gold futures blog

gold futures blog

November 21st, 2017

Gold prices held onto gains on Tuesday, as sentiment on the U.S. dollar remained fragile amid ongoing uncertainty over the fate of a U.S. tax bill and ahead of the minutes of the Federal Reserve’s policy meeting due on Wednesday.

Comex gold futures were up $3.47 or about 0.27% at $1,278.78 a troy ounce by 08:15 a.m. ET (12:15 GMT).

The House of Representatives passed a bill last week that would lower corporate taxes and cut individual taxes for most households in 2018.

However the legislation could still face difficulties in the Senate amid resistance within Republican ranks. Senate lawmakers are expected to vote on their version of the bill after this week’s Thanksgiving holiday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 94.01.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

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gold futures news

gold futures news

August 8th, 2016

Gold edges lower but weaker dollar lends support Gold edges lower but weaker dollar lends support

Investing.com – Gold prices slipped lower on Friday, but losses were expected to remain limited as a globally weaker U.S. dollar continued to lend support to the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.16% at $1,339.35, not far from Wednesday’s three-week high of $1,350.50.

The December contract ended Thursday’s session 0.56% lower at $1,341.60 an ounce.

Futures were likely to find support at $1,323.20, the low from September 6 and resistance at $1,350.50, Wednesday’s high.

Gold prices weakened briefly after data on Thursday showing that U.S. initial jobless claims in the week ending September 3 decreased by 4,000 to a six-week low of 259,000 from the previous week’s total of 263,000. Analysts expected jobless claims to rise by 2,000 to 265,000 last week.

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gold futures news

gold futures news

June 22nd, 2015

Gold prices fell to the lowest levels of the session on Monday, adding to losses after data showed that U.S. existing home sales in May rose to the highest level since November 2009.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange lost $19.30, or 1.61%, to trade at $1,182.60 a troy ounce during U.S. morning hours. Futures were likely to find support at $1,171.90, the low from June 15, and resistance at $1,208.90, the high from May 26.

The National Association of Realtors said that existing home sales increased 5.1% to 5.35 million units last month from 5.09 million in April. Analysts had expected existing home sales to rise 4.4% to 5.26 million units in May.

The upbeat data boosted optimism over the health of the economy and supported the case for a U.S. interest rate hike later this year.

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gold futures news

gold futures news

May 3rd, 2015

Gold futures recovered from a six-week low amid speculation that weaker economic growth will prompt officials to add to stimulus in China, which rivals India as the world’s top bullion buyer.

China’s central bank has already loosened monetary policy, and the manufacturing gauge published Monday that signaled contraction for April fueled anticipation that more measures will come. Revived growth prospects can help buoy physical demand for precious metals, according to Bart Melek, the head of commodity strategy at TD Securities.

Futures are rebounding after three weeks of declines. The Federal Reserve has damped speculation that it will delay boosting interest rates. Traders are awaiting the April U.S. payrolls report on Friday for more signals on the timing of increases for borrowing costs. Higher rates drive investors to favor assets that pay interest, such as bonds, curbing gold’s appeal as a store of value, since it generally offers returns only through price gains.

“Expectations of Chinese stimulus are helping the market,” Toronto-based Melek said in a telephone interview. “The next few days will be all about the U.S. data and the big employment number.”

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gold futures news

gold futures news

January 13th, 2015

Gold futures rose to an 11-week high on speculation that Greece will abandon the euro, boosting the precious metal’s appeal as a haven asset. Silver climbed to a one-month high.

Opinion polls showed Greek Prime Minister Antonis Samara hasn’t narrowed the lead by his top opponent from the Syriza party, boosting concerns that a change in political leadership will spur an exit from the euro area. Gold climbed for the third straight session.

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gold futures quotes

gold futures quotes

December 2nd, 2014

Gold futures fell, paring gains from the biggest one-day rally in more than a year, as a stronger dollar curbed demand for the metal as a protection of wealth. Silver and platinum dropped.

The Bloomberg Dollar Spot Index rose for the third time in four days, extending gains before employment data this week that analysts said will show the U.S. economy added more than 200,000 jobs for the 10th consecutive month in November. Lower oil prices also weighed on gold prices amid concerns about deflation.

“If the dollar holds on to its recent gains, gold is likely to face headwinds ahead,” Abhishek Chinchalkar, an analyst at Mumbai-based AnandRathi Commodities Ltd., said in a note today.

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gold futures prices

gold futures prices

November 11th, 2014

Gold futures fell for a ninth time in 10 sessions as investors seek higher-yielding assets amid a rout that wiped out the metal’s gains this year.

Assets in the SPDR Gold Trust, the world’s biggest exchange-traded product backed by the metal, dropped for five straight sessions, the longest slump in almost a year. The holdings are at the lowest since September 2008. The Standard & Poor’s 500 Index of shares rose to a record today before trading little changed, and the dollar traded near a five-year high against a basket of 10 currencies.

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gold futures prices

gold futures prices

October 31st, 2014

Gold and silver fell in New York, slumping to the lowest since 2010, as the dollar strengthened after the Bank of Japan unexpectedly boosted stimulus and the Federal Reserve ended asset purchases this week.

The Fed is weighing the timing of interest-rate increases as other central banks add to stimulus to bolster their economies. The Bank of Japan said today it’s targeting an expansion of its already unprecedentedly large monetary-stimulus program by 80 trillion yen ($723 billion), sending the yen to a six-year low against the dollar. Gold yesterday erased the year’s advance after U.S. gross domestic product beat estimates.

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gold futures quotes

gold futures quotes

October 21st, 2014

Shweta Anand took half a day off work to get a jump on India’s jewelry shopping spree before the Hindu festival of Diwali, and she was looking for bargains.

“The best time to buy is before the shops get crowded,” said Anand, 27, as she eyed trinkets on velvet shelves at a store in Mumbai’s Zaveri Bazaar, India’s biggest jewelry market. “I buy some gold jewelry every Diwali. Last year, I bought earrings. This time, I am getting a chain as prices are lower.” She spent 30,000 rupees ($490) on a necklace.

Even after a two-week rally in bullion, domestic prices remain 7.4 percent lower than a year ago just as sales are set to climb for the festival and wedding season. India is the largest gold buyer after China. The All India Gems & Jewellery Trade Federation said fourth-quarter imports of the metal may jump 75 percent, which Barclays Plc said may support prices.

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gold futures blog

gold futures blog

October 16th, 2014

Gold futures traded near a five-week high as U.S. economic data that missed estimates added to signs a global slowdown may hurt the U.S. recovery, boosting demand for a haven as the dollar and equities dropped.

Gold for immediate delivery traded at $1,240.37 an ounce at 12:23 p.m. in Singapore from $1,242.02 yesterday, when prices climbed to $1,249.75, the highest since Sept. 11, according to Bloomberg generic pricing. The metal advanced with Treasuries as U.S. retail sales dropped more than forecast in September.

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