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
Gold pulls back from 2-month highs as stocks rebound Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12
Keywords: news, cnbc, companies, highs, pulls, prices, rebound, trading, markets, previous, gold, recovered, week, selloff, 2month, stocks, mks, ounce


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.


Company: cnbc, Activity: cnbc, Date: 2018-10-12
Keywords: news, cnbc, companies, highs, pulls, prices, rebound, trading, markets, previous, gold, recovered, week, selloff, 2month, stocks, mks, ounce


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

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
Gold nudges down as strong US data boosts rate rise view Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, strong, rise, street, wall, view, data, selloff, interest, ounce, gold, rates, prices, rate, dollar, rose, nudges, boosts


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.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, strong, rise, street, wall, view, data, selloff, interest, ounce, gold, rates, prices, rate, dollar, rose, nudges, boosts


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

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


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold edges down as dollar firms on hawkish Fed, robust US data

Gold prices inched down on Thursday, after upbeat U.S. economic data and hawkish comments from Federal Reserve policymakers raised prospects of the central bank sticking to its tighter monetary policy, boosting the dollar. Further supporting the dollar was data showing strength in the U.S. job market, with service sector activity racing to a 21-year high in September. Spot gold inched down 0.1 percent to $1,196.25 an ounce at 0447 GMT, after falling about 0.5 percent in the previous session. “Go


Gold prices inched down on Thursday, after upbeat U.S. economic data and hawkish comments from Federal Reserve policymakers raised prospects of the central bank sticking to its tighter monetary policy, boosting the dollar. Further supporting the dollar was data showing strength in the U.S. job market, with service sector activity racing to a 21-year high in September. Spot gold inched down 0.1 percent to $1,196.25 an ounce at 0447 GMT, after falling about 0.5 percent in the previous session. “Go
Gold edges down as dollar firms on hawkish Fed, robust US data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-04
Keywords: news, cnbc, companies, fed, hawkish, ounce, interest, economy, rates, support, gold, firms, edges, robust, prices, economic, data, dollar


Gold edges down as dollar firms on hawkish Fed, robust US data

Gold prices inched down on Thursday, after upbeat U.S. economic data and hawkish comments from Federal Reserve policymakers raised prospects of the central bank sticking to its tighter monetary policy, boosting the dollar.

About half of the Fed’s policymakers, including chairman Jerome Powell, used public appearances on Wednesday to show an increasingly unified view that the U.S. economy was not headed for any obvious potholes.

Further supporting the dollar was data showing strength in the U.S. job market, with service sector activity racing to a 21-year high in September.

Spot gold inched down 0.1 percent to $1,196.25 an ounce at 0447 GMT, after falling about 0.5 percent in the previous session. Prices held to a narrow range between $1,195.36 and $1,198.93 on Thursday.

U.S. gold futures were down 0.3 percent at $1,199.9 an ounce.

“Gold remains heavy due to strong U.S. economic data which supports the emerging hawkish Fed narrative, underpinning the dollar sentiment,” said Stephen Innes, APAC trading head at OANDA in Singapore.

The Fed raised U.S. rates last week and said it planned four more increases by the end of 2019 and another in 2020, citing steady economic growth and a robust jobs market.

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.

“The dollar is very strong and putting gold under pressure… People are now buying the dollar,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar index marked a fresh six-week peak against its peers on Thursday.

Gold prices have fallen for the past six months, losing over 12 percent, largely due to dollar strength, with the U.S. currency benefiting from a vibrant U.S. economy, rising U.S. interest rates and fears of a global trade war.

Investors are watching out for the U.S. non-farm payrolls data due on Friday. According to a Reuters survey of economists, non-farm payrolls likely increased by 185,000 in September after jumping 201,000 in August.

Spot gold may test a support at $1,193 per ounce, a break below which could cause a loss to the next support at $1,188, while a break above $1,201 could lead to a gain to $1,207, according to Reuters technical analyst Wang Tao.

Meanwhile, the Italian government indicated it was open to trimming its budget deficit and debt, easing fears about fiscal policy in the euro zone’s third-biggest economy, which dented safe haven buying interest for gold.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.84 percent to 23,522,860.09 ounces on Wednesday, the lowest since February 2016.

