|09-17-2014, 02:26 PM||#1|
Gold consolidates while crude jumps in New York
Gold consolidates as the Federal Reserve began a two-day policy meeting amid signs that inflation remains muted while that crude climbed after OPEC’s Secretary General said the group may cut output targets next year.
In fact Abdalla El-Badri said today that the Organization of Petroleum Exporting Countries’ production quota could fall 500,000 barrels a day to 29.5 million barrels a day next year. El-Badri was speaking at OPEC’s secretariat in Vienna after talks with Russian Energy Minister Alexander Novak today
Otherwise today a report showed that producer price index in the U.S. was unchanged in August, matching estimates by Bloomberg after a 0.1% rise in July.
On an annual basis, wholesale prices increased 1.8%.
Excluding food and energy increased 0.1% in August, in line with estimates and were also up 1.8% over the past 12 months.
Accordingly the gold is so far trading around $1238.75 an ounce recording a high of $1241.85 ounce and a low of $1231.55 an ounce and crude is trading around $94.78 a barrel recording a high of $94.85 a barrel and a low of $92.45 a barrel.
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