Gold futures fell nearly 1 percent during the US session, its lowest since December 18, as the dollar index rebounded from its lowest level since June 14, according to the latest developments and economic data. The world’s largest economy and on the verge of disclosing US consumer confidence and the talk of a Federal Open Market Committee member and head of the Atlanta Federal Reserve Bank Rafael in Alabama.
Gold futures for August delivery fell 0.69% to currently trade at $ 1,260.10 per ounce from the opening at $ 1,268.90 per ounce. The US dollar index rose 0.27% to 94.55. Its lowest in nearly two weeks compared to the opening at 94.29.
US economy continued to release housing data, with the S & P House Price Index showing a slower growth of 0.2% from the March reading and expectations of 0.4% Growth at 6.6% versus 6.7% in the previous annual reading for March, contrary to expectations that accelerated growth to 6.9%.
Gold chart
In addition, investors are now looking to see what the June consumer confidence index will release, which may reflect a contraction of 127.6 vs. 128.0 last May, in conjunction with the Richmond Industrial Average reading for the same month which may also reflect The gap narrowed to its 15 versus 16 in May, before we saw the FOMC member and Federal Reserve Bank President Rafael at the Birmingham Institute of Civil Rights in Alabama.
World Gold Council has recently revealed that world demand for gold fell 7% in the first quarter of this year 2018 to 973.5 metric tons, the lowest level of demand since the first quarter of 2008, adding that the decline in demand for gold was led by the sector Investment, explaining that the total investment in the yellow metal fell 27% to 287 metric tons against 393 metric tons in the first quarter of last year 2017.
The council also reported that investment in bullion and gold coins also declined in the first quarter by 15%, while central banks’ demand for gold rose 42% to 116.5 mt, particularly with Russia’s demand for yellow metal rising, At 487.7 mt during the first quarter, in conjunction with the growth of the supply of mines 1% on an annualized basis during the last quarter to about 770 metric tons.
Gold holdings at SbDeR , the world’s largest gold-backed fund, fell on Monday by 4.42 metric tons to a total of 820.21 metric tonnes, the lowest level since August 29.