Global equity markets ended mostly in the red yesterday, on developments over
Gold futures had been trading higher amid reluctance by major central banks to signal their next moves. In the US, the Federal Reserve provided no clarity as to when it would begin tightening rates, while in
Nonetheless, investors continued to seek the save haven of the yellow metal amid concerns over the situation in
On Thursday, in a bid to thwart the advancing Islamic militants, the US President
In economic news, wholesale inventories in the US rose by less than expected in June, even as wholesale sales indicated only a modest increase, a report from the
Chinese exports rose notably more than expected in July on strong foreign demand but weak domestic consumption dragged imports, taking the trade surplus to a record high.
Gold for December delivery, the most actively traded contract, dipped
Gold for December delivery scaled an intraday high of
On Thursday, gold futures ended higher as investors sought the safe haven of the precious metal while staying away from risky equity assets as most global markets ended in the red on developments over
The dollar index, which tracks the US unit against six major currencies, traded at 81.36 on Friday, down from its previous close of 81.43 late Thursday in North American trade. The dollar scaled a high of 81.60 intraday and a low of 81.26.
The euro traded higher against the dollar at
In economic news from the US, labor productivity rose by a more than anticipated 2.5% in the second quarter, data released by the
Unit labor costs were up 0.6% in the second quarter, notably lower than expectations for a 1.4% growth.
Wholesale inventories in the US climbed by 0.3% in June, matching the downwardly revised increase seen in May. Economists had been expecting inventories to increase by about 0.6% compared to the 0.5% growth originally reported for the previous month.
The weaker than expected growth came as a 0.7% increase in inventories of durable goods was partly offset by a 0.2% drop in inventories of non-durable goods.
Wholesale sales in the US inched up by just 0.2% in June following a 0.7% increase in May.
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