Gold futures rallied during the US session to rebound for the third straight session since October 11, shrugging off the rise in USD index according to the inverse relationship between them following economic developments and data followed Thursday by the US economy, the world’s largest economy. On the eve of Fed Chairman Jerome Powell’s speech again in Dallas, the FOMC member and Federal Reserve Bank President Rafael Postek in Madrid.

Gold futures for December delivery rose 0.18% to currently trade at $ 1,213.80 per ounce, showing a five-week decline from the opening at $ 1,211.80 per ounce, while the dollar index American shares rose 0.12% to 97.11 compared to the opening at 97.01.

US retail sales, which account for nearly half of consumer spending, which accounts for more than two-thirds of US GDP, showed accelerated growth to 0.8% versus a 0.1% drop in September, beating expectations for a rise 0.6%. The core reading of the same index also showed a rise of 0.7% against a 0.1% decline, also exceeding expectations of a 0.5% rise.

Gold futures

This came in conjunction with the reading of the index of claims for the last week last Saturday, which showed a rise to 216 thousand applications compared to 214 thousand applications in the previous weekly reading, contrary to expectations at 213 thousand requests, as indicated in the continued index of requests for aid for the week of the third of October Up to 1,676,000 versus 1,630,000, down from expectations of 1,625,000.

We also followed the Philadelphia Manufacturing Index, which showed a contraction of 12.9 versus 22.2 last October, worse than expected at 20.1, in conjunction with the New York Manufacturing Index, which expanded to 23.3 versus 21.1 In October, in contrast to expectations of a 19.9 contraction.

This came before Federal Open Market Committee (FOMC) and Federal Reserve Governor Randall Quarles’ testimony to banking supervision and regulation before the Senate Banking Committee, hours after his testimony to the House of Representatives Financial Services in Washington on Wednesday, Which showed slowing growth to 0.3% in line with expectations versus 0.5% in August.

In addition, investors are now looking closely at what Federal Reserve Governor Jerome Powell will talk again today at the event hosted by the Dallas Dallas Reserve Bank in Hurricane Harvey, before we see a Federal Committee member and bank chairman Atlanta Federal Reserve Rafael Postek on monetary policy at the World Takaful Center in the Spanish capital Madrid.

Fed Governor Paul, Federal Reserve Chairman and Federal Reserve Chairman Robert Kaplan spoke of several economic issues at the Dallas Fed meeting earlier in the day. Powell made no mention of widespread volatility and recent declines In the financial markets will play no role in monetary policy decisions of the Federal Reserve.