GoldPrice

Gold prices saw a brief recovery before dipping further following the release of a consumer sentiment report from the University of Michigan. The report indicates that consumer sentiment hit a 7-month low in August amid growing concerns surrounding the trade conflict between the US and China.

The number of US homes which began construction fell again for the third month in a row in July, led by a sharp drop in the construction of multi-family homes like apartment complexes. At 1.191 million units, housing starts were well below projections of 1.257 million. However, permits, an indicator of future construction, saw a sharp increase.

Business activity indices for New York and Philadelphia released simultaneously on Thursday morning show ongoing expansion in August, easing worries of a decline. While the US/China trade war has had a major negative impact on manufacturing, the latest report showed results well above expectations.

The number of Americans applying for unemployment benefits for the week ended August 10 rose by 9,000 according to the latest report from the Labor Department. Initial jobless claims are now at the highest level since June.

The consumer price index rose 0.3% in July according to a government report released on Tuesday, with price increases in categories like gasoline and rent. The gain is in line with market expectations. The cost of living rose marginally from 1.6% to 1.8%.

The Producer Price Index rose 0.2% in July on a monthly basis compared to 0.1% the month prior, with no rise in the flat annual reading of 1.7%. The monthly reading is in line with market expectations.