Gold futures
inched down on Thursday extending a recent slump, amid strong U.S.
consumption data and a lack of progress in Greek Debt negotiations.
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.02% to 1,172.70 a troy ounce. The precious metal closed lower for the sixth consecutive session, continuing its trend downward since plunging more than 1.2% on Monday. Gold futures traded in a tight range on the session between 1,171.10 and 1,177.30.
On Thursday morning, the U.S. Department of Commerce said consumer spending surged in May by 0.9%, the highest monthly gain in nearly six years and above expectations for a 0.7% rise. Bolstered by a 0.5% spike in personal income, the surge reflects an increase in consumer spending in auto purchases and retail goods. Consumer spending accounts for approximately two-thirds of economic activity throughout the U.S.
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.02% to 1,172.70 a troy ounce. The precious metal closed lower for the sixth consecutive session, continuing its trend downward since plunging more than 1.2% on Monday. Gold futures traded in a tight range on the session between 1,171.10 and 1,177.30.
On Thursday morning, the U.S. Department of Commerce said consumer spending surged in May by 0.9%, the highest monthly gain in nearly six years and above expectations for a 0.7% rise. Bolstered by a 0.5% spike in personal income, the surge reflects an increase in consumer spending in auto purchases and retail goods. Consumer spending accounts for approximately two-thirds of economic activity throughout the U.S.
Gold prices recovered from lows to end with gains as the U.S. dollar. Dollar Advisory also recommends informative commodity and Equity Tips.
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