Gold inches up on easing dollar, global concerns

Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. Gold is seen as a safe store of value during political and economic uncertainty. “Supportive price action around $1,210-$1,220 should restrict declines amid current global political


Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. Gold is seen as a safe store of value during political and economic uncertainty. “Supportive price action around $1,210-$1,220 should restrict declines amid current global political
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Gold inches up on easing dollar, global concerns

Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal.

Spot gold was up 0.1 percent at $1,226.43 an ounce at 0745 GMT. On Oct. 15, the bullion touched its highest since July 26 at $1,233.26.

U.S. gold futures were up 0.1 percent at $1,229.40 an ounce.

“So far we are seeing a good recipe for gold prices to recover. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau. “If the tensions loom large we could see gold rebound through 1,300.”

The outlook for global growth in 2019 has dimmed for the first time, according to Reuters polls of economists who said the U.S.-China trade war and tightening financial conditions would trigger the next downturn.

Geo-political concerns including tensions between Saudi Arabia and the West over the killing of journalist Jamal Khashoggi, developments related to Brexit, and Italy’s budget woes are keeping investors interested in gold, analysts said.

Gold is seen as a safe store of value during political and economic uncertainty.

“Trade concerns between the U.S. and China remain elevated and the ongoing U.S.-Saudi tensions are likely to continue to underpin a bid tone for bullion over the near-term,” MKS PAMP Group traders said in a note.

“Supportive price action around $1,210-$1,220 should restrict declines amid current global political uncertainty, while a test through $1,230-$1,235 will likely squeeze further shorts out of the market and see gold toward $1,250.”

Gold speculators cut their net short position in COMEX gold contracts by 65,637 contracts to 37,372 contracts, the smallest since late July, in the week to Oct. 16, data showed.

Spot gold may either consolidate further below a resistance at $1,235 per ounce, or break a support at $1,217, to fall to the next support at $1,208, according to Reuters technical analyst Wang Tao.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.39 percent to 745.82 tonnes on Friday.

The U.S. dollar, which measures the greenback against a basket of six major currencies, was down 0.2 percent.

Among other precious metals, silver was up 0.4 percent at $14.65 per ounce, while platinum rose 0.8 percent at $836.20 per ounce.

Palladium climbed 0.9 percent to $1,089.80 per ounce, closer to an over eight-month peak of $1,096.80 hit on Oct. 11.


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Gold posts third weekly gain as stocks dip

Every Federal Reserve policy maker backed raising interest rates last month, according to September meeting minutes released on Wednesday. Rising interest rates are normally negative for gold since they could boost the dollar and also increase the opportunity cost of holding non-yielding bullion. It is finding support from increased risk aversion among market participants, as reflected in falling stock markets, and from additional ETF (exchange traded fund) inflows.” Holdings of the SPDR Gold Tr


Every Federal Reserve policy maker backed raising interest rates last month, according to September meeting minutes released on Wednesday. Rising interest rates are normally negative for gold since they could boost the dollar and also increase the opportunity cost of holding non-yielding bullion. It is finding support from increased risk aversion among market participants, as reflected in falling stock markets, and from additional ETF (exchange traded fund) inflows.” Holdings of the SPDR Gold Tr
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Gold posts third weekly gain as stocks dip

Gold prices edged up on Friday, the metal’s third week of gains as weaker stock markets spurred investors to seek refuge in bullion, which also gained technical momentum after scaling major milestones.

Spot gold added 0.14 percent to $1,226.66 per ounce. The metal gained 0.7 percent this week, after hitting a 2-1/2-month high at $1,233.26 on Monday.

U.S. gold futures were settled down $1.40 at $1,228.70.

“Gold has done really well to hold up here, given the Fed was really hawkish. Sensitivity to equity markets is helping gold at the moment,” Macquarie commodity strategist Matthew Turner said.

“We are entering a new paradigm, where any further rate hike could be a sign that the economy is overheating a bit, which should be more positive for gold and problematic for equities.”

Every Federal Reserve policy maker backed raising interest rates last month, according to September meeting minutes released on Wednesday.

Rising interest rates are normally negative for gold since they could boost the dollar and also increase the opportunity cost of holding non-yielding bullion.

In wider markets, European stocks tumbled again as a showdown between Italy’s government and the European Union loomed.

“Today’s attempt by gold to lastingly exceed the 100-day moving average looks promising. If it succeeds, technical follow-up buying should push the gold price further up,” Commerzbank analysts said in a note.

