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Gold inches higher upon rising PPI, retail sales
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09:56, July 15, 2009

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended slightly higher on Tuesday as concerns on deflation were reduced after higher-than-expected Producer Prices Index (PPI) and retail sales were released. Silver and platinum both went up, too.

Gold price for August delivery gained 30 cents to finish at 922.8 U.S. dollars an ounce.

Some important economic data released on Tuesday forecast an improvement of economy situation, undermining investors' worries on deflation and refueling gold's allure of hedge.

The U.S. Labor Department reported that PPI saw its sharpest rise since November 2007. The PPI in June rose 1.8 percent month-over-month following a 0.2-percent increase in May, while the core PPI climbed 0.5 percent. Economists had expected a 1-percent increase in producer prices and a 0.1-percent increase in core producer prices.

Meanwhile, the Commerce Department said retail sales showed a notable increase for another month, as sales rose 0.6 percent in June, the same pace of increase in the previous month and above economists' expectations of a 0.4-percent increase in retail sales.

A strong dollar and retreating crude oil, which fell back below60 dollars a barrel by the end of gold floor trading time after climbing above 61 dollars earlier in the session, both pressured the precious metal and limited the gains.

September silver finished at 12.855 dollars per ounce, up 7 cents. October platinum rose 17.80 dollars to 1,135.10 dollars an ounce.

Source:Xinhua




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