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- Gold edged up
Gold edged up
Gold slightly climbed to $1,091.30 (+0.06%) amid falling stocks and as weaker-than-expected data on the U.S. economy raised concerns over the chances that the Federal Reserve will conduct another rate hike in March. Retail sales and industrial production missed estimates in December.
Physical demand was sluggish as buyers from one of the major consumers China cut spending amid slowing economy.
Nevertheless a research by Thomson Reuters, quoted in the Financial Times magazine on Sunday, suggested that gold prices could experience upward pressure. The research showed that global production of gold is likely to decline by 3% in 2016 after seven straight years of rising output. Production reached its peak in 2015.
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