Gold price traded lower due to a stronger greenback

Market news

16 April 2015

Gold price traded lower due to a stronger greenback

Gold price traded lower as the U.S. dollar strengthened. The greenback rose as The Philadelphia Federal Reserve Bank's manufacturing index increased better than expected in April. The index increased to 7.5 in April from 5.0 in March, exceeding expectations for a rise to 5.5.

The increase was driven by an improvement in labour market.

Soft demand for physical gold also weighed on gold price.

June futures for gold on the COMEX today rose to 1194.30 dollars per ounce.

European stocks closed: FTSE 100 7,068.93 -27.85 -0.4 %, CAC 40 5,221.18 -33.17 -0.6 %, DAX 11,999.43 -231.91 -1.9 %

Oil prices traded lower as OPEC confirmed its production increased in March

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