- Gold rose in the morning trading session, but dropped after the release of the U.S. economic data as the U.S. dollar strengthened
Market news
Gold rose in the morning trading session, but dropped after the release of the U.S. economic data as the U.S. dollar strengthened
On a yearly basis, the producer price index decreased 0.8% in July, beating forecasts of a 0.9% decline, after a 0.7% fall in June.
The rise was partly driven by higher services prices, which were up 0.4%.
The producer price index excluding food and energy climbed 0.3% in July, exceeding expectations for a 0.1% gain, after a 0.3% increase in June.
On a yearly basis, the producer price index excluding food and energy climbed 0.6% in July, beating forecasts of a 0.5% increase, after a 0.8% rise in June.
The U.S. industrial production rose 0.6% in July, exceeding expectations for a 0.3% increase, after a 0.1% gain in June. June's figure was revised down from a 0.2% rise.
The increase was driven by higher factory output. Factory output climbed by 0.8% in July.
Mining output climbed 0.2% in July, while utilities production declined 1.0%.
Capacity utilisation rate increased to 78.8% in July from 77.7% in June, in line with expectations. June's figure was revised down 77.8%.
October futures for gold on the COMEX was trading at 1114.60 dollars per ounce.
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