Gold prices rise as low-interest rate outlook offers support

Gold prices rise as low-interest rate outlook offers support

Spot Gold futures for immediate delivery rose as much as 0.8 percent to $1,223.34 an ounce, the highest since Feb. 17. Image Source: http://bit.ly/18DLF5d

Gold prices rose for a fourth day in Asia on Monday after data throughout the region since the weekend that the investors noted mostly for a context of low interest rates, but also optimistic trends.

China announced a second interest rate cut within three months and the US reported a slower growth rate of the economy than expected.

The HSBC China final manufacturing index for February rose to 50.7 into the expansion zone and above the flash reading of 50.1.

The People’s Bank of China cut rates on loans and deposit interest rates by a quarter percentage point on Saturday. A day later, a meter factory in February marked the contraction for a second month, underscoring the necessity of a more lax policy.

Also at the weekend, February China Federation of Logistics and Purchasing (CFLP) manufacturing PMI improved for the first time in seven months, despite the Chinese New Year holiday but held to just below the 50 mark, indicating that the sector contracted for a second month. The index rose to 49.9 in February from 49.8 in January.

Spot Gold futures for immediate delivery rose as much as 0.8 percent to $1,223.34 an ounce, the highest since Feb. 17, before trading at $1,221.81 in Singapore.

On the Comex, gold futures for April delivery rose 0.63% to $1,220.70 a troy ounce.

The US expanded at an annual rate of 2.2 percent, compared to an estimated 2.6 percent, the DOC said Friday. Intake of bullion has from India could increase this month after the largest consumer industry expectations confused for a tax cut.

Last week, gold ended higher for the third consecutive day on Friday, as traders drove back expectations for the timing of the first rate hike US to comments by the President of the Federal Reserve Janet Yellen, early in the week.

Investors scaled back expectations of a rate hike mid-year after Fed chief Yellen said in testimony before the US Senate Banking Committee on Tuesday it was “unlikely” that economic conditions would justify a rate increase interest “at least a couple of FOMC meetings.”

Indian Rupee currency weakened on Monday versus the dollar, tracking losses in Asian currency market, plus equity benchmark Sensex gained 0.6% or 176.86 points to 29,538.36 points in pre-opening operations.

At the domestic market, gold has vigorous gained momentum. Nearly 1 percent stronger on MCX gold is trading around Rs 26,715.

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Gold futures advance on delayed Fed rate hike outlook

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On the Comex, US gold futures for April delivery rose $ 13.40, or 1.12%, to trade at $ 1214.90 a troy ounce. Image Source: http://bit.ly/1Awl4kY

Gold futures rallied on Thursday after the recent session trading to just below a maximum of one week as recent comments by Federal Reserve President Janet Yellen, drove investors to roll back expectations of a rate rise in the United States.

On the Comex, US gold futures for April delivery rose $ 13.40, or 1.12%, to trade at $ 1214.90 a troy ounce after hitting an intraday high of $ 1219.80 most since February 19.

Investors reduced expectations of a rate hike mid-year after Yellen said that if the economy continues to improve as hopes that the Fed changed its orientation forward, but emphasized that a change in your language does not should be read as an indication that a rate hike would automatically be moved within a series of meetings.

Gold also clung to gains because investors digested a number of US data on initial jobless claims, inflation in consumer prices and orders for durable goods.

The Department of Labor said US the number of individuals presenting for initial jobless benefits increased by 31,000 last week to 313,000 from the previous week’s total of 282,000. Analysts had expected initial unemployment claims will increase by 8000 to 290,000 last week.

Simultaneously, the Department of Labor said US consumer prices decreased by 0.7% last month, compared with estimates for a decline of 0.6% following a fall 0.4% in December.

A separate report showed the total number of US durable goods orders, which include transportation items, rose 2.8% last month, beyond expectations by an increase of 1.7%.

Core orders for durable goods, excluding volatile shuttle, 0.3% in January, disappointing expectations for a gain of 0.5% increased.

The prices of gold climbed on MCX futures trading as profiteers created new positions after the precious metal went up in global markets. At the Multi Commodity Exchange, gold futures for June gains by Rs 119, or 0.45 percent, at 26,434 rupees per 10 grams.

 

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Gold futures up 1% to trade above $1,200 as Fed rate outlook

Gold futures up 1% to trade above $1,200 as Fed rate outlook

Fed President Yellen said it was “unlikely” that economic conditions justify an increase in the rate of “at least a couple of FOMC meetings.” Image Source: http://bit.ly/1FXGkDv

Gold futures rose above the level of $ 1.200 on Wednesday, recovering from the lows of the yesterday seven weeks after Fed’s Chair Janet Yellen said the central bank will not raise interest rates for future meetings.

