• Gold prices jumped 1.4 per cent to the highest level in nearly two weeks on Friday after data pointed to weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year.
• U.S. consumer prices were unchanged in June and retail sales fell for a second straight month.
• Bond yields dipped and the dollar index slid to their lowest level since September 2016 after the weaker-than-expected figures.
• Spot gold gained 0.96 per cent at $US1,228.61 per ounce by 0501 AEST (1901 GMT) after hitting $US1,232.76.It was poised for a weekly gain of 1.3 per cent, the biggest since mid-May.
• The U.S. data bolstered expectations that the U.S. Federal Reserve would likely to move slowly to continue raising interest rates in the absence of inflation signs. Some had been expecting another rate hike in 2017.
• Fed Chair Janet Yellen's comments to the U.S. Congress this week "were more dovish than originally anticipated," said David Meger, director of metals trading for High Ridge Futures in Chicago.
Friday's "data reaffirms the delay," he said. "We're seeing precious (prices) buoyed on the back of that."
• The most-active U.S. gold futures for August delivery futures settled up $US10.20, or 0.84 per cent, at $US1,227.50 per ounce. The contract finished the week up 1.5 per cent, its first gain in six weeks.
• Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said the chart picture had been damaged last week when gold broke below its May lows, but bullion was now fighting back.
"The key level is $US1,230 on gold. In order to turn neutral again we need to move back above that level," he said.
• Silver prices rose 1.79 per cent at $US15.94 per ounce, heading toward a weekly gain of 2.3 per cent.
Reference: Business News
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