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Profits takers hit metals, gold lower on session

Published 10/12/2012, 11:25 AM
Updated 10/12/2012, 11:26 AM

Investing.com - Oil futures slipped lower in U.S. trade as profit takers hit the yellow metal despite a lower greenback..

On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1765.35 a troy ounce in U.S. trade falling 0.30%.

It earlier traded at a session high USD1772.45 a troy ounce. Gold was likely to find support at USD1758.85 and resistance at USD1781.55.
Gold fell on profit taking despite the U.S. UoM consumer sentiment rising unexpectedly last month, preliminary data showed on Friday.

In a report, the University of Michigan said that consumer sentiment rose to a seasonally adjusted 83.1, from 78.3 in the preceding month.

Analysts had expected UoM consumer sentiment to fall to 78.0 last month. 
Meanwhile, U.S. producer price inflation rose more-than-expected last month, official data showed on Friday.

In a report, U.S Bureau of Labor Statistics - Department of Labor said that U.S. PPI rose to a seasonally adjusted 1.1%, from 1.7% in the preceding month.

Analysts had expected U.S. PPI to rise 0.7% last month.

US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.15% to trade at USD79.75.

Elsewhere on the Comex, Silver for December delivery fell 0.83% to trade at USD33.79 a troy ounce while Copper for December delivery gave back 1.01% to trade at USD3.713 a pound.




 

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