Gold Prices Hovers Below 16-Month Highs As Dollar Extends Gains On US Rate Talk

Gold Prices Hovers Below 16-Month Highs As Dollar Extends Gains On US Rate Talk

Prices of gold futures moved further away from a 16-month high in trading in Europe on Wednesdaywhen the US dollar formed following two members of the Federal Reserve of the United States spoke to increases in interest rates this year.

Gold for June delivery on the Comex fell to an intraday low of $1,280.50 a troy ounce before trimming losses to $1,282.85, down $8.95, or 0.69%.

Spot gold was little changed at $1,285.19 an ounce, after dropping 0.4 percent in the previous session.

Gold surged to $ 1,306.00 earlier in the week, a level unseen since January 2015, as one US dollar weaker overall increased the appeal of the precious metal.

The greenback rallied against a basket of six other major currencies on Wednesday, rising to a maximum of 93.23, after hitting a low of 91.89 at one point on Tuesday, its lowest level since January 2015. The last time stood at 93.11, up 0.1% for the day.
Greenback gains occurred subsequent to Atlanta Fed President Dennis Lockhart said the US we could see two interest rates further rises this year, while San Francisco Fed President John Williams said they would support a rate hike in June, as long as he sees continued progress in the economy, inflation and employment.

Gold is sensitive to finger movement in interest rates in the US, as an increase would raise the opportunity cost of holding assets such as bullion non-performance.

Investors are looked forward to enter the US data later in the day to assess whether the world’s largest economy is strong enough to withstand further rate hikes this year.

The recent spike in prices has led investors to invest in gold funds.

The assets of SPDR Gold Trust, top gold-backed exchange-traded funds, rose to its highest level since December 2013 on Monday.

Amid a weakening global trend and profit-booking by speculators, Gold for delivery in far-month August was trading lower by Rs 136, or 0.45 per cent, to Rs 30,318 per 10 gram at the Multi Commodity Exchange.

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Gold Prices Near 15-Month Peak $1,300 as Dollar Crashes to 15-Month Lows, Fund Inflows

Gold Prices Near 15-Month Peak $1,300 as Dollar Crashes to 15-Month Lows

Prices of US gold futures rose further over the $ 1.300 level key on Tuesday looked small losses overnight as the United States dollar smashed to 15-month lows versus a basket of currencies and as a government asset more background bullion rose to their highest levels in more than two years.

Gold for June delivery on the Comex rose to an intraday peak of $1,303.85 a troy ounce before falling back to $1,302.35, up $6.55, or 0.51%. On Monday, gold rallied to $1,306.00, the most since January 2015.

Spot gold was little changed at $1,291.45 an . The metal rose to its highest since January 2015 of $1,303.60 but ended the day lower by 0.2 percent.

The US dollar extended losses versus a basket of six other major currencies, falling to a low of 91.98 at one point on Tuesday, its lowest point since January 2015. The last time was at 92.01, down 0.56% for the day.

In early trading Tuesday, the yen rose to a fresh 18-month high versus the dollar, trading US currency at ¥ 105.57, while the euro reached its highest level since last August at $ 1, 1592.

Dollar Index has dropped more than 6% so far this year as expectations faded that the Fed would move to normalize interest rates due to fears about a global economic slowdown.

At the Multi Commodity Exchange, gold for delivery in June fell Rs 90 or 0.3 per cent to Rs 30,204 per ten grams as participants booked profits at prevailing higher levels even as the precious metal glittered overseas.

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Gold Prices Hits 15-month High, As Dollar Wilts; Investors Weight China Manufacturing Data

Gold Prices Hits 15-month High, As Dollar Wilts; Investors Weight China Manufacturing Data

On Monday Gold futures prices rose to a fresh 15-month high, closing in on the $1,300 resistance level as fresh weakness in the dollar lent support, but investors noted manufacturing data out of China at the weekend and looked ahead to a private estimate tomorrow.

Gold for June delivery on the Comex rose 0.45% to $1,296.25 a troy ounce. Markets in China are shut on Monday for a holiday.

Spot gold was up 0.4 percent at $1,299.31 an ounce, off an earlier peak of $1,299.90, its highest since January last year.

