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

March 4th, 2016

Gold rose in European morning hours on Friday, to trade near the previous session’s one-year peak as investors focused on the upcoming U.S. nonfarm payrolls report for new hints on the Federal Reserve’s next policy moves.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were up 0.25% at $1,260.90.

The April contract ended Thursday’s session 1.32% higher at $1,258.20 an ounce.

Futures were likely to find support at $1,238.00, Thursday’s low and resistance at $1,267.90, Thursday’s high and a one-year high.

Gold prices had strengthened after after a string of downbeat U.S. data on Thursday dampened optimism over the strength of the economy.

The Institute of Supply Management reported that its non-manufacturing purchasing manager’s index fell more-than-expected last month.

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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 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.

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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.

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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.

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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 quotes

gold futures quotes

December 16th, 2014

Gold futures headed for the longest slump in five weeks amid concern that the Federal Reserve is moving closer to raising U.S. interest rates and speculation that Russia will sell reserves of the metal.

Fed officials meet today and tomorrow to debate the pace of raising its benchmark rate, which has been near zero since 2008. In the third quarter, gold fell 8.4 percent as the U.S. economy gained.

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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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