“At the same time, gold is resisting the firm U.S. dollar. It is finding support from increased risk aversion among market participants, as reflected in falling stock markets, and from additional ETF (exchange traded fund) inflows.”

Holdings of the SPDR Gold Trust, the largest gold-backed ETF, have gained 2.5 percent in the past two weeks.

The recent sell-off in global stock markets has boosted gold’s appeal, as some investors see it as a safe store of value during political and economic uncertainty.


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Gold holds steady amid firmer dollar

Gold prices held steady early Thursday, after dipping in the previous session on a firmer dollar after minutes of the Federal Reserve’s September meeting reinforced expectations of a tighter U.S. monetary policy. Spot gold was up 0.1 percent at $1,223.13 an ounce at 0107 GMT. U.S. gold futures were down 0.1 percent at $1,226.40 an ounce. The dollar traded stronger versus its major peers on Thursday after minutes from the U.S. Federal Reserve’s September meeting affirmed expectations that the cen


Gold prices held steady early Thursday, after dipping in the previous session on a firmer dollar after minutes of the Federal Reserve’s September meeting reinforced expectations of a tighter U.S. monetary policy. Spot gold was up 0.1 percent at $1,223.13 an ounce at 0107 GMT. U.S. gold futures were down 0.1 percent at $1,226.40 an ounce. The dollar traded stronger versus its major peers on Thursday after minutes from the U.S. Federal Reserve’s September meeting affirmed expectations that the cen
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Gold holds steady amid firmer dollar

Gold prices held steady early Thursday, after dipping in the previous session on a firmer dollar after minutes of the Federal Reserve’s September meeting reinforced expectations of a tighter U.S. monetary policy.

Spot gold was up 0.1 percent at $1,223.13 an ounce at 0107 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce.

U.S. gold futures were down 0.1 percent at $1,226.40 an ounce.

The dollar traded stronger versus its major peers on Thursday after minutes from the U.S. Federal Reserve’s September meeting affirmed expectations that the central bank is likely to continue raising interest rates this year.

Fed policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting show, despite U.S. President Donald Trump’s view that interest rate hikes have already gone too far.

White House economic advisor Larry Kudlow said on Wednesday that Trump was not demanding a policy change after heaping more criticism on the Fed on Tuesday, when he called rising U.S. interest rates his “biggest threat.”

Trump said on Wednesday he did not want to abandon close ally Saudi Arabia over the disappearance of a Saudi journalist and government critic, and he needed to see evidence to prove Turkish claims he was killed by Saudi agents.

U.S. homebuilding dropped more than expected in September as construction activity in the South fell by the most in nearly three years, likely held down by Hurricane Florence.

Asian stocks edged lower on Thursday, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.3 percent.

China’s new bank loans rebounded in September after dipping in the two previous months, central bank data showed, but overall credit conditions stayed tight in an economy chilled by an ongoing tariff war with the United States.

British Prime Minister Theresa May assured EU leaders in Brussels on Wednesday that she can still reach a Brexit deal, avoiding a showdown over stalled talks as Brussels stepped up planning for a failure of negotiations.

The commissioner for the EU budget, Guenther Oettinger, on Wednesday denied a media report saying the EU Commission had already decided to reject Italy’s draft budget for next year.


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Gold inches down as equities, dollar firm; Fed minutes in focus

The firming in equities and the dollar has led to the market discounting U.S. President Donald Trump’s latest criticism of the Fed, which should have otherwise been supportive of gold, a Singapore-based trader said. Last week, Trump criticized the U.S. central bank twice, saying it was raising interest rates so swiftly that it threatened the country’s economic health. The Fed raised interest rates last month for the third time this year and said it planned four more increases by the end of 2019


The firming in equities and the dollar has led to the market discounting U.S. President Donald Trump’s latest criticism of the Fed, which should have otherwise been supportive of gold, a Singapore-based trader said. Last week, Trump criticized the U.S. central bank twice, saying it was raising interest rates so swiftly that it threatened the country’s economic health. The Fed raised interest rates last month for the third time this year and said it planned four more increases by the end of 2019
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Gold inches down as equities, dollar firm; Fed minutes in focus

Gold prices edged lower early Wednesday as equities gained and the dollar firmed amid waning risk-averse sentiment, with the market awaiting minutes from the U.S. Federal Reserve’s latest policy meeting for fresh clues on the pace of interest rate hikes.

Spot gold was down 0.2 percent to $1,221.56 per ounce at 0438 GMT, but still near a 2-1/2-month high of $1,233.26 per ounce hit on Monday.

