Tuesday, May 13, 2014

U.S. Dollar Gains, Gold Price Down

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Tuesday ( 05/13/2014 ) local time (Wednesday morning GMT ) , as new data forcing investors to focus on long-term economic projections from the United States , China and Europe .
The most active gold contract for June fell one U.S. dollar , or 0.08 percent , to settle at 1294.8 dollars per ounce .

The dollar rose after the German central bank showed its willingness to support the stimulus measures by the European Central Bank ( ECB ) in June .

It will include negative interest rates on bank deposits and loan package . Germany also said it could also be required to keep inflation from staying too low .
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The bad news for the euro , it means good news for the greenback . Analysts said that in turn reduces the demand for gold as an asset " safe haven " .

A report by the U.S. Commerce Department said retail sales rose just 0.1 percent in April and online retail sales ( online ) fell 0.9 percent , gold throw a lifeline and prevent it from further deterioration .

China's National Bureau of Statistics released a report on Tuesday that the country's industrial production slowed to 8.7 percent in April , compared with 8.8 percent in March . The same report said the country's retail growth dipped to 11.9 percent from 12.2 percent the previous month .

While silver for July delivery rose 0.4 percent , or 0.02 percent , to close at 19.547 dollars per ounce . Platinum for July delivery rose 14.1 dollars , or 0.98 percent , to end at 1456.0 U.S. dollars per ounce .


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