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- Gold price declines on a stronger U.S. dollar and due to a rise in stock markets
Gold price declines on a stronger U.S. dollar and due to a rise in stock markets
Gold price declined on a stronger U.S. dollar and due to a rise in stock markets. Stock markets were supported by on speculation that the Fed will delay its interest rate hike.
Concerns over the slowdown in the global economy also supported gold price. The negative German industrial production data added to these concern. Destatis released its industrial production data for Germany on Wednesday. German industrial production slid 1.2% in August, missing expectations for a 0.2% gain, after a 1.2% rise in July. July's figure was revised up from a 0.7% increase.
The World Gold Council said on Wednesday that central banks' gold reserves rose by 47 metric tons in August, after an increase by 62 tons in July. China and Russia were the biggest buyers.
December futures for gold on the COMEX today fell to 1146.30 dollars per ounce.
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