CHICAGO， Oct. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday on stronger U.S. inflation data.
The most active gold contract for December delivery fell 2.1 U.S. dollars， or 0.17 percent， to settle at 1，255.5 dollars per ounce.
Gold was put under pressure as the U.S. Department of Labor released its producer price index (PPI) report on Friday showing the PPI increasing by 0.3 percent during the month of September， which is a 0.7 percent increase above the same period the previous year.
Analysts note that the PPI report in combination with strong jobless claims over the past couple of weeks could continue to encourage the doves at the U.S. Federal Reserve who are looking to hike rates before the end of 2016.
Some believe the Fed may raise rates from 0.50 to 0.75 during the December FOMC meeting. According to the CME Group' s Fedwatch tool， the current implied probability of a hike from 0.50 to 0.75 is at 9 percent for the November 2016 meeting， and 70 percent at the December meeting.
A report released by the U.S. Department of Commerce showed retail sales increasing by 0.6 percent during the month of September which was within expectations. Analysts note that auto sales were exceptionally strong and that this report is likely to give a boost to the gross domestic product report， giving the Fed' s doves additional reason to further their agenda.
Traders are also waiting for U.S. Federal Reserve Chairwoman Janet Yellen to speak after the market' s close， along with several Fed speeches and economic reports due next week.
Silver for December delivery dropped 1.7 cents， or 0.10 percent， to close at 17.441 dollars per ounce. Platinum for 2017 January delivery rose 6.6 dollars， or 0.71 percent， to close at 939.5 dollars per ounce.
BEIJING Dion Dawkins Jersey , Oct. 28 (Xinhua) -- Eye-catching quarterly gains by Apple and Alibaba in China have provided fresh proof that growing online and high-tech consumption may be coming to the rescue of the country's economy.
Both e-commerce giant Alibaba and the iconic Apple reported better-than-expected quarterly earnings on Tuesday, thanks mainly to strong performances in the Chinese market.
"There is no lack of demand in China so long as companies provide products that are the apple of Chinese consumers' eyes," wrote economics pundit Yu Fenghui when commenting on Apple's performance on his blog.
Apple's sales nearly doubled in China despite concerns of an economic slowdown. The company reported 12.5 billion U.S. dollars in revenue from China, almost a quarter of its total.
Alibaba on Tuesday announced faster revenue growth of 32 percent in the third quarter of the year. The revenue of 3.49 billion U.S. dollars beat expectations as its growth slowed to 28 percent in the second quarter from 45 percent in the first.
The New York-listed Alibaba has been under tremendous pressure this year amid worries that a slowing economy might drag down consumer spending in the world's second-largest economy.
But Alibaba defied the doubters through expansion. "We are winning in mobile and remain focused on our top priorities, including internationalization Zay Jones Jersey , expanding our ecosystem from cities to villages, and building a world-class cloud computing business," said CEO Daniel Zhang.
China is shifting its economic drivers. Compared with investment and exports, consumption has been a less conspicuous source of growth for the country in recent decades, but it is catching up fast.
In the first nine months Tre'Davious White Jersey , retail sales of consumer goods in China rose 10.5 percent. Meanwhile, the high-tech sector grew 10.4 percent year on year, out-pacing value-added industrial output by 4.2 percentage points.
"Some must win, some must lose. This time, the iron and ore sector became a loser Kyle Williams Jersey , as the government plans to put more emphasis on the green economy, improve the industrial structure and support low-carbon energy consumption," said Zhang Shuyu, a researcher with the University of International Business and Economics.
China's once-sizzling steel industry has cooled as the economy shifts gear from export- and investment-oriented growth to consumption- and service-oriented expansion, hurting industry profits and forcing factories to close.
In the first nine months LeSean McCoy Jersey , medium-sized and large steel producers suffered losses of 55.27 billion yuan (8.7 billion U.S. dollars) in their main businesses, more than double the 21.7-billion-yuan loss registered in the first half year, the China Iron and Steel Association announced on Wednesday.
Crude steel output also continued to decline. In the first eight months of 2015, output fell 2 percent year on year, with the dive accelerating from 1.8 percent in the first seven months. In the January-June period Tremaine Edmunds Jersey , the sector posted its first half-year drop in nearly 20 years, according to data from the National Development and Reform Commission.
"Providing upgraded products and services can be a way out for the losers," said Zhang Shuyu.
Although China is experiencing growing pains in shifting from old drivers of growth to new ones, new industrialization, IT application and entrepreneurship have generated strong domestic demand and great potential for future growth Josh Allen Jersey , according to the researcher.
"I know some people are worried about the economy, but we'll continue to invest," Apple chief executive Tim Cook told Xinhua. "If you look at the long term, it's clear that China is a great place to be."
Apple will open its 25th Apple Store in greater China this weekend, closing the gap on the goal of 40 stores by mid-2016. Meanwhile Taron Johnson Jersey , there are around 1.5 million developers in China working on projects related to Apple operating system iOS.
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