News Column

Gold Nudges Up Near USD1265, Palladium At Highest Since 2001

June 12, 2014

WASHINGTON (Alliance News) - Gold futures were creeping higher for a third day Wednesday morning, ahead of a slew of US economic data including the latest reading on retail sales. US Comex gold futures for August delivery were up USD4 at USD1,260.70 an ounce.

Silver inched up 7 cents to USD19.24 an ounce.

Meanwhile, palladium prices have skyrocketed of late amid labor problems at African mines. Palladium added USD1.30 an ounce to USD853.25 after rallying to USD862.50 an ounce on Wednesday, its highest level since February 2001.

On the economic front, the Labor Department is scheduled to release its jobless claims report for the week ended June 7th at 8:30 am ET. Economists expect claims to have declined to 309,000 from 312,000 in the previous week.

Around the same time, the Commerce Department is due to release its retail sales report for May. The consensus estimate calls for a 0.6% month-over-month increase in retail sales, while excluding autos retail sales may have risen by 0.4%.

Also at 8:30 am ET, the Labor Department will also release its report on export and import prices for May. Economists expect a 0.2% month-over-month increase each for import and export prices.

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Source: Alliance News

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