Oil And Gold Prices Rise After Mixed U.S. Data Weakens USD
ICM Brokers | Sep 16, 2014 02:33AM ET
Crude Oil
Oil prices rose in U .S. trading on Monday after mixed data weakened the U.S. dollar, though soft Chinese factory data capped oil's gains Crude gains on weaker dollar, though Chinese data weigh oil firms as dollar rally takes a breather on mixed U.S. data A softer greenback firms oil by making the commodity more attractive in dollar-denominated exchanges, especially in the eyes of investors holding other currencies. Mixed data softened the dollar earlier, which gave oil room to rise despite bearish pressure out of China. Oil prices were weaker earlier after data released on Saturday showed that China's industrial output grew at the weakest pace in nearly six years in August, adding to concerns over a slowdown in the world’s second largest economy.
Gold
Gold prices rose on Monday after mixed U.S. data gave investors room to snap up nicely-priced positions in the commodity, but expectations for the Federal Reserve to deliver an upbeat take on the economy this week capped gains. Gold gains on mixed U.S. data, though Fed focus caps gains gold gains as dollar rally takes a breather on mixed U.S. data. Mixed U.S. data gave gold room to rise on Monday and come off eight-month lows, though Federal Reserve expectations capped gains. In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to a five-year high of 27.5 this month from 14.7 in August. Analysts had expected the index to rise to 16.0 in September. A separate report showed that U.S. industrial production fell 0.1% last month, disappointing forecasts for a 0.3% gain. Industrial production for July was revised down to a gain of 0.2% from a previously reported increase of 0.4%.
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