Silver prices rose for a third consecutive session Wednesday, as the US dollar continued to backtrack from seven-month highs.
December gold futures climbed 8 cents, or 0.5%, to $17.72 a troy ounce in a session that was defined by narrow price movement. The metal established a daily high of $17.76 and traded at a low of $17.60.
Gold prices also rose through the morning, erasing earlier declines. The December futures contract advanced $7.60, or 0.6%, to $1,270.50 a troy ounce, a more than two-week high.
Precious metals were consolidating after a sharp drop earlier this month at the hands of US rate-hike speculation, which also drove large gains in the dollar. The US dollar index, which tracks the greenback against a basket of other major currencies, was down 0.1% at 97.76. It was the second decline in the past three days.
Investors on Wednesday were assessing the latest batch of Chinese data, which mostly pointed to stability in the world’s second-largest economy. China’s gross domestic product (GDP) expanded at an annualized 6.7% in the third quarter, unchanged from the previous two quarters and matching estimates, the national statistics bureau said. However, a separate report showed that industrial production weakened in September.
Meanwhile, average earnings in the United Kingdom rose more than expected in three months to August, while unemployment rose less than expected. Average earnings excluding bonus rose at an annualized 2.3% in the three months to August, up from a revised 2.2% the previous month. Factoring in bonuses, earnings growth eased slightly to 2.3% from 2.4% over the same period. The claimant count rate rose by only 700, compared to forecasts calling for an increase of 3,000.
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