Firm dollar weighs on gold amid global growth risks

Spot gold was down 0.1 percent at $1,237.51 per ounce, as of 0401 GMT, after having hit its lowest since Dec. 4 at $1,232.39 on Friday. Gold has not recovered yet from Friday’s decline, said analyst Helen Lau of Argonaut Securities, adding that prices were moving on the strong dollar over the weekend. The dollar index, which measures the greenback against other major currencies, was just below the 19-month high of 97.71 hit on Friday. Lower interest rates reduce the opportunity cost of holding n


Spot gold was down 0.1 percent at $1,237.51 per ounce, as of 0401 GMT, after having hit its lowest since Dec. 4 at $1,232.39 on Friday. Gold has not recovered yet from Friday’s decline, said analyst Helen Lau of Argonaut Securities, adding that prices were moving on the strong dollar over the weekend. The dollar index, which measures the greenback against other major currencies, was just below the 19-month high of 97.71 hit on Friday. Lower interest rates reduce the opportunity cost of holding n
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Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: simon dawson, bloomberg, getty images
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Firm dollar weighs on gold amid global growth risks

Gold prices inched lower on Monday, as the dollar held firm below a 19-month peak on safe-haven demand amid concerns of a global economic slowdown, and as investors awaited cues on U.S. interest rate hikes from a Federal Reserve meeting later this week.

Spot gold was down 0.1 percent at $1,237.51 per ounce, as of 0401 GMT, after having hit its lowest since Dec. 4 at $1,232.39 on Friday.

U.S. gold futures were little changed at $1,241.3 per ounce.

Gold has not recovered yet from Friday’s decline, said analyst Helen Lau of Argonaut Securities, adding that prices were moving on the strong dollar over the weekend.

Weaker-than-expected economic data out of China and Europe and fears of a possible U.S. government shutdown enhanced appeal for the U.S. currency, which has played the role of a safe-haven asset in recent times.

The dollar index, which measures the greenback against other major currencies, was just below the 19-month high of 97.71 hit on Friday.

Markets will closely watch the future trajectory of U.S. monetary policy at the Federal Reserve’s Dec. 18-19 meeting where the board is set to raise interest rates by 25 basis points.

“Markets will rally on the back of dollar weakness after the central bank signals a more dovish stance, but the advance will fall back quickly as global growth concerns reassert themselves,” INTL FCStone analyst Edward Meir said in a note.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar.

Spot gold is biased to break a support at $1,232 per ounce, and fall to a lower support zone of $1,224-$1,228, according to Reuters technical analyst Wang Tao.

Meanwhile, hedge funds and money managers switched to net long position in Comex gold in the week to Dec. 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

This was the first time gold speculators held a net long position since July, and the strongest since June.

“Uncertainties of the trade war are still weighing on the market,” said Dick Poon, general manager, Heraeus Metals Hong Kong Ltd.

“It is getting close to Christmas time, so it is getting super quiet in the market. Investors reduce their inventories as much as possible before the year ends.”

Among other precious metals, spot palladium gained to $1,238.20 per ounce.

Silver declined marginally to $14.56 per ounce, while platinum fell 0.6 percent to $782.50 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: simon dawson, bloomberg, getty images
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Gold edges lower as dollar steadies, equities tick up

Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce. “Dollar hasn’t made much moves and that’s the real signpost for gold as they are still highly correlated.” Meanwhile, Asian shares advan


Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce. “Dollar hasn’t made much moves and that’s the real signpost for gold as they are still highly correlated.” Meanwhile, Asian shares advan
Gold edges lower as dollar steadies, equities tick up Cached Page below :
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Gold edges lower as dollar steadies, equities tick up

Gold prices slipped on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion.

Spot gold was down 0.2 percent at $1,243.91 per ounce, as of 0415 GMT, while U.S. gold futures were 0.1 percent lower at $1,249.3 per ounce.

“Market sentiment is neutral today… We’ve got a little more positive sentiment than we anticipated from U.S.-China trade tensions, which is weighing on the topside,” said Stephen Innes, APAC trading head at OANDA in Singapore.

