|08-22-2014, 01:30 PM||#1|
Commodities extend losses after positive US data
Gold remained to the downside as well as crude oil prices Thursday afternoon, weighed by a slew of positive economic data from the world`s largest economy.
The commodity market saw a sell-off after the US Labor Department said that filing for unemployment benefits dropped to the a seven-year low last week, fueling expectations that the Federal Reserve might start tightening its bullion-friendly policy, with a sooner-than-expected interest rate hike.
As of 09:04 a.m. ET, Spot Gold was down 1.27% at $1,276.75 an ounce. Among other precious metals:
- Spot Silver was down 0.45% at $19.42 an ounce
- Spot Platinum was down 0.54% at $1,420.25 an ounce
- Spot Palladium was up 0.92% at $876.90 an ounce
Gold prices were already weighed by yesterday`s FOMC minutes which brought the reality of the coming policy pivot a little closer to view, suggesting if the economy and employment continue to improve, monetary tightening will be incremental and predictable.
On the energy markets, oil futures traded lower under the impact of China`s downbeat growth data amid signs of slower demand in the world`s second-biggest consumer. The HSBC flash China Manufacturing PMI moderated to 50.3 this month, down from 51.7 in July, trailing analysts` average forecast of 51.5.
- West Texas Intermediate for October delivery fell 0.33% to $93.12 a barrel.
- Brent for delivery in October fell 0.81% to $101.45 a barrel on the ICE Exchange in London
Pressure was still evident on the dollar-denominated commodities. The dollar hit the highest level in almost a year against a six-currency basket, f ollowing the jobless claims data.
As of 16:16 GMT+3, the USDIX traded around 82.25 from 82.29, after hitting an 11-month high of 82.36.
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