Gold hovers near two-week low on strong dollar ahead of Fed minutes

Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve’s latest meeting. Spot gold edged 0.1% lower to $1,273.70 per ounce at 0239 GMT. “A stronger dollar and Washington’s extension to Huawei for 3 months has put the knife into gold, ” OANDA analyst Jeffrey Halley said. Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fun


Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve’s latest meeting. Spot gold edged 0.1% lower to $1,273.70 per ounce at 0239 GMT. “A stronger dollar and Washington’s extension to Huawei for 3 months has put the knife into gold, ” OANDA analyst Jeffrey Halley said. Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fun
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Gold hovers near two-week low on strong dollar ahead of Fed minutes

Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve’s latest meeting.

Spot gold edged 0.1% lower to $1,273.70 per ounce at 0239 GMT. In the previous session, the metal fell to $1,268.97, its lowest since May 3.

U.S. gold futures were unchanged at $1,273.30 an ounce.

The dollar hovered near a four-week high supported by higher U.S. yields, which rose overnight after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.

“A stronger dollar and Washington’s extension to Huawei for 3 months has put the knife into gold, ” OANDA analyst Jeffrey Halley said.

On Monday, the U.S. Department of Commerce granted Huawei a license to buy U.S. goods until Aug. 19, a move intended to give telecom operators that rely on Huawei enough time to make alternative arrangements.

“The market has been tipping it as an easing of trade friction, so we have seen a rotation out of safe harbour trade, albeit temporarily,” Halley added.

Chinese Ambassador to the United States Cui Tiankai said on Tuesday that Beijing was ready to resume talks with Washington, but blamed the latter for frequently “changing its mind” on tentative deals.

Gold is now more than 5% below its late-February 2019 peak of $1,346.73 per ounce.

Meanwhile, investors await the release of U.S. Federal Reserve’s minutes at 1800 GMT, which is expected to provide insights into the May 1 meeting by the central bank, when policymakers kept interest rates steady and signaled little appetite to adjust them any time soon.

On Monday, Fed Chair Jerome Powell reiterated his unmoved demeanor stating it was premature to ascertain the impact of trade and tariffs on monetary policy.

“Despite the volatile environment, investors perhaps still believe that the equity market provides better capital gains due to the Fed’s actions, and are playing down the need for a hedge,” Howie Lee, an economist at OCBC Bank, said.

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.4% to 739.69 tonnes on Tuesday.

However, holdings fell nearly 7% so far this year, indicating a subdued investor interest in bullion.

Among other precious metals, silver was steady at $14.44 per ounce.

Platinum was unchanged at $813.80 per ounce, while palladium edged up 0.1% to $1,320.50 per ounce.


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Gold slips to over two-week low as stronger dollar, stocks weigh

Spot gold slipped 0.4% to $1,272.55 per ounce, having touched its lowest since May 3 at $1,268.97 earlier in the session. “One big reason is that the U.S. dollar remains pretty strong. “Also, we have little bit of risk appetite on the stock futures, so less of a reason to go into gold as a hedge,” he added. Gold is usually used as a safe store of value during times of uncertainty, however, investors are preferring the dollar as they did last year during the U.S.-China trade spat. Meanwhile, equi


Spot gold slipped 0.4% to $1,272.55 per ounce, having touched its lowest since May 3 at $1,268.97 earlier in the session. “One big reason is that the U.S. dollar remains pretty strong. “Also, we have little bit of risk appetite on the stock futures, so less of a reason to go into gold as a hedge,” he added. Gold is usually used as a safe store of value during times of uncertainty, however, investors are preferring the dollar as they did last year during the U.S.-China trade spat. Meanwhile, equi
Gold slips to over two-week low as stronger dollar, stocks weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21
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Gold slips to over two-week low as stronger dollar, stocks weigh

Gold prices dropped to a more than two-week low on Tuesday, as investors opted for the dollar and improved appetite for riskier assets dented the appeal of bullion, while markets awaited the release of minutes from the U.S. Federal Reserve.