“Dollar hasn’t made much moves and that’s the real signpost for gold as they are still highly correlated.”

The dollar index, which measures the greenback against six major rivals, was steady at 97.069, after retreating from a near one-month high overnight.

Meanwhile, Asian shares advanced on signs of easing trade tensions between the world’s top two economies, and expectations that China will step up efforts soon to support its cooling economy.

China appears to be easing its high-tech industrial development push, dubbed “Made in China 2025,” which has long irked the United States, while it also made its first major U.S. soybean purchases in more than six months on Wednesday.

Investors seem more interested in equity at this point of time than in gold, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

However, analysts see uncertainties around the Brexit deal and expectations of the U.S. Federal Reserve’s dovish tone at its meeting next week, supporting the yellow metal.

“We are still gonna have a lot of noise coming out of Brexit and that should definitely keep gold bid for a while,” Innes said.

Markets are not expecting more than one rate hike from the U.S. central bank next year, after a likely interest rate increase at the Federal Open Market Committee (FOMC) meeting on Dec. 18-19.

Spot gold looks neutral in a range of $1,240-$1,253 per ounce, and an escape could suggest a direction, said Reuters technical analyst Wang Tao.

Among other precious metals, spot palladium was down 0.2 percent at $1,258.90 per ounce, having touched a record high of $1,264.25 earlier in the session.

Palladium rose strongly on the news that China would be reducing tariffs on U.S. imported autos, raising hopes that the sector would be boosted by additional demand, analysts at ANZ said in a note.

Silver was up 0.1 percent at $14.75 per ounce, while platinum climbed 0.3 percent to $800.49.


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Gold steadies near 5-month peak on subdued dollar

Gold prices were steady on Monday, having touched a fresh five-month peak early in the session, as the dollar weakened after a soft U.S. jobs report fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected. The Fed is widely expected to raise interest rates at its Dec. 18-19 meeting, but the focus is on how many rate hikes will follow in 2019. Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding


Gold prices were steady on Monday, having touched a fresh five-month peak early in the session, as the dollar weakened after a soft U.S. jobs report fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected. The Fed is widely expected to raise interest rates at its Dec. 18-19 meeting, but the focus is on how many rate hikes will follow in 2019. Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding
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Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, subdued, prices, fed, gold, slipped, analyst, jobs, near, ounce, peak, dollar, interest, rates, 5month, steadies


Gold steadies near 5-month peak on subdued dollar

Gold prices were steady on Monday, having touched a fresh five-month peak early in the session, as the dollar weakened after a soft U.S. jobs report fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected.

Spot gold inched up 0.1 percent to $1,248.59 per ounce, as of 0813 GMT, after hitting its highest since July 11 at $1,250.55 earlier in the session.

U.S. gold futures rose 0.1 percent to $1,253.4 per ounce.

Weak data points from the United States have been putting pressure on the dollar index which is proving to be positive for gold, said Ajay Kedia, director at Kedia Commodities in Mumbai, adding that: “we expect a resistance level of $1,270 before the upcoming Fed meet.”

The dollar slid against the euro and the yen after data showed U.S. non-farm payrolls increased by 155,000 jobs last month, below economists’ median forecast of 200,000 jobs, and the wage increase was softer than expected.

Some Fed policymakers have struck a cautious tone about the economic outlook, possibly flagging a turning point in the monetary policy.

The Fed is widely expected to raise interest rates at its Dec. 18-19 meeting, but the focus is on how many rate hikes will follow in 2019.

Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on U.S. yields and the dollar, in which gold is priced.

“There is also some safe-haven demand coming back in gold,” said Argonaut Securities analyst Helen Lau.

Global stocks extended their slump on worries over slowing growth and fears that a fresh flare-up in tensions between U.S. and China could quash chances of a trade deal.

“A number of tailwinds are in place for it (gold) to move significantly higher during the month including falling U.S. interest rates, a declining or at least a stalling dollar, wobbly U.S. equity markets,” INTL FCStone analyst Edward Meir said in a note.

