Global gold 
XAUUSD rises over 1% as the US dollar and US economic data weaken
Gold prices rose more than 1% on Thursday (May 15), supported by a weaker US dollar and weak US economic data, while Russian President Vladimir Putin’s absence from peace talks prompted some safe-haven buying.
At the close of trading on May 15, spot gold XXAU-AMEX:USD contracts gained 1.2% to $3,226.6 per ounce, after touching a more than one-month low earlier in the session. GoldXAUUSD futures advanced nearly 1% to $3,218.70 per ounce.
The US dollar index fell 0.1%, making gold, which is priced in the greenback, less expensive for holders of other currencies.
Data showed that the US Producer Price Index (PPI) unexpectedly declined in April, while retail sales growth slowed. Earlier this week, a report showed that the Consumer Price Index (CPI) rose less than forecast in April.
The market is pricing in the expectation that the US Federal Reserve (Fed) will cut interest rates in September. Lower interest rates boost gold’s appeal as it is a non-yielding asset.
Thursday’s data added to the chances of a Fed rate cut, with more dovish expectations forming in the market.
XAUUSD rises over 1% as the US dollar and US economic data weakenGold prices rose more than 1% on Thursday (May 15), supported by a weaker US dollar and weak US economic data, while Russian President Vladimir Putin’s absence from peace talks prompted some safe-haven buying.
At the close of trading on May 15, spot gold XXAU-AMEX:USD contracts gained 1.2% to $3,226.6 per ounce, after touching a more than one-month low earlier in the session. Gold
XAUUSD futures advanced nearly 1% to $3,218.70 per ounce.The US dollar index fell 0.1%, making gold, which is priced in the greenback, less expensive for holders of other currencies.
Data showed that the US Producer Price Index (PPI) unexpectedly declined in April, while retail sales growth slowed. Earlier this week, a report showed that the Consumer Price Index (CPI) rose less than forecast in April.
The market is pricing in the expectation that the US Federal Reserve (Fed) will cut interest rates in September. Lower interest rates boost gold’s appeal as it is a non-yielding asset.
Thursday’s data added to the chances of a Fed rate cut, with more dovish expectations forming in the market.
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