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 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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