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@Gold eases from two-week high as US data comes into focus(19/05/2560)

19 May 2017
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Investing.com - Gold futures pulled back from two-week highs on Thursday, after stronger U.S. manufacturing and initial jobless claims data dented the ‘flight to safety’ trade. Gold for June delivery on the Comex division of the New York Mercantile Exchange lost $11.44 or 0.91%, to $1,247.20 a troy ounce by 14:05 EDT. Demand fell for traditional safe-havens such as gold, U.S. treasuries, and the yen, as investors turned attention to better than expected U.S. economic data, despite continued political turmoil in Washington. The Federal Reserve Bank of Philadelphia said Tuesday that its Philly Fed manufacturing index rose to a seasonally adjusted 38.8, from 22.0 in the preceding month, well above analysts’ expectations of a rise to 19.5. In a separate report on Tuesday, The Labor Department said the number of Americans who filed for unemployment insurance for the week ended May 12, dropped by 4000 to 232,000. The release of upbeat economic data came amid continued U.S. political turmoil in Washington, after the Justice Department appointed former FBI Director Robert Mueller as a special counsel to lead a federal investigation into allegations that President Trump collaborated with Russia during the 2016 election. Meanwhile, Cleveland Federal Reserve Bank President Loretta Mester on Thursday repeated her call for further U.S. interest rate hikes in the wake of recent U.S. economic data, showing that the rate of employment and inflation is close to matching the Fed’s objectives. According to investing.com’s Fed rate monitor tool 61% of traders expect the Federal Reserve to hike its benchmark rate in June, compared to nearly 80% of traders in the previous week. In other precious metals, silver futures dipped 1.89% to $16.583 a troy ounce while platinum dropped 1.40% to trade at $932.90, Copper fell to $2.531, down 0.61% while natural gas traded flat at $3.192. Source: investing.com (18/05/2017)

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