Among other precious metals, silver little changed at $14.58 an ounce and palladium was flat at $1,055.22.

Platinum was down 0.6 percent to $817.5 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-04
Keywords: news, cnbc, companies, fed, hawkish, ounce, interest, economy, rates, support, gold, firms, edges, robust, prices, economic, data, dollar


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold hits 6-week trough; set for longest monthly losing streak in 2 decades

Gold was down about 1.6 percent in September, its sixth straight monthly loss. Another report showed durable goods rose 4.5 percent in August, rebounding from a revised 1.2 percent drop the month before. “The outlook for gold prices in the current term remains dim as such in lieu of rising rates and yields amidst buoyant U.S. economic conditions.” Gold is down more than 13 percent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant U.S. economy and fea


Gold was down about 1.6 percent in September, its sixth straight monthly loss. Another report showed durable goods rose 4.5 percent in August, rebounding from a revised 1.2 percent drop the month before. “The outlook for gold prices in the current term remains dim as such in lieu of rising rates and yields amidst buoyant U.S. economic conditions.” Gold is down more than 13 percent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant U.S. economy and fea
Gold hits 6-week trough; set for longest monthly losing streak in 2 decades Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-28
Keywords: news, cnbc, companies, war, longest, monthly, set, hits, trough, 6week, outlook, losing, interest, touched, upside, economic, dollar, gold, ounce, trade, decades, streak


Gold hits 6-week trough; set for longest monthly losing streak in 2 decades

Gold hit a fresh six-week low on Friday as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve’s resolve for steady interest rate hikes, putting the metal on track for its longest monthly losing streak since January 1997.

Gold was down about 1.6 percent in September, its sixth straight monthly loss.

Spot gold was flat at $1,182.48 as of 0736 GMT. The metal touched its lowest since Aug. 17 at $1,180.34 an ounce earlier in the session, dipping further from a six-week low of $1,181.61 hit on Thursday.

U.S. gold futures eased 0.1 percent at $1,186.20 an ounce.

The dollar gained against its peers on Friday as data showed U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 percent in August, rebounding from a revised 1.2 percent drop the month before.

The short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the U.S. and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau.

The Fed raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020.

“Robust U.S. economic fundamentals despite an escalation in trade tariffs have done little to lift demand for the non-interest bearing asset,” said Benjamin Lu, commodities analyst at Phillip Futures.

“The outlook for gold prices in the current term remains dim as such in lieu of rising rates and yields amidst buoyant U.S. economic conditions.”

Gold is down more than 13 percent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant U.S. economy and fears of a global trade war. Investors have bought the greenback instead of gold as a safe investment.

Meanwhile, President Donald Trump’s accusation of Chinese meddling in the upcoming U.S. elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior U.S. officials said on Thursday.

“The trade war continues to favour the U.S. dollar and this will generally dampen gold’s upside,” said Nicholas Frappell, global general manager, ABC Bullion, Australia.

“Large speculative shorts may help cushion weakness as punters keep an eye on levels to close out and take money off the table,” he said.

Among other metals, palladium touched a fresh eight-month high at $1,087.40 an ounce. Silver rose 0.7 percent to $14.30 an ounce and platinum was up 0.1 percent to $809.60.


Company: cnbc, Activity: cnbc, Date: 2018-09-28
Keywords: news, cnbc, companies, war, longest, monthly, set, hits, trough, 6week, outlook, losing, interest, touched, upside, economic, dollar, gold, ounce, trade, decades, streak


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold prices fall following Fed rate hike

Gold prices fell Wednesday after the U.S. Federal Reserve hiked its benchmark interest rate following its two-day meeting. The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021. As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. A Fed rate hike, the third this year, was unlikely to shift


Gold prices fell Wednesday after the U.S. Federal Reserve hiked its benchmark interest rate following its two-day meeting. The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021. As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. A Fed rate hike, the third this year, was unlikely to shift
Gold prices fall following Fed rate hike Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-26
Keywords: news, cnbc, companies, following, fed, prices, gold, reserve, high, safe, interest, rate, ounce, federal, hike, fall


Gold prices fall following Fed rate hike

Gold prices fell Wednesday after the U.S. Federal Reserve hiked its benchmark interest rate following its two-day meeting.

