Gold Futures Prices Higher As Dollar Dips Ahead Of Yellen Speech

Gold Futures Prices Higher As Dollar Dips Ahead Of Yellen Speech

Prices of US gold futures marked early higher on Friday hitting to four minimum weeks as the dollar slumped after a slight downward revision to US second growth quarter, but investors remained cautious ahead of an opening speech by the President Federal Reserve Janet Yellen end of the day for clues on interest rate policy.

U.S. gold futures for December delivery were up 0.79% at $1,335.3 an ounce.

Spot gold edged higher 0.1 percent at $1,323 an ounce\. The metal touched a more than 4-week low of $1,317.46 on Thursday.

The Department of Commerce said US economic growth by the second quarter was revised slightly to a yearly rate of 1.1% from a previous estimate of 1.2%.

The dollar stayed a defensive as traders waited to see if the speech Fed chairman at the central bank symposium in Jackson Hole Friday afternoon provide any fresh indication of the future trajectory of interest rates in the United States .

Yellen could repeat the hardline view of the US economy expressed by Fed policy makers in the last weeks or echo of the minutes of the July meeting of the Fed, which pointed out that officers are divided over when to raise rates.

Recent comments optimists Fed officials were seen as boosting the outlook for a rate hike this year.

The dollar stayed on tenterhooks on Friday. The greenback index, which measures the US currency against a basket of six major counterparts, fell 0.2 percent to 94.622.

Rising the interest rates enhance the US opportunity cost of maintaining bullion non-retention and increase the dollar, which has a high price.

Holdings of SPDR Gold in the world, fell 0.19 percent to 956.59 tonnes on Thursday.

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Gold Prices Holds Above 4-Week Low, As Yellen Speech Draws Closer

Gold Prices Holds Above 4-Week Low, As Yellen Speech Draws Closer

Prices of gold dropped to an fresh 4-week low in trading on Thursday, as the dollar lost little strength ahead of economic reports from the United States increases the chances of an increase in the interest rate in the next months.

Gold for December delivery on the Comex Exchange fell to an intraday low of $1,321.05 a troy ounce.

Spot gold was up nearly 0.2 per cent at $1,325.30 an ounce. The metal touched a four-week low of $1,323.20 on Wednesday on a firm dollar.

Ms Yellen is slated to address a meeting of central bankers in Jackson Hole, Wyoming, on Friday, and most recent comments the Fed have increased expectations of investors that she could take a less cautious tone on central rates.

Numbers of individuals who filed for jobless benefits dropped by 1,000 last week to a five-week low of 261,000, the Labor Department said. Analysts were expecting unemployment claims to increase in 3000 to 265,000 last week.

A separate report showed that US requests for long-lasting manufactured goods rebounded more than expected in July, recovering from the fall of the month earlier.

The optimistic data reinforced expectations of faster economic growth and raised the likelihood of an interest rate increase by the Federal Reserve this year.

In Delhi bullion market, Standard gold (99.5 purity) dropped by Rs 295 to end at Rs 31,150 per 10 grams from Wednesday’s closing level of Rs 31,445.

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Gold Attempts Modest Gains on Uncertainty of US Rate Hike

Gold Attempts Modest Gains on Uncertainty of US Rate Hike

Prices of US gold futures slipped on Tuesday, falling for a 3rd day as investors are cutting back exposure to the yellow metal as the US dollar weakened to markets in wait and see mode ahead of a speech by the President of Federal Reserve Janet Yellen later earlier this week that could provide clues on the timing of a rise in interest rates in the United States.

Gold for December delivery on the Comex Exchange inched up $3.35, or 0.25%, to trade at $1,346.75 a troy ounce.

Spot gold slipped 0.1 per cent to $1,337.55 an ounce. The metal hit a two-week low on Monday.

Federal Reserve Chairman Janet Yellen can provide fresh clues on when the next rate hike in US a speech at an annual meeting of central bankers in Jackson Hole, Wyoming, on Friday. The annual symposium of the Fed is sometimes used by the Fed chair to make significant policy claims.

The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six currencies, to 94.30 early Tuesday, pulling straight back from the top of the previous session 94.94 while maintaining away eight weeks low of 94.05 last week.

Holdings of SPDR Gold Trus rose 0.25 per cent to 958.37 tonnes on Monday.

Standard gold (99.5 purity) eased by Rs 10 to end at Rs 31,450 per 10 grams due to lack of buying interest from stockists and retailers.

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Gold Prices Slides To 2-Week Low On Amid Fed Rate Hike Chatter

Gold Prices Slides To 2-Week Low On Amid Fed Rate Hike Chatter

Prices of US gold futures declined in trading on Monday, hitting a two weeks as upbeat comments from Fed officials on the US economy have increased on expectations that the central bank may raise interest rates sooner or later.

Gold for December delivery on the Comex division of the New York dropped to a session low of $1,335.40 a troy ounce.

Spot gold was down 0.5 percent at $1,333.50 an ounce.

The odds of a rate hike in the short term after assembled the Fed Vice Chairman Stanley Fischer said Sunday that the US economy is very far from the central bank’s objectives for full employment and 2% inflation.

