Gold futures prices july 27 2012

Gold futures prices july 27 2012 : Gold futures traded higher in early U.S. trade Friday as a better than expected U.S. GDP combined with improved euro zone sentiment worked to lift the precious metal.

On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at USD1618.95 a troy ounce in early U.S. trade, adding 0.24%.

A surprise jump in GDP lifted commodites when the U.S. Bureau of Economic Analysis reported gross domestic product rose to a seasonally adjusted annual rate of 1.5% in the second quarter, from 2% in previous quarter whose figure was revised up from 1.9%.

Analysts had expected U.S. GDP to rise 1.5% in the second quarter.

The report also indicated U.S. consumer spending rose 1.5%, less than expectations for a 1.6% increase and following a 2.2% rise in the first quarter.

Further bullish news from the U.S. includes the U.S. UoM consumer sentiment climbing unexpectedly last month, data revealed Friday.

In a report, the University of Michigan said that consumer sentiment rose to a seasonally adjusted 72.3, from 72.0 in the preceding month.

Analysts had expected UoM consumer sentiment to remain unchanged at 72.0 last month.


On Thursday gold sentiment found support after ECB President Draghi stated that the bank will do whatever is necessary to preserve the euro.

In a speech in London, Draghi appeared to indicate that the ECB would be prepared to intervene to lower Spanish and Italian bond yields, saying that government borrowing costs would fall within the central bank’s mandate if they interfered with the 'transmission' of monetary policy.

However, Germany’s Bundesbank has expressed concerns that the restarting of the ECB’s bond repurchase program is not the ideal way to handle the region’s debt crisis dampening commodity sentiment.

US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.45% to trade at USD82.51.

Elsewhere on the Comex, Silver for September delivery rose 0.01% to trade at USD27.500 a troy ounce while Copper for September delivery rose 0.58% to trade at USD3.412 a pound.

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