The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021.

As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. That now takes the rate to a range between 2 percent and 2.25 percent, where it last was in April 2008. This is the eighth increase since the Fed began normalizing policy in December 2015.

Gold is sensitive to higher interest rates because they tend to boost the dollar, making gold more expensive for buyers with other currencies.

They also push up U.S. bond yields, reducing the attraction of non-yielding bullion.

A Fed rate hike, the third this year, was unlikely to shift gold prices, said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

Markets will instead be looking to the Fed’s economic and interest rate projections and comments from Chairman Jerome Powell for something to move gold from its recent trading range of $1,190-$1,210 an ounce.

“If the language says three rate hikes next year, I think there will be a selloff in the price of gold,” Pehowich said.

Spot gold slipped 0.8 percent at $1,196 per ounce, while the greenback was slightly stronger against a basket of major currencies.

U.S. gold futures for December delivery settled down $6, or 0.5 percent, at $1,199.10 per ounce.

Gold has fallen more than 12 percent from an April high as a vibrant U.S. economy, expectations of higher U.S. interest rates and fears of a global trade war have caused the dollar to rally.

Investors looking for a safe place to park assets have preferred the U.S. currency to bullion, undermining gold’s traditional role as a safe haven, while speculators have ramped up bets that gold prices will fall.

Commerzbank analysts said gold was stuck beneath technical resistance at its 55-day moving average around $1,208 and its 4-month downtrend at $1,220.

They said prices would likely move lower and their long-term outlook had become more negative since gold broke below its 2005-2018 uptrend line, now around $1,215.

Meanwhile, silver dropped 0.6 percent at $14.33 an ounce after touching a three-week high on Tuesday.

Platinum gained 0.3 percent at $824.70 an ounce and palladium increased 0.6 percent at $1,066.98 an ounce, earlier hitting a new 8-month high of $1,070.00.

“On top of a supply squeeze, its mostly bargain hunting now in some of these industrial metals,” said Bob Haberkorn, senior market strategist at RJO Futures.


Company: cnbc, Activity: cnbc, Date: 2018-09-26
Keywords: news, cnbc, companies, following, fed, prices, gold, reserve, high, safe, interest, rate, ounce, federal, hike, fall


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold eases on firm dollar but heads for first weekly gain in four

China hopes the United States will show sincerity and take steps to correct its behaviour, its commerce ministry said on Thursday, amid new levies in a long-standing tit-for-tat dispute. Spot gold fell 0.7 percent to $1,199.17 per ounce, after touching its highest since Sept. 13 at $1,211.02. Meanwhile, hedge funds and money managers cut their net short position in COMEX gold and silver contracts in the week to Sept. 11. The gold/silver ratio, which measures the number of silver ounces needed to


China hopes the United States will show sincerity and take steps to correct its behaviour, its commerce ministry said on Thursday, amid new levies in a long-standing tit-for-tat dispute. Spot gold fell 0.7 percent to $1,199.17 per ounce, after touching its highest since Sept. 13 at $1,211.02. Meanwhile, hedge funds and money managers cut their net short position in COMEX gold and silver contracts in the week to Sept. 11. The gold/silver ratio, which measures the number of silver ounces needed to
Gold eases on firm dollar but heads for first weekly gain in four Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-21
Keywords: news, cnbc, companies, silver, ounce, weekly, gold, dollar, eases, week, bank, highest, firm, united, trade, states, heads, gain


Gold eases on firm dollar but heads for first weekly gain in four

Gold prices edged lower on Friday as the dollar firmed on persistent concerns about an escalating trade between the United States and China in a week where both sides slapped new tariffs on each other’s goods.

China hopes the United States will show sincerity and take steps to correct its behaviour, its commerce ministry said on Thursday, amid new levies in a long-standing tit-for-tat dispute.

The dollar’s status as the chief reserve currency makes the U.S. currency the prime beneficiary of concern over trade conflicts on bets that the United States has less to lose from the dispute.