Spot gold slipped 0.4% to $1,272.55 per ounce, having touched its lowest since May 3 at $1,268.97 earlier in the session.

U.S. gold futures settled $4.10 lower at $1,273.20.

“One big reason is that the U.S. dollar remains pretty strong. What we are seeing, in a strange way, money is flowing towards the dollar as a safe-haven,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.

“Also, we have little bit of risk appetite on the stock futures, so less of a reason to go into gold as a hedge,” he added.

The dollar index climbed to its highest in nearly a month, supported by higher U.S. yields and as fears of the economic fallout from the U.S.-China trade row prompted investors to choose the safety of the U.S. unit over bullion.

Gold is usually used as a safe store of value during times of uncertainty, however, investors are preferring the dollar as they did last year during the U.S.-China trade spat.

Meanwhile, equity markets around the world gained momentum after the United States temporarily relaxed curbs on China’s Huawei Technologies, easing concerns over a further escalation in the U.S.-China trade war.

Investors now await Fed minutes due on Wednesday, which is expected to provide insights into the May 1 central bank meeting in which policymakers decided to keep interest rates steady and signaled little appetite to adjust them any time soon.

“Not much is expected to happen on the policy side. I think they might talk about potential downside risks from trade tensions but does not expect any significant and credible statements pointing to a rate cut this year,” Melek said.

On Monday, Fed Chair Jerome Powell said that it was premature to ascertain the impact of trade and tariffs on the trajectory of monetary policy, instead pointing recent economic data pointed towards a healthy supply side.

“From a technical point of view, a first positive signal (for gold) would be a recovery to $1,290, while a fall below the recent low of $1,266 could open space for a further decline,” said ActivTrades analyst Carlo Alberto De Casa.

Among other precious metals, silver eased 0.1% to $14.44 an ounce.

Platinum rose 0.3% to $813.90 an ounce and palladium was mostly unchanged at $1,328.70.


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Gold steadies as equities dip; focus turns to Fed minutes

Spot gold inched up 0.1% to $1,278.41 per ounc, having touched its lowest since May 3 at $1,273.22. “With equities trading lower, gold is expected to trade a little higher going into the Fed minutes on expectations that there is no immediate rate increase coming for the rest of the year,” said Bob Haberkorn, senior market strategist at RJO Futures. Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion. “We have equitie


Spot gold inched up 0.1% to $1,278.41 per ounc, having touched its lowest since May 3 at $1,273.22. “With equities trading lower, gold is expected to trade a little higher going into the Fed minutes on expectations that there is no immediate rate increase coming for the rest of the year,” said Bob Haberkorn, senior market strategist at RJO Futures. Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion. “We have equitie
Gold steadies as equities dip; focus turns to Fed minutes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20
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Gold steadies as equities dip; focus turns to Fed minutes

An amphora filled with ancient gold Roman coins found in the Cressoni theatre complex is seen in Como Italy, September 5, 2018.

Gold steadied on Monday after recovering slightly from a more than two-week low hit earlier in the session, as equity markets fell ahead of the U.S. Federal Reserve’s release of minutes from its last meeting.

Spot gold inched up 0.1% to $1,278.41 per ounc, having touched its lowest since May 3 at $1,273.22.

U.S. gold futures settled $1.50 higher at $1,282.90.

“With equities trading lower, gold is expected to trade a little higher going into the Fed minutes on expectations that there is no immediate rate increase coming for the rest of the year,” said Bob Haberkorn, senior market strategist at RJO Futures.

Investors shifted focus to the Fed minutes due on Wednesday, which is expected to provide insights into the May 1 central bank meeting in which policymakers decided to keep interest rates steady and signaled little appetite to adjust them any time soon.

Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.

Global stocks took a hit as concerns mounted about an escalating fallout from a U.S. crackdown on China’s Huawei Technologies Co Ltd, intensifying a prolonged trade war between the world’s two biggest economics.