U.S. gold futures were down 0.5 percent at $1,225.2 an ounce.

“The newly minted gold bulls are getting nervous as they haven’t bought at good levels. They were in pretty much at the top and we see those guys exiting the market,” said Stephen Innes, APAC trading head at OANDA in Singapore.

Asian equities rose on Wednesday after upbeat U.S. earnings reports drove a rebound on Wall Street.

The dollar index, which measures the greenback against a basket of six major currencies, was up 0.1 percent.

The firming in equities and the dollar has led to the market discounting U.S. President Donald Trump’s latest criticism of the Fed, which should have otherwise been supportive of gold, a Singapore-based trader said.

Trump heaped more criticism on the Fed, calling it ‘my biggest threat’ in an interview with Fox Business Network on Tuesday.

Last week, Trump criticized the U.S. central bank twice, saying it was raising interest rates so swiftly that it threatened the country’s economic health.

The Fed raised interest rates last month for the third time this year and said it planned four more increases by the end of 2019 and another in 2020.

“The current case of interest rates normalisation is quite cemented and this is taking a little bit of the froth off gold markets,” Innes said.

The release of the minutes from the Fed’s September policy meeting is due at 1800 GMT, Wednesday.

Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.

Spot gold still targets a range of $1,208-$1,217 per ounce, as it failed to break a strong resistance at $1,235, according to Reuters technical analyst Wang Tao.

Gold, usually seen as a safe store of value during political and economic uncertainty, remains more than 10 percent down from its April peak after investors preferred the dollar as the U.S.-China trade war unfolded against a background of higher U.S. interest rates.

In other metals, silver dipped 0.3 percent to $14.60 per ounce, platinum was up 0.1 percent at $838.0 per ounce, and palladium fell 0.3 percent to $1,075.97.


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Gold hovers near two-and-a-half month high as investors seek safe haven refuge

Gold prices inched higher early on Tuesday, hovering near a 2-1/2 month high hit in the previous session, as risk averse investors sought a safe haven amid rising political tensions and economic uncertainty. Spot gold was up 0.1 percent at $1,227.76 an ounce at 0114 GMT. On Monday, it touched a peak of $1,233.26, the highest since July 26. Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday. Holdings in SPDR Gold Trust,


Gold prices inched higher early on Tuesday, hovering near a 2-1/2 month high hit in the previous session, as risk averse investors sought a safe haven amid rising political tensions and economic uncertainty. Spot gold was up 0.1 percent at $1,227.76 an ounce at 0114 GMT. On Monday, it touched a peak of $1,233.26, the highest since July 26. Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday. Holdings in SPDR Gold Trust,
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Gold hovers near two-and-a-half month high as investors seek safe haven refuge

Gold prices inched higher early on Tuesday, hovering near a 2-1/2 month high hit in the previous session, as risk averse investors sought a safe haven amid rising political tensions and economic uncertainty.

Spot gold was up 0.1 percent at $1,227.76 an ounce at 0114 GMT. On Monday, it touched a peak of $1,233.26, the highest since July 26.

U.S. gold futures were up 0.1 percent at $1,231.20 an ounce.

Asian stocks bounced modestly on Tuesday, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns and capped gains.

Saudi Arabia is preparing to acknowledge the death of Saudi journalist Jamal Khashoggi in a botched interrogation, CNN and the New York Times said on Monday, after U.S. President Donald Trump speculated “rogue killers” may be responsible.

The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to data released on Monday by the Treasury Department.

U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.

The European Central Bank will end its bond-buying program in less than three months, with a low likelihood of an extension despite a cocktail of political and trade concerns, economists unanimously said in a Reuters poll.

China will soon host a huge trade fair to highlight its commitment to free trade and show off its willingness to import, but skeptical foreign businesses and diplomats say they want to see concrete policy changes to improve market access.

The Italian cabinet on Monday signed off on an expansionary 2019 budget, boosting welfare spending, cutting the retirement age and hiking the deficit to set up a showdown with authorities in Brussels over compliance with EU rules.

Poland raised its gold holdings to the highest in at least 35 years, data from the International Monetary Fund showed on Monday.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.55 percent to 748.76 tonnes on Monday.


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Gold rises as falling markets burnish appeal

Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong. Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates. Gold speculators extended their ne


Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong. Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates. Gold speculators extended their ne
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Gold rises as falling markets burnish appeal

Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates.

Spot gold was up 0.4 percent at $1,222.0 an ounce at 0417 GMT, and not far off last week’s two-month high of $1,226.70.

