Gold extended losses yesterday as a drop from one year highs continued on technical selling and profit booking pressure. A rather choppy undertone was seen in global stocks yesterday. In the US, President Donald Trump signed a US$ 15.25 billion relief package to victims of the Hurricane Harvey, which includes raising the government debt ceiling, according to the White House. This kept the broad US markets supported. COMEX Gold is currently trading at $1326.70 per ounce, down marginally on the day. MCX Gold futures closed down 0.20% at Rs 29885 per 10 grams as a break under the key Rs 30K levels continued.
Economic data was generally good yesterday. US producer price index edged up by 0.2% in August after slipping by 0.1% in July. Excluding food and energy prices, core producer prices inched up by 0.1 percent in August after dipping by 0.1% in July. Eurozone industrial production increased slightly in July after declining in June, Eurostat reported Wednesday. Industrial production grew 0.1% month-on-month in July, in contrast to a 0.6% drop in June. Among components, capital goods rose 0.8% and intermediate goods rose 0.5%. Durable consumer goods output also advanced 0.7%.
The UK jobless rate fell to 4.3%, the lowest since 1975, the Office for National Statistics said. The number of unemployed persons decreased by 75,000 from February-April to 1.46 million in the May to July period. At the same time, the employment rate was 75.3%, the highest since records began in 1971. Average earnings including bonus climbed 2.1% from the previous year, the same rate as in the second quarter.
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