The greenback limited bullion’s appeal as the dollar index held near a two-week high. Last week the index posted the biggest weekly rise since early March, supported by robust U.S. housing data and a report pointing to lower unemployment.

“We have equities trading lower with all the geo-political news out there, yet gold can’t sustain any rally. There seems to be a flight to safety into the dollar because of the better economic data coming out of the U.S.,” Haberkorn said.

While gold is a safe store of value during times of uncertainty, investors are preferring the dollar, as they did last year during the U.S.-China trade spat.

Iran was served a new warning by U.S. President Donald Trump, who tweeted that if the country wanted to fight, that would be Iran’s “official end.”

On the technical side, “$1,265 is now a critical support that must hold. A daily close below that region implies a much deeper correction could be imminent,” OANDA analyst Jeffrey Halley said in a note.

Among other metals, silver was up 0.5% at $14.47 an ounce, having touched a more than five-month low at $14.33.

Platinum edged 0.1% lower at $812.40 per ounce, while palladium rose 1.5% to $1,329.90.


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Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili


Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili
Gold slips from 1-month peak on Sino-US trade talk hopes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15
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Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria.

Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.

Spot gold was steady at $1,296.49 an ounce by 0808 GMT.

U.S. gold futures edged 0.1% higher to $1,297.20 an ounce.

“Gold is restrained as people are still interested in the dollar. The $1,300 level also looks like a good resistance,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar held firm in early Asian trading, having been supported on Tuesday by U.S. President Donald Trump downplaying the recent escalation in his trade war with China as “a little squabble” and insisting that talks between the two countries had not collapsed.

A stronger dollar makes gold more expensive for holders of non-U.S. currency.

Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibilities of a protracted spat.

“The (gold) market is holding because some people bought gold especially after the Chinese government also raised tariffs on U.S. goods,” Fung said, adding that the metal is expected to remain range-bound between $1,280 and $1,310 an ounce.

The biggest trigger for gold, which had been mostly range-bound for the past week, came on Monday after China announced that it would impose retaliatory tariffs on a range of U.S. goods.

There was some profit-taking in the previous session after prices jumped about $20 on Monday and above the key $1,300 level, analysts and traders said.

“The ongoing Sino-U.S. trade dispute has illustrated cooling conditions as both parties expressed willingness to resolve existing trade differences,” Phillip Futures analysts wrote in a note.

“Gold prices though easing up on bullish gains will remain supported as investors remain cautious on lingering U.S.-China trade worries in the near term.”

Market participants now keenly eye economic data from Europe that will provide further cues on the strength of the global economy.

Among other precious metals, silver rose 0.2% to $14.81 an ounce, while platinum fell 0.2% to $853.75.

Palladium fell 0.7% to $1,326.25 an ounce.


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Gold hits 1-week high as trade jitters dampen risk appetite

Spot gold was up 0.2 percent at $1,287 per ounce, as of 0715 GMT, after hitting their highest since April 26 at $1,287.94. Chinese Vice Premier Liu He will visit the United States on Thursday for trade talks and additional tariffs are set to take effect on Friday if a trade agreement is not reached by then. Gold should remain supported at least if there is no progress in trade talks. “Downside risks to growth from higher tariffs and the potential for equity weakness and lower yields should suppo


Spot gold was up 0.2 percent at $1,287 per ounce, as of 0715 GMT, after hitting their highest since April 26 at $1,287.94. Chinese Vice Premier Liu He will visit the United States on Thursday for trade talks and additional tariffs are set to take effect on Friday if a trade agreement is not reached by then. Gold should remain supported at least if there is no progress in trade talks. “Downside risks to growth from higher tariffs and the potential for equity weakness and lower yields should suppo
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Gold hits 1-week high as trade jitters dampen risk appetite

Gold prices rose to their highest in more than a week on Wednesday as renewed worries over U.S.-China trade dispute and its potential impact on global growth dented risk sentiment, stoking investors towards safe-haven assets.

Spot gold was up 0.2 percent at $1,287 per ounce, as of 0715 GMT, after hitting their highest since April 26 at $1,287.94.