“Over the course of December, we see prices trading between $1,230-$1,285 per ounce.”

Meanwhile, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.20 percent to 759.73 tonnes on Friday.

Spot gold may rise into a range of $1,258-$1,266 per ounce, as it has broken a resistance at $1,245, according to Reuters technical analyst Wang Tao.

Among other precious metals, spot silver was down 0.2 percent at $14.59 per ounce, while palladium slipped 0.6 percent to $1,216.52.

Platinum edged 0.2 percent higher to $791.40 per ounce. Prices had slipped to their lowest since Sept. 12 at $779 in the previous session.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: simon dawson, bloomberg, getty images
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Gold inches higher as dollar dips amid risk aversion

Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion. Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce. “Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures. The dollar declined against the safe-haven yen as a spike in risk aversion pressured equitie


Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion. Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce. “Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures. The dollar declined against the safe-haven yen as a spike in risk aversion pressured equitie
Gold inches higher as dollar dips amid risk aversion Cached Page below :
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Gold inches higher as dollar dips amid risk aversion

Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion.

Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce.

“Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures.

A balance between a host of factors such as a rate hike by the U.S. Federal Reserve in December, uncertainty about trade tensions between Washington and Beijing, and a flattening yield curve has helped create a premium for the bullion, Lu added.

Fed policymakers will gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates.

“Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate hike timings in 2019,” said Lukman Otunuga, a research analyst at FXTM, adding that: “if the meeting echoes a similar message to (Chairman Jerome) Powell’s dovish shift, gold has the potential to shine into 2019.”

The dollar declined against the safe-haven yen as a spike in risk aversion pressured equities and U.S. Treasury yields. The spread between the two-year and five-year Treasury yields inverted this week and the two-year/10-year spread was at its flattest in more than a decade amid a sharp fall in long-term rates.

“An yield curve inversion indicates higher borrowing cost in short term, so for safe-haven assets in the longer run it’s going to be very positive,” Phillip Futures’ Lu said.

Spot gold may test a resistance at $1,245 per ounce, a break above which could lead to a gain into a range of $1,253-$1,258, according to Reuters technical analyst Wang Tao.

Meanwhile, palladium continued to be more valuable than gold after outshining the yellow metal for the first time since 2002 on Wednesday, with prices soaring by around 50 percent in less than four months to record levels.

Spot palladium rose 0.1 percent to $1,245.00 per ounce, hovering near its record high hit in the previous session.

The market now awaits Friday’s U.S. non-farm payrolls data for November, which is expected to show unemployment remains at 3.7 percent.

“Investors are seen adopting a cautious stance ahead of the U.S. jobs report which could offer insight over the health of the U.S. labour force,” said FXTM’s Otunuga.

Amongst other metals, silver fell 0.7 percent to $14.41 per ounce, while platinum extended losses into a third session, declining 0.7 percent to $795.00 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: getty images
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Gold pulls back from 5-week high as dollar edges higher

Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher. “Gold is mainly tracking the U.S. dollar,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore. “Today’s move in gold prices is a correction because yesterday prices were up quite a bit.” The benchmark 10-year Treasury yield fell to its lowest point since mid-September. $1,242.5 is the level gold has to test before it goes up to the next le


Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher. “Gold is mainly tracking the U.S. dollar,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore. “Today’s move in gold prices is a correction because yesterday prices were up quite a bit.” The benchmark 10-year Treasury yield fell to its lowest point since mid-September. $1,242.5 is the level gold has to test before it goes up to the next le
Gold pulls back from 5-week high as dollar edges higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: simon dawson, bloomberg, getty images
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Gold pulls back from 5-week high as dollar edges higher

Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher.

Spot gold was down 0.3 percent at $1,234.71 per ounce as of 0422 GMT, after hitting its highest since Oct. 26 at $1,241.86 an ounce in the previous session. U.S. gold futures were down 0.5 percent at $1,240.2 per ounce.

