Thursday, 14 January 2016

Gold turns higher as the dollar and US stocks weaken

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Gold turned higher on Wednesday as the dollar fell, US stocks dropped and a Federal Reserve president raised concerns about inflation expectations. 

US stocks sold off sharply and a brief rally in beaten-down oil prices stalled after US data added to concerns about an over supplied energy market. 

Spot gold was up 0.6 percent at USD 1,093.25 an ounce at 3:40 p.m. EST (2040 GMT), while US gold futures GCcv1 settled up 0.2 percent at USD 1,087.10. "The downturn in equities helped push prices up in the latter part of trade," said James Steel, chief metals analyst for HSBC Securities in New York. 

Also late in the session, Chicago Federal Reserve Bank President Charles Evans said he was nervous about the potential effects of China's slowdown on the US economy and about the possibility that inflation expectations may be slipping.

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