Gold Futures Prices Ease, Surrender Gains On Dollar Strength

Gold Futures Prices Ease, Surrender Gains On Dollar Strength

Gold futures prices dropped on Monday, giving up early gains with a higher greenback amid expectations that the US Fed will raise rates at the policy meeting next week.

Spot gold slipped 0.3 percent to $1,173.56 an ounce. U.S. gold futures fell 0.2 percent to $1,175.80 per ounce.

Gold traded higher on the Multi Commodity Exchange (MCX) yellow metal was trading 0.15 per cent higher at Rs 28,471 per 10 gm in early trade.

Market pundits believe worries about the resignation of Italian Prime Minister Matteo Renzi after a negative vote in the constitutional referendum due to safe-haven buying on Sunday.

The euro sank to its lowest level in 20 months in Asia on Monday after Renzi said he would resign in the aftermath of severe defeat in the constitutional referendum that could destabilize the fragile banking system in the country’s stability.

Investors and politicians in Europe fear a victory for the opposition Italy camp “no” could cause of political instability and renewed unrest banks Italy, pushing the euro zone into a new crisis.

The euro sank to 20-month lows in Asia on Monday after the Italian vote.

Dollar index which tracks the US currency versus a basket of major currencies, rose 0.7 percent to 101.46, and the best height in a single day since the November 14.

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Gold Futures Price Closes Higher but Heads for 4th Straight Weekly Drop on Friday

Gold Futures Price Closes Higher but Heads for 4th Straight Weekly Drop on Friday

Gold futures prices fluctuated Friday morning from its lowest since early February, as investors dissected the latest U.S. economic indicators ahead of US jobs data.

Gold prices for delivery in February was at one point this morning up 0.7% at $1,177.70 a troy ounce, but also dropped as low as $1,168.40 per troy ounce.

Spot gold was up 0.2 per cent at $1,173.59 an ounce. The metal fell to its lowest since Feb. 5 at $1,160.38 in the previous session.

The unemployment rate in the United States fell to 4.6%, its lowest level in nearly a decade, while non-farm payrolls rose by 178,000. Economists had expected 180,000 new jobs and the unemployment rate from 4.9% in November. There are still about 90 million Americans who are not in the labor force of the United States, but due to structural changes over the past decade in the US economy.

President-elect Donald Trump said he believed during the campaign this summer and fall, the rate of unemployment in United States was closer in reality to 25% if those who are gloomy and no longer seeking employment, not pensioners, and included in the unemployment figures. Backup this line of analytical thinking is the figure of the unemployment report this month which points to a decline of more than 400,000 Americans out of the workforce last month.

The dollar retreated from near the highest level in 14 years of 102.05 hit on November 24 on the back of rising US Treasury yields caused by expectations of higher financial motivation and a faster pace of monetary tightening in the era of President-elect Donald Trump.

A number of decision-makers since the Fed’s confidence in the US economy and refers to the near-term prospect of a rate hike.

Holdings of SPDR Gold Trust, fell 1.54 per cent to 870.22 tonnes on Thursday. Holdings have fallen over 6 per cent last month.

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Gold Futures Lower as U.S. Data Points to Fed Rate Hike; OPEC Move

Gold Futures Lower as U.S. Data Points to Fed Rate Hike

The gold futures prices lower on Tuesday as upbeat economic releases confirmed the US view that the Federal Reserve will raise rates in December, with the markets on edge by the Meeting this week that could see the oil producers to cut output.

Gold was trading at $1,185.5 a troy ounce, after falling as low as $1,179.00 earlier.

Spot gold was down 0.13 per cent at $1,191.88 an ounce. It gained 0.9 per cent in the previous session.

Tuesday’s data showed that the US economy grew faster than expected in the third quarter, expanding at more rapid in two years.

The Ministry of Commerce announced that GDP grew by 3.2% on an annual basis during the year, up from the previously stated estimate of 2.9%.

Another report has shown that the US Consumer Confidence rebounded strongly in November after a moderate decline in October.

“Will be the people most likely watching the OPEC (Organization of Petroleum Exporting Countries) meeting. If the result in a rise in oil prices, which must be some inflationary pressures in the global economies, especially the United States, which can trigger decline in gold prices,” the analyst said.

Gold on the Multi Commodity Exchange (MCX) was trading 0.02 per cent, or Rs 6, down at Rs 28,730 per 10 gram on a flat note on Tuesday with marginal losses on account profit booking by investors amid mixed global cues.

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Gold Prices May be Oversold as Dollar and US Bond Yields Retreat

Gold Prices May be Oversold as Dollar and US Bond Yields Retreat

Gold futures prices have risen over 1 percent on Monday, but was breaking bull market for the precious metal, as the dollar and long US Treasury yields retreated of recent gains.

Spot gold was up 0.7 per cent at $1,191.26 an ounce, after climbing as high as $1,197.54 earlier in the session.

US Gold was trading up 0.77% at $1,187.50 after falling below $1,200 last week as the dollar surged.

Gold is down over 7% on the month; may retest $1,050 after losing strong support at $1,200-$1,210.

