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- Gold price traded higher on the weaker-than-expected U.S. economic data
Gold price traded higher on the weaker-than-expected U.S. economic data
Gold price traded higher on the weaker-than-expected U.S. economic data. The NAHB housing market index declined to 54 in May from 56 in April. Analysts had expected the index to rise to 57. The decline was driven by lower sales and slower buyer traffic.
This figure added to speculation that the Fed will delay its interest rate hike.
Comments by Federal Reserve Bank of Chicago President Charles Evans also supported gold price. Evans said in Stockholm on Monday that the Fed should delay its interest rate hike until early 2016 as inflation in the U.S. is still low.
Evans noted that the Fed could raise its interest rate in every monetary policy meeting, depending on the incoming data. He added that he projects the U.S. economy need more time to recover from the first-quarter weakness.
The Greek debt crisis continues to support gold price.
June futures for gold on the COMEX today rose to 1227.80 dollars per ounce.
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