U.S. gold futures edged 0.2 percent higher to $1,288.30 an ounce.

“Gold is being supported by risk-aversion buying at the moment. But, there is no change in the underlying momentum in overall sentiment, which seems to be soft,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

MSCI’s broadest index of Asia-Pacific shares outside Japan to its lowest level since late March, tracking Wall Street’s slide.

U.S. President Donald Trump tweeted on Sunday he would raise tariffs on $200 billion worth of Chinese goods, while Washington accused Beijing of backtracking from commitments made during trade negotiations.

Chinese Vice Premier Liu He will visit the United States on Thursday for trade talks and additional tariffs are set to take effect on Friday if a trade agreement is not reached by then.

“Investments are moving into high quality government bonds and Japanese yen rather than gold. Gold should remain supported at least if there is no progress in trade talks. But is probably going to test $1,260 levels if the talks go well,” Halley said.

While gold has managed to gain as demand for safe-haven assets have risen, prices have not been able to significantly move up despite the given backdrop in global markets.

“Downside risks to growth from higher tariffs and the potential for equity weakness and lower yields should support gold. But potential upside to the dollar would likely act as a headwind to gold,” UBS said in a research note.

While gold staying above $1,280 is encouraging, the extent of the dovish shift in U.S. Federal Reserve’s expectations has made gold vulnerable to improvement in the data during a time when physical markets tend to be mostly quieter due to a weak Chinese demand, UBS said.

Gold came under pressure last week after the Fed dashed hopes of an interest rate cut this year.

Meanwhile, holdings of SPDR Gold, the world’s largest gold-backed exchange-traded fund, saw a slight uptick on Tuesday after a dismal run.

Holdings are still at their lowest level since October 2018.

Also, Indians were expected to buy at least 10 percent more gold during the annual Hindu and Jain holy festival of Akshaya Tritiya than a year ago, supporting physical demand in Asia.

Silver rose 0.4 percent to $14.94 an ounce, while platinum gained 0.3 percent to $870.50.

Palladium was steady at $1,330 an ounce.


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Gold firms as Sino-US trade spat dents risk sentiment

Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal. U.S. gold futures settled $1.80 higher at $1,285.60. “There has been uncertainty in the market since yesterday, which has given gold a push higher.” “Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient to hold prices but th


Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal. U.S. gold futures settled $1.80 higher at $1,285.60. “There has been uncertainty in the market since yesterday, which has given gold a push higher.” “Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient to hold prices but th
Gold firms as Sino-US trade spat dents risk sentiment Cached Page below :
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Gold firms as Sino-US trade spat dents risk sentiment

Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal.

Spot gold was up 0.1 percent at $1,281.04 an ounce.

U.S. gold futures settled $1.80 higher at $1,285.60.

“Donald Trump tweets over the weekend and reactions out of China has sent shockwaves. European equities are further down this morning and this is a situation where gold is seen as a safe-haven,” said Quantitative Commodity Research analyst Peter Fertig.

“There has been uncertainty in the market since yesterday, which has given gold a push higher.”

U.S. President Donald Trump said that tariffs on $200 billion worth of Chinese goods would increase to 25 percent from 10 percent on Friday, reversing a decision he made in February to keep them at 10 percent as the two sides made progress on trade talks.

Trump’s tariff threat weighed across equity markets around the world, in turn supporting gold, which is used by investors to hedge against economic and political instability.

“There are significant catalysts for gold with the escalations on the trade-war front yesterday, but it is surprising we have not seen a significant follow through,” said Stephen Innes, head of trading and market strategy at SPI Asset Management.

Adding to the sentiment, Trump’s national security adviser John Bolton on Sunday said that the United States was deploying a carrier strike group and a bomber task force to the Middle East to send a clear message to Iran.

“Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient to hold prices but there is a general reluctance to push prices higher over $1,285,” Innes added.

A faction of the market still expects the United States and China to find common ground and believes that Trump’s tariff threat is likely to be a negotiation tactic.