Gold also pays any attention, and is a rising US bond yields and other markets as negatively on metal.

Dollar index which tracks the US currency versus a basket of currencies, down 0.4 per cent on Monday, while the yield on 10-year US Treasury bonds from the highest level in 16 months fell 2.417 percent touched last week.

In other markets, crude oil prices were marginally lower on doubts OPEC can nail down to an agreement to limit of supplies and major stock markets in Europe also declined.

The minutes away from the November meeting as early as the Fed’s Board showed US Federal Reserve appeared confident on the eve of the presidential election that the economy strengthen enough to justify raising interest rates.

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Gold Prices Drops 9-1/2 Month Lows as Dollar Rises in Expectation of US Rate Hike

Gold Prices Drops 9-1/2 Month Lows as Dollar Rises in Expectation of US Rate Hike

Gold futures prices declined on Thursday after falling to its lowest level since February, with the stronger dollar amid growing expectations on the presence of high rate of the Federal Reserve in December after positive US economic data.

Gold for December delivery was trading at $1,187.55 a troy ounce, after earlier falling as low as $1,179.75, a level not seen since February 8.

Spot gold was down 0.2 per cent at $1,185.55 an ounce. It dropped 2 per cent in the previous session to touch its lowest in 9-1/2 months at $1,181.45.

The minutes of the Fed meeting November 1 to 2 showed policymakers Fed seemed confident on the eve of the US presidential election, the economy to strengthen enough to justify the increases in interest rates any time soon.

Investors are now estimated at nearly 100 percent prospect of an increase in December the rate the Fed, according to the Chicago Commodities Exchange FedWatch, and some investors expect a further rise in 2017 if he continued economic momentum.

Increased US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies last at 101.67, not far from its highest level of 102.11, the strongest level since early April 2003.

Dollar gained after the data boosted US optimistic and precise Federal Reserve on Wednesday forecast to raise interest rates next month.

Holdings of SPDR Gold Trust, dropped 1.47 per cent to 891.57 tonnes on Wednesday from Tuesday.

Gold prices were trading lower 0.22 per cent down at Rs 28,766 per 10 gm on the Multi Commodity Exchange (MCX) in early trade on Thursday.

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Gold Prices Steady On Dollar Surges; Market Await Fed Minutes

Gold Prices Steady On Dollar Surges; Market Await Fed Minutes

The price of gold stuck to a tight range in Asian trade on Wednesday to their lowest level since February, before the issuance of Fed Meeting Minutes earlier this month on expectations raising interest rates in December.

Gold for December delivery on the Comex Exchange was down 2.08% to $1,185.05 a troy ounce, a level not seen since February 10.

Spot gold was unchanged at $1,212.45 an ounce. In the previous session, the metal eased 0.15 per cent, hurt by strong equities.

Greenback index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, rose to 101.81, the strongest level since April 2003.

The dollar gained after data showed that US durable Goods figures have recovered in October. The report supported the view that the Federal Reserve will raise interest rates next month.

The price of gold in dollars and become progressively more costly for holders of other currencies when the dollar rise.

Analysts cautioned that rising interest rates and more constructive feeling in the stock markets could also weigh on gold prices.

The SPDR Gold Trust, gold in the world, its share fell 0.42 per cent to 904.91 tonnes on Tuesday. The holdings fell 4 per cent so far this month.

According to the Fed’s monitoring tool the prospect of a rate hike at the Fed meeting December 13 to 14 is 100%.

Gold was up by Rs 70 per 10 gram at Rs 29,209 at the Multi Commodity Exchange (MCX) on demand from stockists and investors amid firm global cues.

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Gold Prices Bounces Off 5-1/2-Month Low On Physical Buying; U.S. Rate Hike Hopes

Gold Prices Bounces Off 5-1/2-Month Low On Physical Buying; U.S. Rate Hike Hopes

Gold futures prices ticked higher on Monday, but remained near the lowest level since May thanks to physical purchases on down speculation for a Federal Reserve rates and financial stimulus by the President-elect Donald Trump.

Gold for December delivery on the Comex Exchange tacked on $6.15, or 0.51%, to $1,214.85 a troy ounce.

Spot gold was up 0.3 percent at $1,211.72 an ounce, the metal fell as much as 1 percent to mark its lowest since May 30 at $1,203.52.

Market analysts cautioned that the forecast for gold is still cloudy in the near term, because of the high interest rate of the United States in December, is now almost certainty.

According to the monitoring tool the Fed’s rate Investing.com, and the prospect of a rate hike at the Fed meeting December 13 to 14 is 100%.

Rise in yellow metal prices have fallen more than 7% so far this month amid optimism that increased fiscal spending in the United States under the Trump management and stimulate economic growth and inflation, which would eventually lead to an era of rising interest rates.

The dollar index, which tracks the US currency versus a basket of major currencies, was unchanged at 101,200 after rising as high as since 2003 on Friday, the continuation bets faster inflation and higher interest rates.

Gold traded marginally in the green on the Multi Commodity Exchange (MCX) in early trade on account of physical buying by retailers.

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