It weighed on the greenback, supporting gold. Bullion gained more than 1 percent to a maximum of the last session in Asia after China shoppers returned to the Lunar New Year holiday, premiums rise in the Shanghai Gold Exchange.

On the Comex, US gold futures for April delivery rose $ 11.10, or 0.93%, to trade at $ 1208.40 a troy ounce, after hitting an Intraday high of $ 1211.70.

Spot gold was at $ 1207.30 GMT, up 0.6 percent, after reaching a maximum of $ 1211.80 an ounce.

Profits in gold are likely to be limited, however, on expectations that rates will remain on track to increase. It would raise the opportunity cost of maintaining bullion no performance while put pressure on the dollar, in which the gold price was fixed.

In remarks prepared in testimony before the US Senate Banking Committee on Tuesday, Fed President Yellen said it was “unlikely” that economic conditions justify an increase in the rate of “at least a couple of FOMC meetings.”

She added that if the economy still improving as the Fed hopes to be modified, its orientation forward, but she stressed that a change in its language should not be read as an indication that a rate hike would pass automatically within a series of meetings.

Market watchers said the evidence gave the Fed more flexibility to upload the latest rates in June this year.

Yellen tackles the Committee on Financial Services of the House later on Wednesday, with market analysts expecting to take the same posture as it did before the US Senate Banking Committee.

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, slipped 0.3% to 94.24.

Indian Rupee closes at 3-week high of 61.97 per dollar, dealers sold the US currency after US Fed’s chair Janet Yellen said that the US central bank would not rush into raising interest rates.

At MCX Gold futures are trading lower than the spot price amid widespread expectations that the government will announce a customs duty cut on the metal in the forthcoming Union budget.

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Gold prices below $1,200 near 7-week low after Greek debt deal

Gold prices below $1,200 near 7-week low after Greek debt deal

Athens and its lenders to rescue the Eurozone agreed a deal at the last minute to extend the € 172bn bailout program the country for four months. Image Source: http://bit.ly/1LucQLX

Gold prices dropped below level of $ 1.200 on Monday to trade at its lowest level in seven weeks after EU finance ministers of the Eurozone approved the extension of € 240 billion bailout of Greece by four months, whereas the absence of the largest consumers of China also took a toll.

On the Comex, US gold futures for April delivery was reached a session low of $ 1190.70 per troy ounce.

Spot gold changed little over $ 1,201.98 an ounce, after falling to $ 1197.95 in the previous session.

EU finance ministers had come to a deal on Friday to extend financial rescue heavily indebted Greece for four months, officials on both sides said.

Athens and its lenders to rescue the Eurozone agreed a deal at the last minute to extend the € 172bn bailout program the country for four months, ending weeks of uncertainty which threatened to unleash a Greek bank run and bankrupt the country.

The agreement, reached at a meeting to make or break EU finance ministers of the Eurozone on Friday night, undecided leaves several important issues – everything that reform measures Athens must take in order to get € 7.2bn in aid which completes the current program.

The dollar index rose on Monday, affecting the appeal of gold as a hedge and make more expensive for holders of other currencies metal.

The dollar has been strong over recent months on expectations that the Federal Reserve would soon raise rates on the back of a severe economic recovery in the United States.

Indian rupee wiped out most of the gains Monday morning and was trading slightly higher, tracking losses in local securities markets.

Gold prices declined in the futures market today amid weak global trend. At the Multi Commodity Exchange, gold for delivery in May was reduced by Rs 79, or 0.30 percent, at 26,377 rupees per 10 grams.

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Gold futures hold steady as investors eyed talks over Greek debt

Gold futures hold steady as investors eyed talks over Greek debt

Spot gold remained stable at $ 1,207.60 an ounce, after dropping 0.5 percent in the previous session. Image Source: http://bit.ly/1EcF5hQ

Gold prices remained stable Friday as investors waited for talks on Greek debt, but the metal was heading for its fourth straight weekly fall as a last-minute deal was expected to break the impasse over the landlocked country’s bailout program and markets watched the release of US manufacturing data due the end of the day.

Gold has fallen about 1.75 percent in the week. In this way, gold is going to be filled for the fourth consecutive week decline. Comex gold trading in the range is very small below $1210.

On the Comex division New York Mercantile Exchange, US gold futures for April delivery were steady at $ 1,207.50.

Spot gold remained stable at $ 1,207.60 an ounce, after dropping 0.5 percent in the previous session. The metal has lost 1.8 percent in the week so far, also sink below the $ 1.200 level key briefly on Wednesday.