U.S. gold futures were up 0.2 percent at $1,225.60 an ounce.

“Gold is closely following the stock market. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong.

“There are many uncertainties ahead for equities including the ongoing trade war, upcoming mid-term elections in the U.S., along with an expected interest rate hike in December … We will have to see how gold reacts to these.”

Asian shares slipped on Monday, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1 percent.

“Gold is more appealing after the stock market crash. It has regained some of its safe haven lure,” said Brian Lan, managing director at Singapore dealer GoldSilver Central.

A sell-off in equities last week, helped gold break above the narrow trading range of the past 1-1/2 months, with the metal jumping as much as 2.5 percent on Thursday, its biggest one-day percentage gain in more than two years.

“Gold remains supported by escalating geopolitical tensions… Adding to the mix is the thought the FOMC may consider pausing their widely expected rate hike in December if global equity markets continue to falter,” said Stephen Innes, APAC trading head at OANDA in Singapore.

“An abrupt shift in Fed policy will likely lead to a lack of confidence in the world’s most important central bank and could destabilize markets further.”

The Fed hiked rates last month for the third time this year and is expected to raise them again in December.

Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates.

China faced “tremendous uncertainties” due to the impact of tariffs and trade frictions, China central bank governor Yi Gang said on Sunday.

Gold speculators extended their net short position on Comex gold contracts by 29,881 contracts to 103,009 contracts in the week to Oct. 9, data showed.

Spot gold may edge up to $1,235 per ounce, as suggested by a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.

Meanwhile, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.76 percent to 744.64 tonnes on Friday.

In other precious metals, palladium rose 0.5 percent to $1,071.10. Silver was up 0.6 percent at $14.63 and platinum gained 0.5 percent to $840.50.


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Gold pulls back from 2-month highs as stocks rebound

Gold fell on Friday, retreating from more than two-month highs hit in the previous session, as global equity markets recovered some poise from dramatic losses. Spot gold was down 0.4 percent at $1,218.76 an ounce, after jumping about 2.5 percent on Thursday as a selloff in equities sent investors toward safe-haven assets. Gold has risen about 1.5 percent this week, on track for its biggest weekly gain in seven. “Breakout for gold on Thursday was around $1,207 to $1,212 and if prices break down t


Gold fell on Friday, retreating from more than two-month highs hit in the previous session, as global equity markets recovered some poise from dramatic losses. Spot gold was down 0.4 percent at $1,218.76 an ounce, after jumping about 2.5 percent on Thursday as a selloff in equities sent investors toward safe-haven assets. Gold has risen about 1.5 percent this week, on track for its biggest weekly gain in seven. “Breakout for gold on Thursday was around $1,207 to $1,212 and if prices break down t
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Gold pulls back from 2-month highs as stocks rebound

Gold fell on Friday, retreating from more than two-month highs hit in the previous session, as global equity markets recovered some poise from dramatic losses.

Spot gold was down 0.4 percent at $1,218.76 an ounce, after jumping about 2.5 percent on Thursday as a selloff in equities sent investors toward safe-haven assets. Prices hit their highest since July 31 at $1,226.27 on Thursday.

Gold has risen about 1.5 percent this week, on track for its biggest weekly gain in seven.

“The markets have kind of stabilized and things have calmed down a bit and the sort of momentum for gold to push higher is not with us at the moment,” said Macquarie commodity strategist Matthew Turner.

Global shares were having their strongest day in nearly a month on Friday as European and Asian markets recovered from a brutal selloff that left them set for their worst week since February.

Despite gold’s sharpest one-day percentage gain since June 2016 on Thursday, the precious metal is still down about 11 percent from a peak in April as investors bought dollars as the U.S.-China trade war unfolded against a backdrop of rising U.S. interest rates.

“We could see some bounce like this as the futures market is extremely short. But, ultimately prices are going to drift down as the U.S. Federal Reserve is still tightening and rates are going up, while the dollar is still firm. The fundamentals for gold are still weak,” Turner said.

Thursday’s surge helped bullion break above a narrow trading range it has been stuck in for the past 1-1/2 months.

“We need to wait to see how the stock markets are performing later in the day,” said MKS head of trading Afshin Nabavi.

“Breakout for gold on Thursday was around $1,207 to $1,212 and if prices break down to that level again, it would be a good entry point for gold.”

Spot gold may extend its gains to $1,237 per ounce, as suggested by a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.

“Gold is trading fairly close to the 100-day moving average at $1,228. There should be plenty of resistance but a close above that level could signal a move higher,” MKS PAMP Group traders said in a note.

