Aussie reaches 2-year high on U.S. weakness

Aussie reaches 2-year high on U.S. weakness

Aussie reaches 2-year high on U.S. weakness

Spot gold eased 0.1 percent to $1,215.67 per ounce at 0107 GMT but was up 0.3 percent for the week so far.

US CPI remained unchanged in June after falling 0.1 per cent the previous month and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.

The New Zealand dollar was trading at 73.16 U.S. cents as at 5 pm from 72.84 cents late yesterday but was weaker versus last Friday in NY when it traded at 73.80. It was poised for a weekly gain of 1.3 per cent, the biggest since mid-May.

Hedge funds and money managers cut their net long position in COMEX gold to the smallest since January 2016 in the week to July 11, as they switched to their first bearish stance in silver in almost two years, US Commodity Futures Trading Commission data showed on Friday.

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He said that, if U.S. inflation fails to rebound and the Fed says it will not raise rates this year, the Aussie dollar could soar even higher. USA gold futures for August delivery fell 0.2 percent to $1,214.80 per ounce.

Narrow ranges prevailed ahead of the United States open on Friday with bears unable to make any further impression on prices with a gradual advance to the $1,220 area. The contract finished the week up 1.5 per cent, its first gain in six weeks.

The weaker greenback boosted gold, making the dollar-priced commodity cheaper for investors holding other currencies.

"The key level is US$1,230 on gold". Economists are expecting a quarterly rise of 0.2 percent for annual inflation to be running at 1.9 percent.

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Meanwhile, SPDR Gold Trust slipped 0.43% to 828.84 tonnes on Thursday from 832.39 tonnes on Wednesday.

In silver, there was a sharp split between funds, which had largely sold off their record long position, and ETF investors, who had been recently buying, Hansen said.

New Zealand's two-year swap rate rose 1 basis point to 2.26 while the 10-year swaps rose 3 basis points to 3.35 percent.

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