Gold futures fell during the US session, the lowest since December 14 amid the rebound of the dollar index for the second consecutive session of its lowest since June 14, according to the reverse relationship following developments and economic data that followed Wednesday on The US economy is the largest economy in the world and is on the threshold of a recent Federal Reserve Board Chairman Randall Cowards in Idaho.

Gold futures for August delivery fell 0.29% to currently trade at $ 1,256.20 per ounce from the opening price of $ 1,259.90 per ounce. The US dollar index rose 0.31% to 94.97 compared to the opening at 94.68.

US durable goods sales, which account for almost half of consumer spending, accounting for more than two-thirds of US GDP, showed contraction of 0.6% from 1.6% in April, higher than expectations for a 0.9% drop. , While the core reading of the same index showed stability of 0.3% against 1.9%, worse than expected at 0.5%.

Gold chart

This came in line with the release of the Trade Balance of Goods Index, which showed the deficit shrank to $ 64.8 billion against $ 67.3 billion in April, contrary to expectations of a widening deficit to $ 68.9 billion. Growth to 0.5% versus 1.0% in April, excluding expectations of 0.2%.

To the US housing market data released with the Existing Home Sales Index showing a contraction of 0.5% from 1.3% in April, in contrast to expectations of a 0.4% rise, on the eve of the upcoming Fed Chairman’s speech And one of the seven federal commissioners, Randall Quarles, on financial regulation at the annual conference of the Utah Association of Bankers.

In addition, the World Gold Council recently disclosed that global demand for gold fell 7% in the first quarter of 2018 to 973.5 metric tons, the lowest level since the first quarter of 2008, adding that the drop in demand for gold was led by Investment sector, 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 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.