Over the weekend, the index CFLP China manuacturing April stood at 50.1, below expectations, but hanging in expansion territory. The CFLP PMI fell to 53.5 from service 53.8. Manufacturing PMI semi-official China Federation of Logistics and Purchasing and the National Bureau of Statistics slipped from the first reading higher than 50 years in eight months in March.

On the upside, this is still the second row on the reading-50 – the first time that has happened since the middle of last year. Although gauges of production, new orders and export orders fell marginally, they are still around the middle of last year.

The CFLP tried to downplay the slide in the manufacturing PMI, saying in a statement accompanying that “the stabilization trend and recovery of the economy remains intact. The modest slowdown in the index is a normal fluctuation.”

Many Asians markets and London were closed Monday for federal holidays, dampening momentum in the precious metal, which posted its biggest weekly rise from early February last week, up over 5 percent.

This was mainly boosted by the weak dollar, which recorded its worst week since 2008 against the Japanese yen after the Bank of Japan unexpectedly decided against further monetary easing. The US unit It was in the back foot on Monday.

The dollar fell to a minimum of 18 months of 106.28 against the yen on Friday, with the pair recorded its biggest weekly percentage loss since the 2008 financial crisis following the Bank of Japan decision not to adopt a policy.

In the early morning tyrade at t the Multi Commodity Exchange, gold for delivery in far-month August was trading higher by Rs 36, or 0.12%, to Rs 30,502 per 10 grams  in futures trading today as speculators widened positions, tracking a firming trend overseas.

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Gold Jumps To 14-Month Highs Top On Dollar Slump

Gold Jumps To 14-Month Highs Top On Dollar Slump

Prices of gold boarded 14-month highs and silver rocketed to a 15-month high on Friday, as US dollar remained depressed and the uncertainty caused by the Bank of Japan decision to abandon their monetary policies without changes supported the precious metal.

On the Comex, gold futures for June delivery were up 0.76% at $1,276.10.

Spot gold climbed to as high as $1,280.60 an ounce, its highest since March 11. It pared gains to trade up 0.7 per cent at $1,274.41.

Elsewhere in metals trading, silver futures for May delivery rallied 0.95% to $17.725 a troy ounce, its highest since January 2015. It was on track for a fourth straight weekly gain.

The Bank of Japan maintained the deposit rate less than 0.1% and asset purchases ¥ 80 billion per year. It also thrust back the expected data to reach its inflation target of 2%.

A decision comes a day after the Federal Reserve stopped the interest rates near zero without changes on Wednesday and featured limited guidance on future rate hikes.

Market participants were looking ahead to US data on employment costs, personnel costs and consumer confidence due Friday afternoon for more indications about the strength of the economy after data on Thursday they painted a mixed picture of, reduce demand for the dollar.

Accordingly the latest figures, the upward position of speculators in COMEX silver contracts was at a record level for the week ended April 19, while the long position in gold was at a peak of 3-1 / 2 years.

Reuters technical analyst Wang Tao said prices could rise to $ 1,289.

The decision by the Federal Reserve on Wednesday to leave the interest rates without change bullion also supported.

MCX gold-silver looks strong. Gold with 1.07 percent growth is trading around Rs 30,003.

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Gold Jumps to 1-Week High Erases Early Losses As Dollar Slides On BOJ

Gold Jumps to 1-Week High Erases Early Losses As Dollar Slides On BOJ

Prices of gold futures rose to a one week erased early losses in European trade on Thursday, as the United States dollar dropped by 2 percent against the yen versus the yen after the BOJ shocked markets by maintaining a stable monetary policy.

Gold for June delivery on the Comex division of the New York inched up $6.25, or 0.5%, to trade at $1,256.65 a troy ounce.

Spot gold had ticked up 0.1 per cent to $1,247.40 an ounce, after dropping 0.7 per cent earlier in the session.

The US dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, slipped to 93.79 in early trading, a level not seen since last April 12 amounted to 93 , 81, below the 0.6% for the day.

The greenback was down nearly 3% against the yen at 108.41 after the Bank of Japan kept monetary policy steady, quashing speculation that it might raise their already comprehensive program of easing.