Spot gold fell 0.7 percent to $1,199.17 per ounce, after touching its highest since Sept. 13 at $1,211.02. But the metal was still headed for its first weekly gain in four.

U.S. gold futures were down 0.6 percent at $1,204.30 per ounce.

Mitigating further losses in gold were views that new U.S. and Chinese tariffs were set at lower rates this week than expected.

“The fact that concerns eased a bit this week weighed on the dollar a bit but that has reversed and so that is why gold is easing,” said FOREX.com analyst Fawad Razaqzada, adding that gold was facing resistance between $1,205-$1,215 per ounce.

The dollar rose against a basket of major currencies, making gold more expensive for holders of other currencies, while equity markets and bond yields rose.

Investors are awaiting next week’s Federal Reserve meeting, where the U.S. central bank is widely expected to raise benchmark interest rates.

Meanwhile, hedge funds and money managers cut their net short position in COMEX gold and silver contracts in the week to Sept. 11.

Investment bank Goldman Sachs slashed its three, six and twelve-month gold price forecasts but said there were signs that fundamentals were starting to change, with a recent weakening of the dollar and a rebound in Chinese and Indian gold purchases.

Among other precious metals, spot silver rose 0.6 percent to $14.35 an ounce, after rising to two-week highs of $14.41.

The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, is at a record high of 83.

This has pulled more investors into silver, which offers more value as the current ratio is higher than the historical five-year of 72.5, ING bank said in a note.

Palladium touched its highest since April 19 at $1,056.72 per ounce and was up 0.5 percent at $1,055.22 an ounce.

Platinum hit its highest since Aug. 9 at $838.40.


Company: cnbc, Activity: cnbc, Date: 2018-09-21
Keywords: news, cnbc, companies, silver, ounce, weekly, gold, dollar, eases, week, bank, highest, firm, united, trade, states, heads, gain


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold gains as dollar dips on soft US data

Gold rose on Friday as the dollar faltered after softer-than-expected U.S. inflation data dimmed the case for a faster pace of policy tightening by the U.S. Federal Reserve, amid signs of movement in the Sino-U.S. trade standoff. “The trade negotiation is a favour to the (gold) market with the dollar a little bit soft and some shorts being covered. Meanwhile, U.S. consumer prices rose less than expected in August and underlying inflation pressures also appeared to be slowing, suggesting the Fede


Gold rose on Friday as the dollar faltered after softer-than-expected U.S. inflation data dimmed the case for a faster pace of policy tightening by the U.S. Federal Reserve, amid signs of movement in the Sino-U.S. trade standoff. “The trade negotiation is a favour to the (gold) market with the dollar a little bit soft and some shorts being covered. Meanwhile, U.S. consumer prices rose less than expected in August and underlying inflation pressures also appeared to be slowing, suggesting the Fede
Gold gains as dollar dips on soft US data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-14
Keywords: news, cnbc, companies, rising, trade, data, dollar, investors, dips, soft, week, gains, rose, short, prices, ounce, gold


Gold gains as dollar dips on soft US data

Gold rose on Friday as the dollar faltered after softer-than-expected U.S. inflation data dimmed the case for a faster pace of policy tightening by the U.S. Federal Reserve, amid signs of movement in the Sino-U.S. trade standoff.

Spot gold was up 0.4 percent at $1,205.18 an ounce as of 0408 GMT, after having hit its highest since Aug. 28 at $1,212.65 on Thursday. It has gained 0.8 percent so far this week, heading for its first weekly gain in three.

U.S. gold futures were mostly steady at $1,208.50 an ounce.

“The trade negotiation is a favour to the (gold) market with the dollar a little bit soft and some shorts being covered. There is also some physical buying in Shanghai, with premiums rising,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The months-long trade rift between Washington and Beijing has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute.

Demand for the dollar eased this week on news that the White House had invited Chinese officials to restart trade talks. Beijing welcomed the invitation with the two countries now reported to be discussing the details.

The dollar’s index against a basket of six major currencies was a shade lower at 94.491 after slipping 0.3 percent on Thursday, when it touched 94.428, its lowest since July 31.

