, data showed. The sudden surge at 2.1% pushed the reader a little behind the Federal Reserve target of 2.0%.
Yellow metal stopped its rally and traded lower immediately after the data, but returned Friday in Asian trading and remained above $ 1,400./Investing.com