The dollar was already on the defensive after the Federal Reserve left interest rates without change after its two-day meeting on Wednesday and issued a press release implying that it was in no hurry to raise rates.

It offers little hope of a movement in June, the US Federal Reserve said “economic conditions are going to evolve in a manner that will justify only gradual increases in the federal funds rate.”

Market observers expect two further rate hikes this year, but dated futures prices show traders do not expect an increase at least until September, according to the CME Group (NASDAQ: CME) Fedwatch tool.

With the FOMC meeting off the path, attention data US economic growth due later in the session now moves to the first quarter on expectations for a 0.7% expansion.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 93, or 0.32%, to Rs 29,290 per 10 gram after participants trimmed positions at current levels even as the precious metal rose overseas.

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Gold Prices Tick Higher Ahead of Softer Dollar, Weak Data Support

Gold Prices Ttick Higher Ahead of Softer Dollar

Prices of gold marked higher on Wednesday on a weak dollar and weaker economic US data, but the metal traded in a tight range as investors looked forward to the rate decision from the Fed’s due to late in the day for fresh guidance on the future path of interest rates in the United States.

Gold for June delivery on the Comex division of the New York inched up $4.10, or 0.33%, to trade at $1,247.50 a troy ounce.

Spot gold had risen 0.2 percent to $1,245.40 an ounce, following a 0.4-percent gain in the previous session.

Tuesday’s data showed that orders for US durable manufactured goods recovered much less than expected in March as automobile demand, computers and appliances slumped, suggesting the slowdown in the sector of the plant is far from over .

The report also suggests that business spending and economic growth were weak in the first quarter. The outlook for the second quarter faded after another report showed an ebb in consumer trust in April.

The US dollar index, which measures the greenback force against a weighted basket of six major currencies, last stood at 94.41 range with little change for the day.

Yellow metal prices have risen nearly 17% so far this year since expectations faded that the Fed would move to normalize interest rates due to fears about a global economic slowdown led by China.

Imports of net Chinese gold through the main duct Hong Kong rose to a three-month in March on the replenishment after the New Year holidays, but market sources said that demand from consumers stays smooth.

At the Multi Commodity Exchange, gold for delivery in far-month August was up by Rs 100, or 0.34% to Rs 29,503 per 10 grams as speculators widened positions taking positive cues from global markets.

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Gold Futures Extends Gains As Dollar Drops Ahead Of Fed Meetings

Gold Futures Extends Gains As Dollar Drops Ahead Of Fed Meetings

US gold futures fell and shares helped extend gains on Tuesday, as investors set to positions ahead of the Federal Reserve’s two-day monetary policy meeting due to begin later in the day.

Gold for June delivery on the Comex division of the New York shed $4.50, or 0.36%, to trade at $1,235.80 a troy ounce.

Spot gold had edged up 0.1 per cent to $1,238.83 an ounce, after gaining 0.5 per cent in the previous session.

Fed not expected to make a decision on interest rates at the conclusion of its policy meeting two days on Wednesday, but operators must be looking for their opinion on the global economy and its monetary policy perspective.

Many people in the market expect the pace of the increases to be gradual amid concerns about global economic growth and divergent monetary policies between the US and other countries.

In the meantime, investors also looked ahead to data on US durable goods orders for March and an April consumer confidence due later Tuesday to assess whether the biggest economy is sufficiently strong to withstand further rate hikes this year ..

Economists are expecting the Fed to deliver a rate rise in June, and follow up with another year-end. But interest rate futures show less conviction, which highlighted the large gap between the markets and politicians on the path of rates.

Gold is highly responsive to rising rates, which raise the opportunity cost of keeping assets performance, such as ingots, while increasing the dollar.

The assets of SPDR Gold Trust, the biggest exchange-traded fund backed by gold, down 0.3 percent to 802.65 tonnes on Monday, while remaining not far from a maximum of two years reached the beginning of this year.

As participants indulged in profit-booking at prevailing levels even as precious metals strengthened overseas., gold for delivery in June was trading lower by Rs 56, or 0.19%, to Rs 29,206 per 10 gram at the Multi Commodity Exchange.

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