Meanwhile, U.S. consumer prices rose less than expected in August and underlying inflation pressures also appeared to be slowing, suggesting the Federal Reserve’s pace of rate hikes could slow.

“With the data falling short of expectations, investors are thinking that the Fed might not go for a rate hike in December, even though a hike in September is definite,” said Ji Ming, chief analyst at Shandong Gold Group.

Higher rates make gold less attractive since it does not pay interest and costs to store and insure.

Gold prices have declined about 12 percent from a peak in April amid intensifying global trade tensions and under pressure from rising U.S. interest rates. This has driven investors towards record short positions in Comex gold and heavy liquidations in gold exchange-traded funds.

“If prices stay around $1,200 levels, it means the markets are still positive. People who shorted below could come and cover, driving prices to $1,250,” said Hidetaka Namiki, chief executive at Singapore-based Asset Management firm Bullionist Capital.

“By looking at the weakness in emerging market currencies and equities being overbought, people are just waiting for the turnaround (in gold).”

Meanwhile, spot silver was up 0.1 percent at $14.18 per ounce. Platinum increased 0.4 percent to $803, after touching a one-month high of $812.30 on Thursday. Palladium fell 0.1 percent to $981.25 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-09-14
Keywords: news, cnbc, companies, rising, trade, data, dollar, investors, dips, soft, week, gains, rose, short, prices, ounce, gold


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold falls on technical resistance, U.S.-China trade war fears

Gold prices edged lower on Wednesday as a key technical resistance acted as a deterrent for the metal and the yuan weakened against the dollar on fears the U.S.-China trade war could escalate. Spot gold was down 0.3 percent at $1,194.08 an ounce at 0406 GMT, after hitting its lowest since Aug. 24 at $1,187.21 on Tuesday. This has also weakened the yuan, making gold expensive in the world’s biggest consumer, China. Gold has been stuck in a $20 price range over the past two weeks, with investors l


Gold prices edged lower on Wednesday as a key technical resistance acted as a deterrent for the metal and the yuan weakened against the dollar on fears the U.S.-China trade war could escalate. Spot gold was down 0.3 percent at $1,194.08 an ounce at 0406 GMT, after hitting its lowest since Aug. 24 at $1,187.21 on Tuesday. This has also weakened the yuan, making gold expensive in the world’s biggest consumer, China. Gold has been stuck in a $20 price range over the past two weeks, with investors l
Gold falls on technical resistance, U.S.-China trade war fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-12
Keywords: news, cnbc, companies, worlds, war, ounce, fears, trade, yuan, technical, uschina, gold, falls, weakened, resistance, investors, song


Gold falls on technical resistance, U.S.-China trade war fears

Gold prices edged lower on Wednesday as a key technical resistance acted as a deterrent for the metal and the yuan weakened against the dollar on fears the U.S.-China trade war could escalate.

Spot gold was down 0.3 percent at $1,194.08 an ounce at 0406 GMT, after hitting its lowest since Aug. 24 at $1,187.21 on Tuesday.

U.S. gold futures were down 0.3 percent at $1,198.90 an ounce.

“There is some selling pressure on the renminbi, which is affecting gold. Also, people are reluctant to buy as $1,200 is acting as a strong resistance,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers, Hong Kong.

Verbal sparring between Washington and Beijing continued on Tuesday, unnerving investors over the months-long escalation in trade tensions between the world’s two biggest economies.

The trade conflict has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute. This has also weakened the yuan, making gold expensive in the world’s biggest consumer, China.

Gold has been stuck in a $20 price range over the past two weeks, with investors looking for technical breakouts for clues on further movements.

“It seems the sideways price action will persist ahead of the Federal Reserve interest rate decision,” said David Song, a currency analyst at DailyFX, adding a hawkish rate-hike from the Fed was likely to reinforce a long-term bearish outlook for gold.

The U.S. central bank is widely anticipated to raise the benchmark interest rate at its September meeting and expectations are growing for one more hike in December on the back of positive economic data.

Higher rates increase bond yields, making non-yielding bullion less attractive, and tend to boost the dollar.