The demand for the precious metal as a safe haven enhanced after Germany rejected a request to extend rescue ransom proposed of Greece on Thursday. German finance minister Wolfgang Schaeuble stated that “it was not a substantive proposal for a solution” and failed to meet the agreed criteria at the meeting of the Eurogroup of finance ministers from the euro zone on Monday.

By adding pressure was the US dollar, which remained strong after winning against major currencies on Thursday, with traders still looking for the US Federal Reserve to raise interest rates in June despite the obvious caution in the minutes of the last meeting of the Fed’s monetary policy.

Today in the Eurozone and the US, manufacturing PMI figures are coming. MCX gold with marginal gains of 0.1 per cent, is trading around Rs 26,300. Although silver is a good edge. MCX silver gained 0.4 percent, is trading around Rs 36,600.

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Bullion surged as Fed minutes show rates may stay low, Germany-Greece drama in focus

Bullion surged as Fed minutes show rates may stay low, Germany-Greece drama in focus

According to the Fed’s report, “many” legislators expressed support to maintain interest rates at current levels for longer and that higher rates too soon could weigh on economic recovery. Image Source: http://bit.ly/1AWX2jE

Bullion held on positive ground on Thursday and was lifted after the Federal Reserve showed policymakers pleaded for keeping interest rates near historic lows for longer on the January meeting of minutes. A concern about the debt problems of Greece were intensified after Germany turned down a proposed bailout request for the prolongation of the Athens.

On the Comex, gold futures for April delivery rallied $15.20, or 1.27%, to trade at $1,215.40 a troy ounce after hitting a session high of $1,222.90. Silver also advanced 1.06 per cent to USD 16.67 an ounce.

The Greek authorities filed a request for extension of its existing loan agreement with the euro area, which difference of its rescue last Thursday.

But the German finance minister Wolfgang Schaeuble stated that “it was not a substantive proposal for a solution” and failed to meet the agreed criteria at the meeting of the Eurogroup of finance ministers from the euro zone on Monday.

According to the report, “many” legislators expressed support to maintain interest rates at current levels for longer and that higher rates too soon could weigh on economic recovery.

The moderates minutes drove investors to push back expectations for the first rate hike in the United States at least the latter half of this year.

Taking positive cues from global markets, At the Multi Commodity Exchange, gold for delivery in April surged by Rs 233, or 0.89%, to Rs 26,370 per 10 grams in futures trade today as participants created speculative positions.

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Gold prices near 6-week low on China holiday, Greek deal outlook

Gold prices near 6-week low on China holiday, Greek deal outlook

China’s purchases had been robust in the pre-holiday period, as gold is purchased as gifts. But it expects sales to diminish both during and after the holiday. Image Source: http://bit.ly/1yVn4ho

Gold prices fell for the second consecutive day to trade near a six-week low on Wednesday on signs of softening demand in China whilst on holiday and as equities rebounded on hopes Greece would set up a deal with its creditors. One speculation Greece will provide a confrontation with creditors to request a loan extension.

Spot gold eased as much as 0.3 percent to $1,206.48 an ounce and was at $1,206.65 at 11:23 a.m. in Singapore. It slumped to $1,203.30 on Tuesday, its lowest since January 6.

The markets in China will be closed from Wednesday to February 24th for the vacation of the Lunar New Year and the volume of spot contract benchmark Shanghai Gold Exchange fell to the lowest level in over a year on Tuesday. Greece is intended to request an extension of six months of its loan on Wednesday, a person familiar with the matter told reporters in Brussels, asking not to be identified. (Source: Bloomberg)

China’s purchases had been robust in the pre-holiday period, as gold is purchased as gifts. But it expects sales to diminish both during and after the holiday.

Traders were expecting minutes from the last monetary policy meeting of the Federal Reserve which will be published later in the day for clues as to when the US central bank may raise interest rates.

Gold for April delivery retreated 0.2 percent to $ 1,206.70 an ounce on the Comex in New York after the most active prices fell 1.5 percent late on Tuesday.

Gold had seen some recent support offers safe shelter driven because of uncertainty about the future of Greece in the Eurozone. But expectations that are finally reaching a compromise between Athens and international lenders this week deterred investors to enhance their exposure to bullion.

Asian equities continued a mild rebound on Wall Street to edge higher on Wednesday, While precaution provides on the talks later in the day limited gains continuing saga of Greek debt.

The Indian rupee tracking, mixed Asian market currencies weakened slightly against the dollar.

The consensus on speculation of Greece has seen pressure on gold. At yesterday’s trading, gold had slipped on the previous 15-month low. However, the fall in rupee is getting some support to domestic prices.

Currently, more than by 0.25 percent rose on MCX gold is trading above Rs 26,300.

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