The speech by Fischer was only the last piece of hard-line rhetoric of the main Fed officials. Last week, San Francisco Fed President John Williams, president of the New York Fed, William Dudley, president of the and Atlanta Fed, Dennis Lockhart, all said a rate hike September may be on the table.

According to the Monitor tool Investing.com entry level, investors are pricing a 15% chance of a rate hike in September, compared with only 6% at the beginning of last week. December odds were around 52%, compared with 46% on Friday.

The largest exchange-traded fund backed by gold in the world (ETF), SPDR Gold Shares listed in New York, reported an output of 4.5 tons last week, adding to drop 20 tons near their shares in the previous week, background data showed.

In Delhi market, Gold also drifted lower by Rs 200 to trade at one-week low of Rs 31,050 per ten grams.

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Gold Futures Prices Gains After U.S. Inflation Data Disappoints

Gold Futures Prices Gains After U.S. Inflation Data Disappoints

Prices of gold futures extended gains overnight trade on Tuesday as the dollar slid on lower expectations of a rise in interest rates from the Federal Reserve of the United States this year because of the disappointing inflation data from United States weighing on the dollar.

Gold for December delivery on the Comex Exchange was up $7.45, or 0.55%, to trade at $1,355.00 a troy ounce.

Spot gold was up about 0.6 per cent at $1,346.31 an ounce.

The US Commerce Department said consumer prices remained flat in July from the previous month, compared with expectations for a 0.1% increase. CPI excluding food and energy components, rose 0.1%. In the 12 months to July, core CPI increased 2.2%.

Simultaneously, the Commerce Department said housing starts rose 2.1% last month to an annual rate of 1.21 million, while construction permits fell 0.1% to 1.15 million .

The disappointing report led investors to push back expectations for the next rise in US .. futures federal funds set prices in only 9% chance of a rate hike in September types. December probabilities were at around 42%.

The dollar was put defensively after weaker than expected data in the United States on Friday dented prospects for a short-term rate hike by the Fed.

Dollar Index fell 0.2 percent to $ 95.41 versus a basket of currencies. A stronger US dollar discourages buying gold by making the metal more expensive in other currencies.

At the Multi Commodity Exchange, gold for delivery in August month rose by Rs 146, or 0.47 per cent to Rs 31,365 per ten grams in futures market today as traders enlarged positions.

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Gold Prices Holds Steady On Weaker Dollar After Jobless Claims

Gold Prices Holds Steady On Weaker Dollar After Jobless Claims

Prices of US gold futures remained stable in trading on Thursday as weekly jobless claims of the United States data offered few clues on whether the Federal Reserve will raise interest rates in coming months amid a rate hike US to weigh on the dollar.

Gold for Dec delivery on the Comex Exchange eased down 45 cents, or 0.03%, to trade at $1,351.50 a troy ounce.

Spot gold was largely unchanged at $1,345.80 an ounce.

The number of individuals who filed initial unemployment benefits fell by 1,000 last week to 266,000, the Department of Labor said. Analysts were expecting unemployment claims to fall by 4,000 from the initial reading of 265,000 last week.

Market participants are turning their attention long awaited report from US retail sales Friday to calibrate even more if the world’s largest economy is strong enough to support a rate hike by the end of the year.

US dollar fought to gain some traction amid doubts about whether the Federal Reserve will raise the interest rates this year. The dollar index, measured by the greenback’s value versus a basket of major currencies, traded at 95,554, which supports the view of a near at least one week of 95,442 set on Wednesday.

China is set to release data on industrial production, investments in fixed assets and retail sales on Friday.

Disappointed combined with softer inflation released earlier this week trade figures confirmed that there was room for further policy easing if necessary.

At the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 81 or 0.26 per cent to Rs 31,621 per 10 grams in futures trade today as participants cut down their bets amid a weak global trend.

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Gold Prices Rises For Second Day as Markets Push Back Fed Rate Hike Expectations

Gold Prices Rises For Second Day as Markets Push Back Fed Rate Hike Expectations

Prices of gold futures rebounded greater than 1% for the second consecutive trading day on Wednesday, as investors reassessed the probability that the Federal Reserve will raise the interest rates in the months ahead.

Gold for December delivery on the Comex Exchange touched an intraday peak of $1,363.10 a troy ounce.

Spot gold climbed 0.6 per cent to $1,348.91 an ounce. The yellow metal gained 0.4 per cent on Tuesday.

A day earlier, gold embedded in $ 5.40, or 0.4%, after data on nonfarm productivity disappointing US dampened optimism about the economic health and reducing the possibility of a rise interest rates at the beginning of the Federal Reserve.

Fed funds futures prices showed traders now see a 39% chance of a rate hike US before December, according to (NASDAQ: CME) CME Group Fed watch tool. That compares with about 50% at the beginning of the week. September odds were around 12% early Wednesday morning below the 20% the day before.

The dollar index, which measures the greenback versus a basket of six major currencies, dropped 0.4 percent to 95.777.

Investment interest in traded funds backed by gold was less dynamic than in recent months with the holding of SPDR Gold Trust, falling for a second day on Tuesday. Holdings fell 0.12 percent to 972.62 tons Monday.

In Delhi gold of 99.9 per cent and 99.5 per cent purity spurted by Rs 310 each to Rs 31,280 and Rs 31,130 per 10 grams.

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