“Gold remains vulnerable to further losses as the inverse relationship between the precious metal and the greenback continues to materialize and our client sentiment report shows retail traders are still long on bullion,” Song said.

Spot gold may retest a support at $1,188 per ounce, according to Reuters technical analyst Wang Tao.

Among other precious metals, spot silver was nearly flat at $14.09 per ounce, having hit its lowest since January 2016 at $13.90 in the previous session.

Platinum gained 0.1 percent to $788.40 per ounce, while palladium lost 0.4 percent to $970.75.


Company: cnbc, Activity: cnbc, Date: 2018-09-12
Keywords: news, cnbc, companies, worlds, war, ounce, fears, trade, yuan, technical, uschina, gold, falls, weakened, resistance, investors, song


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold prices ease as U.S. rate hike views, trade tensions boost dollar

Gold prices inched lower on Tuesday as the dollar was boosted by expectations U.S. interest rate will rise this month and by worries the Sino-U.S. trade war could escalate. Higher rates increase bond yields, making non-yielding bullion less attractive, and tend to boost the dollar. The rhetoric has made investors buy the dollar in the belief that the United States has less to lose from a trade war – making dollar-priced gold more expensive for non-U.S. buyers. Gold prices have fallen 12.6 percen


Gold prices inched lower on Tuesday as the dollar was boosted by expectations U.S. interest rate will rise this month and by worries the Sino-U.S. trade war could escalate. Higher rates increase bond yields, making non-yielding bullion less attractive, and tend to boost the dollar. The rhetoric has made investors buy the dollar in the belief that the United States has less to lose from a trade war – making dollar-priced gold more expensive for non-U.S. buyers. Gold prices have fallen 12.6 percen
Gold prices ease as U.S. rate hike views, trade tensions boost dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-11
Keywords: news, cnbc, companies, investors, trade, hike, views, dollar, rate, boost, ounce, expectations, ease, rates, prices, tensions, war, gold, interest


Gold prices ease as U.S. rate hike views, trade tensions boost dollar

Gold prices inched lower on Tuesday as the dollar was boosted by expectations U.S. interest rate will rise this month and by worries the Sino-U.S. trade war could escalate.

Spot gold was down 0.2 percent at $1,193.07 an ounce at 0258 GMT. U.S. gold futures were mostly steady at $1,199.60 an ounce.

“With the greenback supported by expectations of higher U.S. interest rates, this may translate to nothing but further pain for gold,” said Lukman Otunuga, Research Analyst at FXTM, adding that spot prices could drop to $1,185-$1,160 levels in the short- or medium-term.

Strong U.S. payrolls data last week cemented expectations that the U.S. Federal Reserve will raise interest rates in September, in what would be its third hike this year, with expectations of one rise more in December.

Higher rates increase bond yields, making non-yielding bullion less attractive, and tend to boost the dollar.

The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 95.236.

The dollar was also boosted after President Donald Trump last week said he was ready to impose tariffs on virtually all Chinese imports to the United States.

The rhetoric has made investors buy the dollar in the belief that the United States has less to lose from a trade war – making dollar-priced gold more expensive for non-U.S. buyers.

Gold prices have fallen 12.6 percent from a peak in April as the metal has lost its safe-haven appeal compared to the U.S. dollar, driving investors to raise their bearish bets on Comex gold and liquidate gold exchange traded funds.

“If a full-blown trade war (between the U.S. and China) becomes reality and global growth ends up taking a hit, risk aversion may skyrocket ultimately sending investors back to gold,” Otunuga said.

Gold prices have been trading within a $20 range for the past 10 sessions.

The yellow metal is finding strong resistance at $1,200, with investors selling into any rallies that threaten to push it above that level, ANZ analysts said in a research note.

In other precious metals, spot silver was down 0.3 percent at $14.12 an ounce, platinum rose 0.4 percent to $785 an ounce. Palladium was down 0.1 percent at $975 an ounce, after hitting its highest in nearly 12 weeks at $991.15.


Company: cnbc, Activity: cnbc, Date: 2018-09-11
Keywords: news, cnbc, companies, investors, trade, hike, views, dollar, rate, boost, ounce, expectations, ease, rates, prices, tensions, war, gold, interest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post