China’s commerce ministry confirmed on Tuesday that Vice Premier Liu He will visit the United States over May 9-10 for bilateral trade talks at the invitation of senior U.S. officials.

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, continued a dismal run as it fell by 0.16 percent to 739.64 tonnes on Monday, its lowest since Oct. 11.

Among other metals, silver was down 0.4 percent at $14.84 an ounce, platinum was little changed at $872.44 and palladium gained 0.2 percent to $1,339.32.


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Gold firms as US-China trade escalation dampens risk taking

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Spot gold gained 0.2% to $1,281.76 per ounce. The two geo-political risk events should have helped gold trade higher but the dollar strengthened on U.S. President Donald Trump’s comments, which has kept gold prices in check, he added. Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold backed exchange, slipped to their lowest since Oct. 11. The U.S. tariffs on China, the world’s biggest auto market, also


Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Spot gold gained 0.2% to $1,281.76 per ounce. The two geo-political risk events should have helped gold trade higher but the dollar strengthened on U.S. President Donald Trump’s comments, which has kept gold prices in check, he added. Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold backed exchange, slipped to their lowest since Oct. 11. The U.S. tariffs on China, the world’s biggest auto market, also
Gold firms as US-China trade escalation dampens risk taking Cached Page below :
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Gold firms as US-China trade escalation dampens risk taking

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria.

Gold edged up on Monday as a slide in global share markets after Trump administration’s threat of further tariffs on China prompted investors to favor safe-haven assets, but bullion’s upside was capped by a firm dollar.

Spot gold gained 0.2% to $1,281.76 per ounce. U.S. gold futures settled up 0.2% at $1,283.80 an ounce.

“We had two big geo-political events over the weekend, one is the news from Iran with U.S. carrier, bombers group headed to Middle East and all the stuff with China about tariffs,” said Bob Haberkorn, senior market strategist at RJO Futures.

The two geo-political risk events should have helped gold trade higher but the dollar strengthened on U.S. President Donald Trump’s comments, which has kept gold prices in check, he added.

The U.S. dollar firmed against most major currencies on Monday after Trump said he would raise tariffs on $200 billion worth of Chinese goods this week.

Trump said he would target a further $325 billion of Chinese goods with 25 percent tariffs “shortly,” essentially covering all products imported into the United States from China.

Stocks around the world tumbled and oil prices slumped after Trump’s announcement, improving the appeal of bullion, seen as an alternative investment during times of political and financial uncertainties along with the Japanese yen and U.S. Treasuries.

Also helping bullion was news, disclosed by Trump’s national security adviser John Bolton on Sunday, that the United States was deploying a carrier strike group and a bomber task force to the Middle East to send a clear message to Iran.

Reflecting investors sentiment toward gold, speculators switched to a net long position in COMEX gold in the week to April 30, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

“People are pretty complacent about the equity markets for the past few months. And the recent sell-off is making investors to rethink about their portfolio,” said Michael Matousek, head trader at U.S. Global Investors.

“A lot of them see they have underweighted gold and are adding to their position a little bit.”

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold backed exchange, slipped to their lowest since Oct. 11. Holdings fell 0.6 percent on Friday.

The U.S. tariffs on China, the world’s biggest auto market, also weighed on palladium prices. The auto-catalyst metal slipped 2.7 percent to $1,334.01 per ounce.

Silver fell 0.2 percent to $14.90 per ounce, while platinum gained 0.4 percent, to $872.


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Gold slides to one-week low as dollar revives post-Fed

Gold prices dropped to a one-week low on Wednesday as the dollar rebounded after U.S. Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signaled strong economic growth. Spot gold slipped 0.6% to $1,276.36 per ounce as of 5:02 p.m., after falling as much as 0.8% to a session low of $1,272.74 earlier, its lowest since April 24. A stronger dollar makes gold, which yields no interest, expensive for holders of other currencies.