Meanwhile, palladium was down 0.8 percent at $1,068.20, after hitting its highest since Jan. 26 at $1,096.80 in the previous session.

Silver rose 0.1 percent to $14.58, while platinum was flat at $839.20.


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Gold nudges down as strong US data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. “Rising interest rates is not good news for gold. Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “cor


Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. “Rising interest rates is not good news for gold. Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “cor
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Gold nudges down as strong US data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses.

The marginal decline came even as Wall Street suffered its worst drubbing in eight months.

Spot gold was down 0.2 percent at $1,192.58 an ounce at 0430 GMT.

U.S. gold futures edged up 0.2 percent to $1,195.90 an ounce.

“Rising interest rates is not good news for gold. People are preferring U.S. Treasury bonds as they are more attractive in the current environment over gold, despite the sell-off in equities,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong.

Data on U.S. producer prices, which rose in September after declining the previous month, and a revision to wholesale inventory estimates for August, added to a hawkish outlook on interest rates.

“The Fed is expected to raise interest rates in December but we are not sure about the future hikes as we have to see how the trade war will affect the U.S. economy. The upcoming mid-term elections in U.S. will also be very crucial,” Leung said.

The Fed can likely stop raising U.S. interest rates once they reach about 3 percent, as long as inflation remains around 2 percent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday.

Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “correction,” and the Federal Reserve, which has been raising U.S. interest rates, had gone “crazy”.

“The sentiment that we have seen this morning with the Wall Street and Asian markets tanking is a chance for gold prices to reintroduce as a safe haven again, especially at this time of poor risk appetite,” OCBC analyst Barnabas Gan said.

“That is something investors will be looking at very closely if the dollar falls further.”

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 percent.

Spot gold may break a resistance at $1,195 per ounce and edge up to the next resistance at $1,200, as it has temporarily bottomed around a support at $1,182, according to Reuters technical analyst Wang Tao.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.21 percent to 738.99 tonnes on Wednesday, for its first gains since July.

Meanwhile, spot silver was flat at $14.26 an ounce and palladium was little changed at $1,067.24. Platinum slipped 0.9 percent to $811.49 an ounce.


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Gold edges up as dollar slips, global stocks sag

Gold prices inched up on Wednesday as some investors sought refuge in the metal after the dollar weakened and global stocks tumbled on the back of rising bond yields. Spot gold edged 0.1 percent higher to $1,189.73 per ounce. Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher Treasury yields can translate into more demand for the dollar, making the bullion more expensive for holders of other currencies. “The higher yield environment and stronger dollar are p


Gold prices inched up on Wednesday as some investors sought refuge in the metal after the dollar weakened and global stocks tumbled on the back of rising bond yields. Spot gold edged 0.1 percent higher to $1,189.73 per ounce. Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher Treasury yields can translate into more demand for the dollar, making the bullion more expensive for holders of other currencies. “The higher yield environment and stronger dollar are p
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Company: cnbc, Activity: cnbc, Date: 2018-10-10
Keywords: news, cnbc, companies, 01, edges, treasury, gold, investors, dollar, rising, rates, global, higher, interest, sag, slips, yields, stocks


Gold edges up as dollar slips, global stocks sag

Gold prices inched up on Wednesday as some investors sought refuge in the metal after the dollar weakened and global stocks tumbled on the back of rising bond yields.

Spot gold edged 0.1 percent higher to $1,189.73 per ounce. U.S. gold futures gained 0.1 percent at $1,192.90 an ounce.

World equities fell more than 1 percent to three-month lows, while the U.S. dollar index retreated from a seven-week peak hit in the previous session.

“The S&P 500 is looking very weak and negative and that is putting fear into investors,” said Michael Matousek, head trader at U.S. Global Investors.

“With the markets going down people are increasing their allocation towards gold.”

Gold, however, has fallen over 13 percent since hitting a peak in April, with investors increasingly opting for the safety of the greenback as the U.S.-China trade war unfolded against a backdrop of rising U.S. interest rates.

Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher Treasury yields can translate into more demand for the dollar, making the bullion more expensive for holders of other currencies.

“The higher yield environment and stronger dollar are providing a toxic mix for gold,” said Fawad Razaqzada, an analyst with Forex.com.

“The trend for yields has been bullish and they could rise further from here. It will be hard for gold to sustain any rallies in this environment.”

U.S. Treasury yields advanced, holding near multi-year highs after government data showed the U.S. producer price index (PPI) climbed in September, which reinforced expectations that the Fed would hike interest rates at a faster pace.