“Gold is mainly tracking the U.S. dollar,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

“Today’s move in gold prices is a correction because yesterday prices were up quite a bit.”

The dollar index, which measures the greenback against a basket of six major currencies, edged up about 0.1 percent, even though the U.S. currency was under pressure as declining Treasury yields raised concerns over economic growth.

The benchmark 10-year Treasury yield fell to its lowest point since mid-September. The spread between the 10-year yield over its two-year counterpart also shrank to the smallest since the start of the financial crisis in January 2008, signalling to some investors an approaching economic slowdown.

Concerns about weaker growth have stoked bets that the Federal Reserve will end its campaign to raise interest rates sooner than previously thought, analysts said.

U.S. Federal Reserve Chairman Jerome Powell said last Wednesday that U.S. interest rates were nearing neutral levels, which markets interpreted as signalling a slowdown in rate hikes.

Asian equities dipped in line with Wall Street as resurgent trade concerns stoked worries about global economic growth.

U.S. President Donald Trump on Tuesday held out the possibility of an extension of the 90-day trade truce with China, but warned he would revert to tariffs if the two sides could not resolve their differences.

“Normally you would expect a better outing from gold given the absolute beatdown in stocks, but this is a baby step for the precious metal,” said Amit Kumar Gupta, portfolio management services head at Adroit Financial Services in New Delhi.

“Gold at this point will correct a little more. $1,242.5 is the level gold has to test before it goes up to the next level. The downside we are looking at is $1,230,” GoldSilver Central’s Lan said.

Meanwhile, palladium retreated 0.5 percent to $1,226.49 per ounce, trading in close proximity to the yellow metal and after notching its record high hit on Tuesday.

Spot silver fell 0.4 percent to $14.46 per ounce, while platinum was 1.8 percent lower at $788.90 per ounce after hitting its lowest level since Sept. 17 at $787.5 earlier in the session.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: simon dawson, bloomberg, getty images
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Palladium hits record high, briefly surpasses gold price

Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid. Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50. However, a few analysts said palladium’s rally could run o


Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid. Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50. However, a few analysts said palladium’s rally could run o
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Palladium hits record high, briefly surpasses gold price

Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid.

Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. U.S. gold futures settled up 0.56 percent at $1,246.60 per ounce.

Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50.

“We have a tight fundamental market, flat supplies, rising demand and on top of that, undoubtedly some speculative interest which has helped drive prices to all-time record highs,” Mitsubishi analyst Jonathan Butler said.

“For the moment, we don’t see anything changing; the metal remains in demand for industrial uses, speculators are covering their positions, lease market is very tight, and palladium forwards are in backwardation. We could see some higher prices from here in the very short term.”

The metal, used mainly in emissions-reducing auto catalysts for vehicles, has gained about 49 percent since mid-August.

“Palladium continues to fire long signals on all indicators and to make new highs, and is now challenging gold as reduced auto tariffs from China boost demand expectations in an already tight market,” analysts at TD Securities said in a note.

However, a few analysts said palladium’s rally could run out of steam, and there could be profit-taking at these high levels.

The metal’s 14-day relative strength index (RSI) was around 77. An RSI above 70 indicates a commodity is overbought and could lead to a price correction.

“Looking ahead we believe the dynamic of an investor long overhang that has been built up for palladium, combined with the short overhang in the gold market, will eventually contribute to gold re-establishing its premium over palladium,” analysts at Metals Focus wrote in a note.

Meanwhile, gold prices were on track for a second straight session of gains as the dollar continued to be pressured after the United States and China agreed to hold off on fresh trade tariffs for 90 days.

“Primarily, it is the weaker dollar that is providing assistance and that will be the key driver in the short term,” Capital Economics analyst Ross Strachan said.

“However, gold is going to find it difficult to sustain the current rally unless there is even more dollar weakness.”