Gold prices dropped to a one-week low on Wednesday as the dollar rebounded after U.S. Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signaled strong economic growth. Spot gold slipped 0.6% to $1,276.36 per ounce as of 5:02 p.m., after falling as much as 0.8% to a session low of $1,272.74 earlier, its lowest since April 24. A stronger dollar makes gold, which yields no interest, expensive for holders of other currencies.
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Gold slides to one-week low as dollar revives post-Fed

Gold prices dropped to a one-week low on Wednesday as the dollar rebounded after U.S. Federal Reserve reduced expectations of a rate cut this year, with the safe-haven metal also pressured as the central bank signaled strong economic growth.

Spot gold slipped 0.6% to $1,276.36 per ounce as of 5:02 p.m., after falling as much as 0.8% to a session low of $1,272.74 earlier, its lowest since April 24.

U.S. gold futures settled 0.1% lower at $1,284.20 an ounce.

The U.S. central bank held interest rates steady and signaled little appetite to adjust them any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher.

The dollar bounced back up following the announcement, having declined for the previous three sessions. A stronger dollar makes gold, which yields no interest, expensive for holders of other currencies.

“The fears of a possible rate hikes were gone, that was positive for gold, then the press conference started and all the stuff came out all at once that shook up traders thoughts,” said George Gero, managing director at RBC Wealth Management.

The labor market remains strong and the economic activity rose at a solid rate in recent weeks, the Fed said in a policy statement. That weighed on gold, which is often used an alternative for political and financial risks.

“That was quite a quick reversal for gold, it had to do with the lack of inflation according to Powell, less worries about Brexit and on the report that there could be a deal with China, which rattled gold traders,” Gero added.

The United States and China are nearing a trade deal, Politico reported on Wednesday after U.S. Treasury Secretary Steven Mnuchin said the two countries completed “productive” talks in Beijing.

“We have economic numbers that are fairly well supported, equity markets are strong, gold doesn’t tend to perform particularly well in these situations as opportunity cost is associated with holding the zero-yielding asset,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.

U.S. private employers added 275,000 jobs in April, well above economists’ expectations and the most since last July, a report by a payrolls processor showed on Wednesday.

Among other metals, silver fell to a more than four-month low of $14.57, while platinum prices dropped 2.8% to $861.50, its lowest in nearly a month.

Palladium slipped 2.8% to $1,349.50 per ounce, after touching its lowest level since Jan. 25 at $1,309.67.


Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, postfed, rate, dollar, economic, strong, lowest, traders, oneweek, low, slides, revives, gold, slipped, signaled


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Gold edges up as weak Chinese data dampens risk sentiment

Gold prices edged up on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite. Spot gold rose 0.4% to $1,285 per ounce. “The weaker Chinese PMI is a supportive element and aiding gold. “(I) don’t see much room for decline in prices from here and only the strength of the U.S. dollar can hurt gold.” The Fed is expected to leave interest rates unchanged as it seeks to balance robust economic growth against low infl


Gold prices edged up on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite. Spot gold rose 0.4% to $1,285 per ounce. “The weaker Chinese PMI is a supportive element and aiding gold. “(I) don’t see much room for decline in prices from here and only the strength of the U.S. dollar can hurt gold.” The Fed is expected to leave interest rates unchanged as it seeks to balance robust economic growth against low infl
Gold edges up as weak Chinese data dampens risk sentiment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30
Keywords: news, cnbc, companies, risk, data, dollar, rose, edges, ounce, weak, gold, rates, dampens, remains, metal, interest, weaker, sentiment, chinese


Gold edges up as weak Chinese data dampens risk sentiment

Gold prices edged up on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite.

Spot gold rose 0.4% to $1,285 per ounce. U.S. gold futures settled $4.20 higher at $1,285.70.

“The weaker Chinese PMI is a supportive element and aiding gold. Also, from a technical point of view, we have seen a rebound from $1,280, which is a good support level,” said Carlo Alberto De Casa, chief analyst with ActivTrades, adding that a weaker dollar was also helping gold.

