|08-26-2014, 02:30 PM||#1|
Gold and crude consolidate on a calm day in New York
Gold and crude prices narrow traded in New York on a calm day with few data released after that last week the Fed’s Chairwoman Yellen said Friday the Fed awaiting further evidence about the health of the labor market and the economy before making a decision on interest rates.
Also we should be aware that China’s gold imports from Hong Kong in July fell by 42 percent from a month earlier as an anti-corruption campaign and price declines deterred Chinese consumers while that the cheapest crude oil since January has refiners producing fuel at record rates, helping lower the cost of gasoline at pumps across the country.
Now Yellen`s words were focused on the labor market, which she said still hasn`t recovered from the financial crisis.
"First, the sluggish pace of nominal and real wage growth in recent years may reflect the phenomenon of `pent-up wage deflation,`" Yellen said. Yellen added that despite strengthening indicators in the labor market, she still sees "significant" underutilization of labor resources.
The Chairman said that the " functioning of the labor market have made it more difficult to judge the remaining degree of slack". Differing interpretations of these developments affect judgments concerning the appropriate path of monetary policy, the Fed Chair added.
Accordingly the gold is so far trading around $1278.75 an ounce recording a high of $1280.70 ounce and a low of $1275.40 an ounce and crude is trading around $93.25 a barrel recording a high of $93.92 a barrel and a low of $97.05 a barrel.
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