gold futures

gold futures

November 29th, 2016

Gold futures prices slipped on Tuesday as the dollar stabilized after falls in the previous session as investors turned their attention to upcoming U.S. economic reports and Wednesday’s OPEC meeting.

Gold was trading at $1,187.0 a troy ounce by 0857 GMT. The precious metal ended the previous session with gains of 0.39%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 101.33.

Gold is priced in dollars and becomes less attractive to holders of other currencies when the dollar rises.

Continue reading »

gold futures quotes

gold futures quotes

February 11th, 2016

Gold futures jumped to the highest level since May in Europe trade on Thursday, amid growing skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year.

Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,215.30 a troy ounce, a level not seen in almost nine months, before falling back to trade at $1,207.80 by 08:00GMT, or 3:00AM ET, up $13.30, or 1.11%. A day earlier, gold shed $4.00, or 0.33%.

Federal Reserve Chair Janet Yellen said Wednesday that financial conditions have become less supportive to growth as foreign developments pose risks to the economic outlook, but also maintained that moderate growth at home would justify “gradual adjustments” to the Fed’s monetary policy stance.

Continue reading »

gold futures news

gold futures news

February 4th, 2016

Gold futures rallied to the highest level since late-October on Thursday, as the U.S. dollar collapsed amid growing skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year.

Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,155.30 a troy ounce, the most since October 29, before trading at $1,153.20 by 13:45GMT, or 8:45AM ET, up $11.90, or 1.04%. A day earlier, gold rallied $14.10, or 1.25%, marking its best day in two weeks.

The dollar index tumbled 0.85% to 96.43, a level not seen since October 23, on speculation the Federal Reserve might opt to not raise interest rates at all this year due to slowing U.S. growth and turmoil in global financial markets.

Market participants no longer expect another rate hike this year, while the Fed, from its forecasts, is anticipating four rate rises in 2016.

Prices of the precious metal are up almost 9% so far this year as retreating oil prices and losses in global equity markets underpinned demand for assets perceived as safer. Gold is often seen as an alternative currency in times of global economic uncertainty and a refuge from financial risk.

Continue reading »

gold futures

gold futures

November 23, 2015

Gold, silver and copper traded near multi-year lows on Monday, as a broadly stronger U.S. dollar dampened appetite for the metals.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.16% at a seven-month high of 99.81.

Dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.

Demand for the greenback continued to be underpinned by expectations that the Federal Reserve is on track to raise interest rates next month.

Gold for December delivery on the Comex division of the New York Mercantile Exchange dropped $10.10, or 0.94%, to trade at $1,066.20 a troy ounce during U.S. morning hours. It earlier fell to $1,065.70, not far from last week’s low of $1,062.00, a level not seen in almost six years.

Continue reading »

August 15th, 2012

Gold Futures – Billionaire investors George Soros and John Paulson increased their stakes in the biggest exchange- traded fund backed by gold as prices posted the largest quarterly drop since 2008.

Soros Fund Management more than doubled its investment in the SPDR Gold Trust to 884,400 shares as of June 30, compared with three months earlier, a U.S. Securities and Exchange Commission filing for second-quarter holdings showed yesterday. Paulson & Co. increased its holdings by 26 percent to 21.8 million shares.

Continue reading »

June 29th, 2012

Gold Futures – Gold traders are bullish for a sixth week on speculation that Europe’s debt crisis will boost demand from investors seeking to protect their wealth and drive prices higher after the biggest quarterly slump in eight years.

Sixteen analysts surveyed by Bloomberg said they expect a rally next week and 10 were bearish. Another five were neutral. Investors added about $1.9 billion to holdings in gold-backed exchange-traded products this month, the most since November, according to data compiled by Bloomberg. Hedge funds and other speculators have increased bets on a rally for four consecutive weeks, U.S. Commodity Futures Trading Commission data show.

