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

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.

Continue reading »

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.

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 »

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.

Continue reading »

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.

Continue reading »

gold futures brokers

gold futures brokers

August 11th, 2014

Gold futures was little changed in New York trading below a three-week high as investors weighed signs tension in Ukraine and the Middle East is easing.

Global equities rose for a second day after Russia said warplanes ended drills near Ukraine and Israel and militants in the Gaza Strip agreed to an Egyptian-brokered truce. Geopolitical unrest helped gold gain 9 percent this year, with prices reaching a three-week high of $1,324.30 an ounce on Aug. 8 as U.S. President Barack Obama authorized air strikes in Iraq.

Continue reading »

gold futures

gold futures

August 6th, 2014

Gold futures jumped the most in almost three weeks in New York as signs of escalating tension between Ukraine and Russia fueled demand for precious metals as a haven.

NATO said there’s a risk of Russia sending troops into Ukraine under the “pretext” of a humanitarian or peacekeeping mission after President Vladimir Putin massed soldiers on his country’s western border. The MSCI All-Country World Index of equities fell as much as 0.6 percent.

Gold prices climbed 6.9 percent this year through yesterday as tensions in Eastern Europe and violence in the Middle East renewed investor interest in the metal. Bullion’s 2014 rally has beat gains for broad measures of stocks, Treasuries and commodities. Holdings in exchange-traded products backed by the metal advanced in five of the past six weeks.

Continue reading »

gold futures

gold futures

July 29th, 2014

Gold futures declined as U.S. and European equities advanced, curbing demand for the precious metal as an alternative asset.

Stocks climbed on optimism over corporate earnings. U.S. consumer confidence soared in July to the highest in almost seven years on the heels of a strengthening labor market, a private gauge showed today. Earlier, gold reached a one-week high on demand for a haven amid escalating conflicts in the Gaza Strip and Ukraine.

The metal headed for a monthly decline, partly on the outlook for an increase U.S. interest rates. The dollar rose to a seven-week high against a basket of 10 major currencies before Federal Reserve officials start a two-day meeting today. Policy makers have tapered monetary stimulus on signs of recovery in the economy.

Continue reading »

gold futures

gold futures

July 17th, 2014

Gold futures prices headed for the biggest gain in four weeks after Ukraine said rebels shot down a Malaysian jet carrying 295 people near its border with Russia.

The Boeing 777 flight between Amsterdam and Kuala Lumpur was hit by a missile and went down near the eastern town of Torez, Ukrainian Interior Minister adviser Anton Gerashchenko said on his Facebook page. Gold rose earlier as the U.S. and the European Union imposed the most aggressive sanctions to date on Russian business.

Bullion has rallied about 10 percent this year, beating gains for commodities, equities and Treasuries, as violence in Iraq and hostilities between Ukraine and Russia boosted demand for a haven asset. Gold also rose as the Federal Reserve has signaled interest rates will stay near a record low.

Continue reading »