gold futures news

gold futures news

October 16th, 2018

Gold futures on Tuesday looked likely to extend a rally that has returned prices to July levels, with a generally upbeat tone in place even with volatile stock markets quieted.

Fresh weakness for a leading dollar index helped gold hold higher ground as December gold GCZ8, +0.33% rose $2.90, or 0.2%, to $1,233 an ounce. A close at this level would mark the highest since July 26, according to FactSet data.

Meanwhile, December SIZ8, +0.53% silver rose 6 cents, or 0.5%, to $14.795 an ounce.

Stocks indicated a stronger start a day after a tech-driven retreat. Stocks have been highly volatile amid mounting concerns over rising Treasury rates TMUBMUSD10Y, +0.36% stirring interest in haven gold.

A rapid rise in rates also has coincided with weakness in the U.S. dollar, which has helped to remove a headwind for the precious commodity. Gold tends to gain when the dollar is weaker because the assets become relatively more attractive to buyers using other monetary units. One popular measure of the buck, the ICE U.S. Dollar Index DXY, -0.06% was down 0.1% at 94.96 early Tuesday. The dollar is just in the red for the month of October so far.

Recent dollar weakness has defied the stronger dollar trend in the year so far, a rise fueled by monetary policy tightening at the Federal Reserve and leaving the popular gauge of the U.S. currency up 3.1% so far in 2018, according to FactSet.. The Fed has hiked interest rates three times this year and may do so a fourth time before year-end, which could provide some resistance to gold bulls because rising rates are likely to juice the dollar and make risk-free government bonds a more attractive investment when compared against bullion.

Gold is up 2.6% so far for October, trimming its year-to-date drop to close to 7%.

Analyst Mark Hulbert, writing for MarketWatch, is skeptical that the swivel to upbeat trading in gold has legs.

“This rally began when the mood among gold market-timers was already surprisingly upbeat. According to contrarian analysis, this means that the current rally is likely to quickly fizzle,” he wrote.

- By Myra P. Saefong at MarketWatch.

gold futures news

gold futures news

July 25th, 2018

Gold futures steadied near a one-year low Wednesday as a leading dollar index eased, while a percolating trade spat between the U.S. and Europe faced a key test in the afternoon meeting between the European Union’s top official and President Donald Trump.

Financial markets from stocks to bonds to precious metals and currencies were largely rangebound as the European Commission President Jean-Claude Juncker and Trump prepared to meet at the White House at 1:30 p.m. Eastern time to try to de-escalate the trade fight.

And see: Tariffs are ‘the greatest,’ Trump says ahead of EU chief’s visit

“The main topic of the talks will be the trade dispute between the two parties that began when U.S. import tariffs were introduced on steel and aluminum from the EU in early June. The EU had responded by slapping tariffs on U.S. products in its turn, and has meanwhile drawn up a list of products that could likewise be subjected to a punitive tariff if the U.S. were to impose further tariffs,” said Carsten Fritsch, commodities analyst at Commerzbank, in a note.

“If contrary to expectations any sort of agreement should be reached between Trump and Juncker, the gold price would probably fall because this would presumably increase the market’s risk appetite,” he said.

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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

gold futures

November 17th, 2017

Gold prices rose sharply on Friday amid an uptick in geopolitical uncertainty after North Korea ruled out negotiations with Washington on curbing its nuclear weapons programme.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $14.77, or 1.15%, to $1292.88 a troy ounce.

“As long as there is continuous hostile policy against my country [North Korea] by the U.S. and as long as there are continued war games at our doorstep, then there will not be negotiations,” North Korea’s US ambassador Han Tae Song said.

That fuelled geopolitical uncertainty, raising demand for safe-haven gold as market participants feared that North Korea could retaliate should Washington respond with new sanctions on the isolated nation.

In the U.S., political uncertainty weighed on treasury yields and the dollar, underpinning a move higher in gold prices after reports surfaced that Special Counsel Robert Mueller was set to issue fresh subpoenas for the Trump campaign as part of investigation into alleged Russian interference in the 2016 U.S. election.

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gold futures news

gold futures news

November 15th, 2017

Gold futures climbed to one-month highs on Wednesday, as the U.S. dollar remained under broad selling pressure despite the release of positive U.S. inflation and retail sales reports.

Comex gold futures were up $5.47 or about 0.42% at $1,288.08 a troy ounce by 08:45 a.m. ET (12:45 GMT).

The U.S. Commerce Department said consumer prices rose 0.1% in October, in line with forecasts.

A separate report showed that U.S. retail sales increased by 0.2% last month, just above expectations for a more modest gain of 0.1%.

On a less positive note however, the New York Federal Reserve reported that its Empire State manufacturing index fell 11 points to 91.4 in November, compared to analysts forecast for a reading of 26.00.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.43% at 93.33, the lowest since October 20.

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

The greenback has been under pressure recently amid uncertainty over the fate of a major U.S. tax overhaul.

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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.

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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

May 3rd, 2016

Gold futures hovered around the key $1,300-level in North American trade on Tuesday, as investors monitored movements in the currency market while awaiting comments from a pair of Federal Reserve officials.

Gold for June delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,303.85 a troy ounce before falling back to $1,299.70 by 12:45GMT, or 8:45AM ET, up $3.90, or 0.3%.

On Monday, gold rallied to $1,306.00, the most since January 2015 as the U.S. dollar crashed to 15-month lows against a basket of other major currencies.

Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

The dollar extended losses against a basket of six major currencies, slipping to a low of 91.89 at one point on Tuesday, its weakest level since January 2015. It last stood at 92.42, down 0.12% for the day.

In early trading, the yen rose to a fresh 18-month high of 105.55 against the dollar, while the euro hit its strongest level since last August at $1.1615.

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gold futures blog

gold futures blog

March 1st, 2016

Gold futures rose in European trade on Tuesday, with prices re-approaching the highest level in a year amid mounting expectations for further stimulus measures from central banks in Asia and Europe.

Weak Chinese manufacturing activity data released earlier underlined concerns over the health of the world’s second largest economy and raised hopes of additional stimulus measures in the near-term to support growth.

The official China manufacturing purchasing managers’ index fell to a three-year low of 49.0 in February from 49.4 a month earlier, below expectations for 49.3. Meanwhile, the Caixin manufacturing purchasing managers’ index came in at 48.0 last month, contracting for the 12th straight month.

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gold futures

gold futures

February 24th, 2016

Gold futures surged by as much as $30 an ounce drawing near 12-month highs reached earlier in the month, as investors engaged in a flight to safety amid mounting concerns on the sweeping effects of crashing oil prices on global markets overall.

On Wednesday, Royal Dutch Shell A (N:RDSa) announced that it is shutting down its shale resources unit while parting ways with U.S. country chairman Marvin Odum, as part of a broad cost-cutting measure in response to its worst year of revenues in more than a decade. It transpired one day after Saudi Arabia oil minister Ali al-Naimi reiterated that the kingdom will under no circumstances slash production in order to bolster record-low prices. A wave of uncertainty in the oil industry has weighed on major banks, whose heavy exposure to oil and gas debt could lead to billions of dollars in credit losses. JPMorgan Chase & Co (N:JPM) disclosed on Tuesday at its annual investor day that it is reserving an additional $600 million in the first quarter to cover energy and commodity loans, raising its total exposure to $1.6 billion. More troubling, the world’s largest financial institution said it will be forced to double the amount if oil prices fall to $25 a barrel over the next 18 months.

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