“(I) don’t see much room for decline in prices from here and only the strength of the U.S. dollar can hurt gold.”

European equity markets nudged down on Tuesday, following weaker Asian stock markets as the latest Chinese data pointed to some fragility in the world’s second-largest economy despite Beijing’s attempts to spur growth.

Gold is generally used by investors as a safe-haven investment in times of economic and political concerns.

Investors now look to the U.S. Federal Reserve’s two-day policy meeting starting later in the day for clues on the interest rate outlook.

The Fed is expected to leave interest rates unchanged as it seeks to balance robust economic growth against low inflation.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

While the Fed’s decision will boost bullion’s appeal, the metal is yet to overcome bearish factors, and any rallies may be short-lived, traders and analysts said.

“The yellow metal remains toppish toward $1,290 and is likely to continue to see bears weigh upon rallies over the near-term as the recent downtrend remains intact,” MKS PAMP Group said in a note.

“Downside targets through to $1,275-$1,270 remain in play over the near term as the metal sees muted physical interest out of Asia this week due to both Chinese and Japanese festivities.”

Elsewhere, silver gained 0.6 percent to $14.99 per ounce, while platinum rose 0.5 percent to $899.

Palladium, on the other hand, fell 0.4 percent to $1,365.50 an ounce, after touching its lowest in nearly two weeks at $1,354. The metal slumped over 7 percent on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-04-30
Keywords: news, cnbc, companies, risk, data, dollar, rose, edges, ounce, weak, gold, rates, dampens, remains, metal, interest, weaker, sentiment, chinese


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Palladium eyes biggest fall in two years; gold dips on US data

Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting. Spot palladium slid about 6.7 percent to $1,366.01 per ounce. It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017. Spot gold fell 0.5 percent to $1,279.32 per ounce, while U.S. gold futures sett


Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting. Spot palladium slid about 6.7 percent to $1,366.01 per ounce. It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017. Spot gold fell 0.5 percent to $1,279.32 per ounce, while U.S. gold futures sett
Palladium eyes biggest fall in two years; gold dips on US data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, trading, palladium, data, ounce, biggest, eyes, gold, dips, policy, fell, recent, fall, metal, going, record


Palladium eyes biggest fall in two years; gold dips on US data

Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting.

Spot palladium slid about 6.7 percent to $1,366.01 per ounce.

It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017.

“This dramatic sell-off is a bit technical in nature as we started sliding through some key support levels as an extension of the downside with exasperated long liquidation in the market,” said David Meger, director of metals trading at High Ridge Futures.

The metal, primarily used to curb harmful emissions from vehicle engines, has plummeted about 16 percent from a record high of $1,620.52 hit last month.

Spot gold fell 0.5 percent to $1,279.32 per ounce, while U.S. gold futures settled about 0.6 percent lower at $1,281.50 an ounce.

“The equities markets, at least in the U.S., are at new recent highs and we are seeing less need for the safe-haven status of the metal,” Meger said.

Global shares edged higher as the S&P 500 touched an intraday record after data showed U.S. consumer spending increased by the most in more than 9-1/2 years last month.

The recent uplift in equities has led investors to cut their exposure to gold, with holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, falling to its lowest since Oct. 19 at 746.69 tonnes on Friday.

Holdings have fallen by over 3 percent since the beginning of this month.

Speculators also increased their bearish wagers on COMEX gold in the week to April 23, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

“You’ve got a lot of people taking profits after a three-day run-up. But, a lot of people are going to take it easy as we have the Fed on Wednesday,” said Michael Matousek, head trader at U.S. Global Investors.

“That’s going to be big and everyone is going to take a big position before that in case something obscure comes out.”

The Fed will begin its two-day policy meeting on Tuesday. The central bank last month abandoned any interest rate hikes this year.

Elsewhere, silver fell 1.1 percent to $14.90 per ounce, while platinum dipped 0.2 percent to $893.


Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, trading, palladium, data, ounce, biggest, eyes, gold, dips, policy, fell, recent, fall, metal, going, record


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