BULLION TIPS NEWS UPDATE
Gold rose on Thursday buoyed by a weaker
dollar after minutes from the U.S. Federal Reserve's July meeting showed
policymakers were divided over whether to raise interest rates soon. Meanwhile
US data reports showed the number of Americans filing for unemployment benefits
fell more than expected last week while manufacturing activity in the U.S.
Mid-Atlantic region saw a mild improvement this month. This limited upside in
bullion prices. However, prices were weak on Friday morning in Asian trade
after New York Fed President William Dudley said strong recent U.S. job growth
and a long-awaited return of middle-wage employment are two positive signs for
the labor market, appearing to reinforce his more confident message on a
possible interest rate hike. In other news, European Central Bank rate setters
agreed not to discuss any policy change at their July meeting and to keep
market hopes for more stimulus in check, despite rising risks linked to
Britain's vote to leave the European Union, minutes showed on Thursday.
The accounts of the meeting suggested the
ECB's Governing Council, which will meet again on Sept. 7- 8 and examine new
inflation forecasts, was in no rush to act, taking comfort from a calmer-than
expected market reaction to the Brexit vote even though risks had "clearly
increased". Shanghai bullion prices were mixed on Friday morning with gold
trading lower and silver prices trading higher. Domestic bullion prices were
trading lower on Friday morning.
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