Investors also kept a close eye on signals on the future path of interest rates next year by the U.S. Federal Reserve, with the central bank widely expected to raise rates at its policy meeting on Dec. 18-19. Meanwhile, spot silver jumped 1.04 percent to $14.52 per ounce, while platinum dipped 0.3 percent to $804.20.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
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Gold rises as the US and China’s pause on tariff escalation weighs on the dollar

Gold prices gained early on Monday on a weaker dollar as a trade ceasefire between the United States and China revived investor demand for riskier assets. Spot gold was up 0.3 percent at $1,225.67 per ounce at 0407 GMT, while U.S. gold futures were up 0.4 percent at $1,230.4 per ounce. The U.S. currency has been the preferred safe haven this year as the U.S.-China trade war unfolded against a backdrop of higher U.S. interest rates, denting the bullion’s appeal. Gold tends to gain when rate hike


Gold prices gained early on Monday on a weaker dollar as a trade ceasefire between the United States and China revived investor demand for riskier assets. Spot gold was up 0.3 percent at $1,225.67 per ounce at 0407 GMT, while U.S. gold futures were up 0.4 percent at $1,230.4 per ounce. The U.S. currency has been the preferred safe haven this year as the U.S.-China trade war unfolded against a backdrop of higher U.S. interest rates, denting the bullion’s appeal. Gold tends to gain when rate hike
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Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: simon dawson, bloomberg, getty images
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Gold rises as the US and China's pause on tariff escalation weighs on the dollar

Gold prices gained early on Monday on a weaker dollar as a trade ceasefire between the United States and China revived investor demand for riskier assets.

Washington and Beijing agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days.

Spot gold was up 0.3 percent at $1,225.67 per ounce at 0407 GMT, while U.S. gold futures were up 0.4 percent at $1,230.4 per ounce.

“There’s a little bit weaker dollar that seems to be the driving factor for gold,” said Stephen Innes, APAC trading head at OANDA in Singapore, adding that the risk-on environment was, however, holding back gains.

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

The U.S. currency has been the preferred safe haven this year as the U.S.-China trade war unfolded against a backdrop of higher U.S. interest rates, denting the bullion’s appeal.

However, the greenback came under pressure last week after Federal Reserve Chairman Jerome Powell said interest rates are just below neutral, raising expectations that the U.S. central bank is closer to the end of its rate hike cycle.

Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on U.S. yields and the dollar, in which gold is priced.

If the Fed is worried about growth and makes it known more clearly, then the market could possibly see a further boost to gold, said John Sharma, an economist with National Australia Bank (NAB).

Powell is scheduled to testify before a congressional Joint Economic Committee later this week.

Analysts see the yellow metal supported in the near-term on political and economic risks such as uncertainties over Brexit and Italy’s budget, and the recent unrest in Paris.

Meanwhile, Asian shares rallied with MSCI’s broadest index of Asia-Pacific shares outside Japan up 1.8 percent.

Among other precious metals, palladium rose nearly 1 percent to $1,187.90 per ounce, after having crossed the $1,200 mark for the first time on Friday.

Spot silver was up 1.1 percent at $14.32 per ounce, while platinum climbed 1.8 percent to $811.90 per ounce.

Speculators increased their net short position in gold by 8,464 contracts to 51,828 contracts in the week to Nov. 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.


Company: cnbc, Activity: cnbc, Date: 2018-12-03  Authors: simon dawson, bloomberg, getty images
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Gold gains as dollar sags on cautious Fed remarks

Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes. “The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore. “A weaker dollar helps other local currencies such


Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes. “The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore. “A weaker dollar helps other local currencies such
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Gold gains as dollar sags on cautious Fed remarks

Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes.

Spot gold was up 0.3 percent at $1,224.13 per ounce at 0410 GMT. Prices climbed about 0.6 percent on Wednesday, their biggest one-day percentage gain since Nov. 16.

U.S. gold futures were little changed at $1,223.2 per ounce.

“The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore.

The dollar slipped from a two-week high on Wednesday after Powell said interest rates are just below neutral, raising expectations that the U.S. central bank is closer to the end of its rate hike cycle.

“A weaker dollar helps other local currencies such as China and India get back in the game, which could add to gold’s lustre,” Innes added.

