17th Oct 2014 12:06
WASHINGTON (Alliance News) - Gold prices are lower Friday morning, extending previous session's losses, following a recovery in global equity markets.
While easing worries about the health of the US economy weigh on gold, persisting worries about eurozone growth appear to be limiting its downside.
Gold futures for December delivery are down USD4.20 or 0.34% at USD1,237.00 an ounce.
On Thursday, gold futures ended down USD3.60 or 0.3% at USD1,241.20 an ounce, falling from a monthly intraday peak near USD1,250 after some positive US economic news.
A report from the Federal Reserve showed a notable rebound in industrial production in September, while the Labor Department revealed a bigger than expected drop in initial jobless claims.
Later, St. Louis Federal Reserve Bank President James Bullard said that the Fed should consider delaying the end of its asset purchase program to halt the decline in inflation expectations.
Despite the modest pullback gold remains up sharply in October, its safe haven appeal boosted by growing concerns about the global economy and a meltdown in stocks.
Silver for December is down USD0.100 or 0.57% at USD17.337 an ounce. Meanwhile, copper is down USD0.007 or 0.24% at USD2.974 per pound.
The US Commerce Department will release its housing starts report for September at 8:30 am ET.
At 9:55 am ET, the results of Reuters and the University of Michigan's preliminary consumer sentiment survey will be out.
Traders are also looking ahead to Federal Reserve Chair Janet Yellen's speech at the Boston Federal Reserve Conference on inequality of economic opportunity in Boston at 8:35 am ET.
Copyright RTT News/dpa-AFX