SEPT 3 WEDNESDAY
Silver tracked gold lower to $ 13.20 / 13.36 an
ounce from $ 13.40 / 13.46 an ounce late in
London.
Gold crossed below $800 an ounce and closed sharply lower
on Tuesday. December gold moved to $810.50, down $24.70
on the session. The precious metal hit as low as $798.50.
The U.S. dollar showed a mixed trading against its major
counterparts in the early New York session on Friday,
following the release of personal income and personal
spending reports for July. The dollar dropped to a 1-week
low against the yen, but added to its two-year best versus
the struggling pound. The greenback was up modestly
against the euro.
On the economic front Tuesday morning, the Department of
Commerce released its report on construction spending in
the month of July, showing that spending decreased by a
little more than economists had been expecting due in part
to a continued weakness in spending on residential construction.
The report showed that construction spending fell 0.6 percent
in July following a revised 0.3 percent increase in June.
Economists had been expecting to decrease by about
0.4 percent, which would have matched the 0.4 percent
decrease originally reported for the previous month.
Later in the week, traders are likely to keep a particularly
close eye on the Labor Department's monthly employment,
set for release on Friday.
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