Continue reading »

May 16th, 2012

Gold futures declined for a fourth straight session in New York and entered a so-called bear market as concern that Greece will have to leave the euro boosted the dollar and cut the metal’s appeal as an alternative asset.

The U.S. Dollar Index, a measure against six major counterparts, rose for a 13th day to a four-month high after Greece’s political leaders failed to form a ruling coalition. Bullion has dropped 20 percent from its intraday record in September, the common definition of a bear market. On a closing basis, futures need to settle at $1,513.52 to post a 20 percent drop.

Continue reading »

February 9th, 2012

Gold futures climbed to the highest level of the day on Thursday, as the U.S. dollar weakened after European Central Bank President Mario Draghi confirmed reports that Greece had finally agreed on a package of austerity measures.

Gold futures on the Comex division of the New York Mercantile Exchange, for April delivery traded at USD1,748.65 a troy ounce during early U.S. morning trade, gaining 1%.

It earlier rose by as much as 1.15% to trade at a session high of USD1,751.15 a troy ounce.

Gold futures were likely to find support at USD1,712.65 a troy ounce, the low from February 7 and short-term resistance at USD1,754.65, Wednesday’s high.

According to government sources, Greek Prime Minister Lucas Papademos declared that an agreement was reached and endorsed by the major Greek political parties on a set of new austerity measures needed in order to secure a second bailout package.

ECB President Draghi later confirmed the news at his press conference after the ECB’s policy meeting, in which it kept interest rates on hold at 1%.

“I got a call from the Prime Minister of Greece that an agreement has been reached and has been endorsed by the major parties,” Draghi said.

The news came only hours before a meeting of euro zone finance ministers in Brussels to discuss the Greek EUR130 billion bailout.

The news helped lift the euro to an eight-week high against the U.S. dollar, while the dollar index, which tracks the performance of the greenback against a basket of six other major currencies, declined 0.26% to trade at 78.51. 

Continue reading »

February 02nd, 2012 7:57AM

GOLD futures climbed to the highest level in almost two months overnight as investors sought the precious metal as an alternative to the slipping US dollar after a batch of upbeat global economic data.

Gold futures for April delivery, the most actively traded contract, rose $US9.10, or 0.5 per cent, at $US1,749.50 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest settlement price since December 2.

The dollar eased as investors dumped the perceived safe-haven currency after relatively upbeat readings on everything from Chinese and European manufacturing to US private-sector hiring. A weaker dollar can lift dollar-denominated gold and other commodities by making the futures appear cheaper for investors using other currencies.

Gold and the dollar have an added link, as some investors use gold as a hedge against instability in the currency. The ICE US Dollar Index overnight touched its lowest level since December 9.

“It’s hard to look at this rally and believe that it is not going to continue,” said Dave Meger, director of metals trading with brokerage Vision Financial Markets. “Obviously if Europe fell apart once again you’d start seeing selling pressure across the board, but shy of that I think we have the environment for higher metals prices.”

Continue reading »

January 25th, 2012

Gold futures surged to a six-week high after the Federal Reserve said it expects “exceptionally low” interest rates through at least late 2014. Silver, platinum and palladium also advanced.

Fed Reserve Chairman Ben S. Bernanke said at a press conference after the central bank’s statement that the option of further large- scale bond purchases is still “on the table.” Gold has jumped 28 percent in the past 12 months, partly as record-low rates boosted the appeal of the metal as a hedge against inflation.

“We saw an immediate reaction in gold” after the Fed’s announcement, Michael A. Gayed, the chief investment strategist who helps oversee $150 million at New York-based Pension Partners LLC, said in a telephone interview. “People are betting that at some point the economy will face inflationary pressures because of the low interest rate.”

Gold futures for April delivery climbed 2.1 percent to close at $1,703 an ounce at 1:44 p.m. on the Comex in New York, the biggest gain since Jan. 3. In electronic trading after the settlement, the metal reached $1,716.10, the highest for a most- active contract since Dec. 12.

Continue reading »