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emfizz.com October 21, 2017


Gold Inches Toward $1300 Ahead Of Inflation Data

13 August 2017, 02:13 | Jan Cross

Investors await the headline U.S.consumer inflation data for July for more clues about future Fed decisions. Nasdaq-100 futures shed 13.75 points, or 0.2%, to 5,776.

Although the metal is now following a positive trajectory on the daily charts, market players might decide to remain on the sidelines ahead of the USA inflation report, released later today.

The Chinese yuan was up marginally after the central bank set the yuan midpoint at 6.6770 to the dollar, the highest level 10-1/2 months.

Asian equity markets extended a global slide on Friday, sending investors fleeing to less risky assets such the yen, the Swiss franc and U.S. Treasuries.

In the latest developments between the two countries' war of words, President Donald Trump issued another set of statements on Thursday, saying that his warning of bringing "fire and fury" to North Korea - if it continues its threats - may not have been "tough enough". The Standard & Poor's 500 index dropped 1.4 percent to 2,438.21. "So why buy risk assets (such as equities or credit) when the thematic at hand isn't going to resolve itself in the immediate short-term?"

Asked if he would consider a pre-emptive strike against North Korea to deny it the ability to launch a nuclear attack against the United States, Trump said, "We'll see what happens".

The Nasdaq Composite, meanwhile, was facing its worst week since the one ended December 2, which logged a loss of just over 2%. It is poised to end the week down 1.9 percent. Despite all the innovation, there is a single component no tech company can survive without. After a very quiet start to the week due to the summer season, the second half has been dominated by geopolitics - with the mounting tensions between the United States and North Korea denting risk sentiment, ultimately punishing global stocks.

USA producer prices Thursday disappointed, as traders await consumer price inflation figures later Friday. Eastern Time, alongside core CPI.

Against the pound, the euro managed to gain margially, rising 0.06% to 0.9047.

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Disappointing US inflation and jobs data have not helped the dollar.

On the Fed speaker list, Dallas Fed President Rob Kaplan is scheduled to appear in a question-and-answer session at the University of Texas Arlington, in Arlington, Virginia, at 9:40 a.m.

Gold prices closed up around 1.48% at $1,281.30 per ounce on Wednesday.

Nvidia Corp.(NVDA) shares fell 7%, even after the chip maker posted upbeat earnings late Thursday.

Sterling was last trading at $1.3009, up 0.27 percent on the day.

J.C. Penney Co.(JCP) is on tap to report quarterly earnings ahead of the market open.

South Korea's KOSPI fell 1.4 percent, taking its losses this week to almost 3 percent.

Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tension with North Korea, industry sources said Saturday.



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