“Gold prices will struggle to rebound over the remainder of 2018,” said Sabrin Chowdhury, commodities analyst at Fitch Solutions.

“Strong U.S. economic growth, concurrent monetary policy normalization by the U.S. Federal Reserve and a strong dollar will all limit the attractiveness of holding gold as an investment.”

The Fed increased interest rates last month for the third time this year and is widely expected to hike again in December, with no suggestion its tightening policy will cease any time soon.

Gold has held in a $34 range for the last 1-1/2 months, propped up by limited safe-haven buying at the lower end of the range, spurred by concerns over economic growth and inflationary pressure from soaring oil prices.

Analysts said the upside could be limited by waning demand due to depreciating domestic currencies in major gold-consuming countries such as India.

Spot silver fell 0.4 percent to $14.31, palladium rose 0.5 percent at $1,074.80 and platinum gained 0.1 percent to $824.60 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-10
Keywords: news, cnbc, companies, 01, edges, treasury, gold, investors, dollar, rising, rates, global, higher, interest, sag, slips, yields, stocks


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Gold falls 1 percent as sliding stocks boost dollar

Gold fell more than 1 percent alongside sliding equities on Monday as investors sought refuge in the dollar, which has been boosted by a run of strong U.S. economic data reinforcing expectations of further interest rate rises. U.S. gold futures fell 1.1 percent to $1,192.30 an ounce. “The strong U.S. dollar and expectations of more interest rate hikes are pushing gold down and kind of scaring gold investors,” said Carlo Alberto De Casa, chief analyst at ActivTrades. A stronger dollar makes dolla


Gold fell more than 1 percent alongside sliding equities on Monday as investors sought refuge in the dollar, which has been boosted by a run of strong U.S. economic data reinforcing expectations of further interest rate rises. U.S. gold futures fell 1.1 percent to $1,192.30 an ounce. “The strong U.S. dollar and expectations of more interest rate hikes are pushing gold down and kind of scaring gold investors,” said Carlo Alberto De Casa, chief analyst at ActivTrades. A stronger dollar makes dolla
Gold falls 1 percent as sliding stocks boost dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-08
Keywords: news, cnbc, companies, rising, ounce, trade, interest, falls, sliding, dollar, boost, fell, strong, rates, rate, stocks, gold


Gold falls 1 percent as sliding stocks boost dollar

Gold fell more than 1 percent alongside sliding equities on Monday as investors sought refuge in the dollar, which has been boosted by a run of strong U.S. economic data reinforcing expectations of further interest rate rises.

Spot gold was down 1.1 percent at $1,189.37 an ounce. U.S. gold futures fell 1.1 percent to $1,192.30 an ounce.

“The strong U.S. dollar and expectations of more interest rate hikes are pushing gold down and kind of scaring gold investors,” said Carlo Alberto De Casa, chief analyst at ActivTrades.

“Investors are not sure about buying gold as it is unable to break above $1,210, a strong resistance.”

Gold has fallen more than 12 percent from a peak in April largely due to the dollar’s strength, which reflects a vibrant U.S. economy, rising U.S. interest rates and fears of a global trade war.

A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies.

Global equity markets tumbled as investor confidence took a knock from last week’s spike in U.S. Treasury yields and concerns about the U.S.-China trade dispute.

The nervous mood was aggravated as China’s central bank on Sunday cut the level of cash that banks must hold as reserves, in a move aimed at lowering financing costs.

The U.S. unemployment rate fell to near a 49-year low, a government report showed on Friday, the latest in a string of positive data that could prompt the Federal Reserve to maintain a path of gradual interest rate increases.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Despite the losses, gold has held in a $34 range for the last 1-1/2 months, which some analysts say suggests resilience due to safe-haven bids spurred by worries over the damage to emerging market economies from higher U.S. interest rates.

“Weakness in emerging markets might bring in small bids for gold,” said Nicholas Cawley, an analyst at DailyFX.com, adding that the “overriding factor is higher U.S. interest rates and bond yields”.

Meanwhile, speculators cut their net short position in COMEX gold by 4,186 contracts to 73,128 in the week to Oct. 2.

Spot silver fell by 1.2 percent to $14.41 and palladium declined 0.7 percent to $1,061.47. Platinum was down 1 percent at $812.90 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-08
Keywords: news, cnbc, companies, rising, ounce, trade, interest, falls, sliding, dollar, boost, fell, strong, rates, rate, stocks, gold


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