A weaker greenback makes the dollar-denominated gold cheaper for other non-U.S. buyers.

However, gains in gold were being limited by increased interest in riskier assets, analysts said.

A robust Wall Street buoyed Asian shares on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent.

Investors expect more clues on the Fed’s monetary tightening path from the minutes of the U.S. central bank’s Nov. 7-8 meeting, due later on Thursday. The Fed has raised rates three times this year.

Higher U.S. interest rates tend to boost the dollar, and also increase the opportunity cost of holding gold, which does not pay interest.

Markets also focused on the G20 summit in Buenos Aires this weekend, where U.S. President Donald Trump and his Chinese counterpart, Xi Jinping are scheduled to discuss trade matters.

Gold prices lost to dollar this year as the investors preferred the safe-haven currency as the U.S.-China trade war unfolded and U.S. interest rates rose.

Among other precious metals spot silver inched lower to $14.31 per ounce.

Palladium dipped 0.5 percent to $1,177.95 per ounce, having hit a record high of $1,186.3 in the previous session.

Platinum rose 0.4 percent to $824.00 per ounce after falling to a seven-week low of $809.50 on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, ounce, dollar, trade, gains, rose, weaker, remarks, prices, interest, cautious, shares, sags, rates, gold, fed


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Gold dips as dollar firms; palladium breaches $1,200 per ounce mark

Gold fell on Friday as the dollar strengthened ahead of the trade talks between the U.S. and Chinese leaders at the G20 summit, while palladium prices crossed the key $1,200 per ounce mark for the first time. Spot gold fell 0.17 percent to $1,221.01 per ounce. U.S. gold futures slipped 0.31 percent lower to $1,226.70 an ounce. Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks. Until the fundamental story changes, we are going to see very strong palladium price


Gold fell on Friday as the dollar strengthened ahead of the trade talks between the U.S. and Chinese leaders at the G20 summit, while palladium prices crossed the key $1,200 per ounce mark for the first time. Spot gold fell 0.17 percent to $1,221.01 per ounce. U.S. gold futures slipped 0.31 percent lower to $1,226.70 an ounce. Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks. Until the fundamental story changes, we are going to see very strong palladium price
Gold dips as dollar firms; palladium breaches $1,200 per ounce mark Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, gold, mark, dips, trade, dollar, firms, 1200, g20, prices, session, major, breaches, metal, fell, palladium, ounce


Gold dips as dollar firms; palladium breaches $1,200 per ounce mark

Gold fell on Friday as the dollar strengthened ahead of the trade talks between the U.S. and Chinese leaders at the G20 summit, while palladium prices crossed the key $1,200 per ounce mark for the first time.

U.S. President Donald Trump and his Chinese counterpart Xi Jinping will be meeting on Saturday on the sidelines of the G20 summit in Argentina to discuss the ongoing trade dispute between the world’s two biggest economies.

Spot gold fell 0.17 percent to $1,221.01 per ounce. U.S. gold futures slipped 0.31 percent lower to $1,226.70 an ounce.

“The dollar index has moved to its daily high and the U.S. stock market is bouncing back and that is also working against gold,” said Kitco Metals senior analyst Jim Wyckoff.

A big price movement is unlikely in gold for the rest of the session “unless there is some kind of a major announcement from out of Buenos Aires from G20,” he added.

The dollar index, which measures the greenback against a basket of six major currencies, recouped losses, having touched a near one-week low in the previous session, as markets awaited the outcome of the talks.

“The markets now have more clarity into issues such as the U.S. Federal Reserve’s interest rate thinking, the Italian budgetary drama, and the U.S.-China trade war,” said Ronan Manly, a precious metals analyst at Singapore-based dealer BullionStar.

“As such, this clarity and visibility could cap any further gains for gold in the short term. So, a major move above the current range is not likely.”

Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks.

Meanwhile, palladium dropped 0.02 percent to $1,180.75 per ounce, having soared to a record high earlier in the session, and moving above the key $1,200 an ounce level for the first time ever, putting it just about $15 shy of parity with gold.

