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Gold rose amid downbeat U.S. data
Gold rose to $1,146.50 (+0.78%) despite gains in Asian equities as new data on the U.S. economy suggested that the Federal Reserve will postpone a rate hike.
U.S. trade deficit expanded in August amid a stronger dollar, low commodity prices and slow growth overseas affected demand for U.S. products. The deficit rose by seasonally adjusted 15.6% to $48.33 billion in August. Imports rose by 1.2%, while exports fell by 2% (the lowest level since October 2012).
The IMF cut global GDP growth forecast for 2015 and 2016 by 0.2% to 3.1% and 3.6% respectively. "Relative to last year, the recovery in advanced economies is expected to pick up slightly, while activity in emerging market and developing economies is projected to slow for the fifth year in a row, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries," the IMF said. U.S. GDP growth forecast was cut by 0.5% to 2% for this year and by 0.7% to 2.2% for 2016. Euro zone economic growth forecast was kept at 1.5% for 2015 and lowered by 0.1% to 1.6% for 2016.
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