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 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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December 1st, 2011

Gold futures fell for the first time in four days after a report showed U.S. manufacturing expanded in November at the fastest pace in five months, damping demand for the metal as a haven.

The Institute for Supply Management said its factory index increased to 52.7 from 50.8 in October, with readings over 50 indicting expansion. Economists surveyed by Bloomberg projected 51.8. Gold jumped 3.7 percent in the previous three days, the longest rally in five weeks, after central banks from the U.S. to China moved to ease strains in the financial market.

“When people feel better about the economy, they’ll sell gold,” Fain Shaffer, the president of Infinity Trading Corp. in Medford, Oregon, said today in a telephone interview. “We’re also seeing some profit-taking after gold rallied above its 20- day moving average” at $1,745 an ounce, he said.

Gold futures for February delivery fell 0.6 percent to close at $1,739.80 at 1:45 p.m. on the Comex in New York. Earlier, the most-active contract reached $1,758, the highest since Nov. 17.

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November 11th, 2011

Gold future traders and analysts are the most bullish in at least seven years as investors accumulate metal at the fastest pace since August to protect their wealth from a widening European debt crisis.

Twenty-one of 22 surveyed by Bloomberg expect bullion to rise on the Comex in New York next week, the third consecutive increase and the highest proportion in data going back to April 2004. Holdings in exchange-traded products backed by gold rose 27.5 metric tons this week, within 1 percent of the record set almost three months ago, data compiled by Bloomberg show.

Gold futures exceeded $1,800 an ounce for the first time in seven weeks on Nov. 8 and hedge funds are holding their biggest bet on higher prices since mid-September, Commodity Futures Trading Commission data show. The metal is rebounding after tumbling as much as 20 percent in three weeks in September on demand for what are perceived as the safest assets. Almost $9 trillion was wiped off the value of global equities since May and yields on Italian and Greek bonds rose to euro-era records this week.

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August 30th, 2011

Gold futures rose in New York on speculation that the Federal Reserve will ease monetary policy further to stimulate the economy, boosting the appeal of the precious metal as an alternative asset.

“We need to do more,” Chicago Fed President Charles Evans said today in a CNBC interview. The Standard & Poor’s 500 Index fell after a report showed confidence among U.S. consumers plunged in August to the lowest in almost two years. Gold has rallied 12 percent this month, touching a record $1,917.90 an ounce on Aug. 23.

“Classic flight-to-safety instruments are getting a bid today,” Adam Klopfenstein, a senior market strategist at MF Global in Chicago, said today in a telephone interview. “The inverse correlation between equities and gold will persist. Liquidity measures put the inflationary card in the picture. It’s the perfect storm to be long gold.”

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August 25th, 2011

Gold futures fell for a third day, extending its biggest drop since February 2010, after CME Group Inc. (CME) raised futures margins for a second time this month, prompting some investors to sell the metal after a rally to a record high.

Gold bullion for immediate delivery dropped as much as 1.7 percent to $1,729.45 an ounce and traded at $1,742.38 at 2:43 p.m. in Singapore. The metal slumped 3.8 percent yesterday as better-than-estimated U.S. economic data boosted the dollar and cut demand for safe assets before central bankers from around the world gather on Aug. 26 for an annual meeting.

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August 10th, 2011

Gold futures gained for a third session in New York after the U.S. Federal Reserve pledged to keep its benchmark interest rate at a record low through at least mid-2013, boosting demand for the metal as a protection of wealth.

The Fed also discussed a range of policy tools to bolster the economy, fueling speculation the central bank may consider a third round of quantitative easing through bond purchases to revive a recovery described as “considerably slower” than anticipated.

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gold futuresAug 9, 2011

Gold futures advanced to records in London and New York as the global rout in equities and commodities deepened on concern the economic slowdown will worsen after Standard & Poor’s cut the U.S. credit rating.

Gold bullion surged 24 percent this year, heading for an 11th year of gains, as the sovereign-debt crisis and a faltering economy boosted demand for the metal as a protection of wealth. Holdings in exchange-traded products backed by gold surged 1.4 percent to a record 2,216.8 tons by yesterday, data compiled by Bloomberg showed, an 11th straight day of gains.

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August 8th, 2011

Gold futures climbed to a record after Standard & Poor’s cut the top U.S. credit rating, fueling a slump in equities and commodities amid concern that the global economy is slowing.

The S&P 500 Index lost as much as 2.4 percent, while the Thomson Reuters/Jefferies CRB Index of 19 raw materials touched 321.26, the lowest since Dec. 20, after S&P cut the U.S.’s long- term rating one level to AA+ from AAA on Aug. 5. The agency described the outlook as “negative,” and criticized the nation’s political system for failing adequately to address deficit reduction.

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