“There is lot of tightness of palladium physical metal supply that’s translating into a fundamental support in strong palladium price,” said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York.

“The investors and speculators are driving the prices higher. Until the fundamental story changes, we are going to see very strong palladium prices.”

Spot silver fell 1.15 percent to $14.14 per ounce.

Platinum dipped 1.90 percent, to $801.50 per ounce, on track for a fourth consecutive weekly decline. The metal is set to fall more than 4 percent in November, after gaining in the previous two months.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, gold, mark, dips, trade, dollar, firms, 1200, g20, prices, session, major, breaches, metal, fell, palladium, ounce


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Gold little changed as Fed official’s remarks boost dollar

Gold prices were tepid on Wednesday pressured by a robust dollar after a senior U.S. Federal Reserve official reaffirmed the need for a further increase in interest rates, making bullion more expensive for holders of other currencies. Fed Vice Chair Richard Clarida said on Tuesday the central bank should continue to gradually raise interest rates, but it was “especially important” to monitor economic data as monetary policy was getting close to a neutral stance. “The strength of the U.S. dollar


Gold prices were tepid on Wednesday pressured by a robust dollar after a senior U.S. Federal Reserve official reaffirmed the need for a further increase in interest rates, making bullion more expensive for holders of other currencies. Fed Vice Chair Richard Clarida said on Tuesday the central bank should continue to gradually raise interest rates, but it was “especially important” to monitor economic data as monetary policy was getting close to a neutral stance. “The strength of the U.S. dollar
Gold little changed as Fed official’s remarks boost dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28
Keywords: news, cnbc, companies, trade, 01, little, rates, officials, changed, interest, nov, fed, boost, ounce, prices, raise, dollar, remarks, gold


Gold little changed as Fed official's remarks boost dollar

Gold prices were tepid on Wednesday pressured by a robust dollar after a senior U.S. Federal Reserve official reaffirmed the need for a further increase in interest rates, making bullion more expensive for holders of other currencies.

Fed Vice Chair Richard Clarida said on Tuesday the central bank should continue to gradually raise interest rates, but it was “especially important” to monitor economic data as monetary policy was getting close to a neutral stance.

“The strength of the U.S. dollar has been bad for gold, while the Fed is little more bullish about interest rates,” said John Sharma, an economist with National Australia Bank (NAB).

Prospects of higher U.S. interest rates are negative for dollar-priced gold as they raise the opportunity cost of holding the bullion.

Investor attention is now turned towards Fed Chairman Jerome Powell’s speech later on Wednesday and the minutes from the Fed’s Nov. 7-8 meeting on Thursday, as they look for indications on U.S. rates hikes in 2019.

Spot gold was little changed at $1,213.71 per ounce at 0408 GMT, having dipped to its lowest level since Nov. 15 at $1,211.36 in the previous session.

U.S. gold futures were down about 0.1 percent at $1,214.

“After holding around $1,220/oz over the past week, gold prices finally capitulated as investor appetite weakened,” ANZ analysts said in a research note, adding, rising trade tensions saw investors seeking a safe haven in the dollar and weighing on the precious metals complex.

The dollar index, a gauge of its value versus six major peers, held steady at 97.37, sitting just below this year’s high of 97.69.

U.S. President Donald Trump is prepared to hike tariffs on Chinese imports if there is no breakthrough on longstanding trade dispute during a Saturday night dinner with Chinese leader Xi Jinping, White House economic adviser Larry Kudlow said on Tuesday.

Among other precious metals, spot silver inched up 0.1 percent to $14.15 per ounce, having fallen to a nearly-two-week low of $14.05 in the previous session.

Platinum was up 0.2 percent at $831.50 per ounce. Prices hit their lowest since Nov. 15 at $825.25 on Tuesday.

Palladium rose 0.1 percent to $1,152.00 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-11-28
Keywords: news, cnbc, companies, trade, 01, little, rates, officials, changed, interest, nov, fed, boost, ounce, prices, raise, dollar, remarks, gold


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