Gold prices up
Gold prices scored a two-week high Wednesday, pushed by:
1. Subdued inflation figures in the U.S., which cracked expectations of a December interest rate hike.
2. The disclosure of positive data around China’s economy, which grew by 6.7% in the third quarter, year-on-year. The Asian giant’s retail sales also grew in September, in this case by 10.7% compared with the previous year, and its industrial production was up as well, by 6.1% in September year-on-year.
As a result of these developments, December Comex gold was last up $7.40 an ounce at $1,270.30. December Comex silver was last up $0.017 at $17.655 an ounce.
Nevertheless, Goldman Sachs’ experts say that gold prices need to climb past the $1,303-an-ounce level before anyone can say the precious metal has actually resumed its recovery from the multi-year lows they hit last December.