Gold on Track to Notch 2nd Straight Weekly Gain as Dollar Slump Continues

Gold on Track to Notch 2nd Straight Weekly Gain as Dollar Slump Continues

Gold futures rose on Friday and were on track for a 2nd consecutive weekly gain as the strong dollar sales amid renewed political uncertainty in Washington reported that special lawyer Robert Mueller will expand his research to include business deals of President Trump.

Gold futures for August delivery on the Comex Exchange rose by $8.46, or 0.68%, to $1,254.06 a troy ounce.

Spot gold edged down 0.04 per cent to $1,243.80 per ounce after touching a three-week high on $1,247.48 an ounce in the previous session.

According to several news agencies reported that the private business of US President Donald Trump is scheduled to be subject to scrutiny as the Special Adviser Robert Mueller will expand investigations into allegations that Russia has affected the US presidential election in 2016.

The lack of political uncertainty in Washington linked to the US dollar at the lowest level in more than a year compared to its competitors, thereby raising the price of gold to its highest level, where the precious metal seeks to achieve the biggest weekly gain to him within two months.

The US dollar headed for weekly losses on Friday, emptying at its lowest levels against the euro in nearly two years after the head of the European Central Bank, Mario Draghi, said that policymakers would discuss changing its purchase program of bonds in autumn.

The ECB left unchanged its ultra-easy monetary policy on Thursday and even discussed the possibility of recovering the stimulus, suggesting that may delay an inevitable decision to reduce bond purchases until the last possible moment.

The fall of the underlying dollar moves higher in other precious metals, as silver futures rose 0.59% to $ 16,442 a troy ounce.

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Gold Futures Flat as US Dollar Moves off Lows

Gold Futures Flat as US Dollar Moves off Lows

Gold futures have almost turned positive on the back of economic data on the top of the expectations of US Dollar analysts as almost no change has happened, thereby reducing investor hunger for metal.

Gold futures for August delivery on the Comex Exchange fell by $0.88, or 0.01%, to $1,241.86 a troy ounce.

Silver by 1.12 per cent to USD 16.26 an ounce in New York in yesterday’s trade.

MCX Silver was down 0.38 per cent at Rs 37,550, while MCX Gold was down 0.17 per cent at Rs 28,205 per 10 gram.

Gold gave its sub-par latest gains after the rise of ES about 2% in the previous sessions were bounced loss of, expected following the release of better than expected housing data indicating a possible improvement in US Home building.

Stent housing jumped 8.3 percent to a seasonally adjusted annual rate 1.22 million units, the highest level on February scenes, the Ministry of Commerce Said Wednesday.

Economists activity forecasts how high its rated come of 5.8%.

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Gold Prices off as Prospects for US Rate Hikes Weigh on Dollar

Gold Prices off as Prospects for US Rate Hikes Weigh on Dollar

Gold futures rose on Monday to the strongest level in nearly two weeks as the US dollar fell to its lowest level in several months as the prospect of a rate hike in the United States this year dwindled after more soft US economic data last week.

Comex gold futures were at $1,233.82 a troy ounce, up $6.30, or around 0.5%. It touched its highest since July 3 at $1,234.76 earlier.

Spot gold had risen 0.2 per cent to $1,230.43 per ounce.

Prices rose 1.5% last week as cautious comments from Federal Reserve Chairman Janet Yellin, along with soft inflation data, saw investors soften their outlook for tougher monetary policy in the US in the coming months.

Futures traders prices in less than 40% chance of a rate hike by the Fed at the end of the year, according to the monitoring tool Investing.com, down from about 50% in the previous week.

Investor risk sentiment picked up additional momentum after Chinese economic data easily outperform forecasts, with second-quarter gross domestic product rising 6.9 percent from a year earlier.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell to a 10-month low of 94.86 in overnight trade. Most recently at 95.00 in early US trade.

At the same time, US Treasury 10-year Treasury yields fell to about 2.31%, while the highest levels of remains remained close to 2.39%, which was discussed earlier this month.

Economic reports will remain important next week as market players seek to measure the strength of the world’s largest economy and how this will affect the Fed’s monetary policy outlook.

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Gold Prices on Track to Snap 5-Week Lose As Dollar Weakness

Gold Prices on Track to Snap 5-Week Lose As Dollar Weakness

Gold futures rose Friday, taking advantage of the dollar’s slide to its lowest level in 10 months after a disappointing economic report showed that US economic growth is not as strong as previously expected.

Gold futures for August delivery on the Comex Exchange rose by $10.52, or 0.86%, to $1,227.83 a troy ounce.

Spot gold rose 0.1 per cent to $1,218.18 per ounce. It was up 0.4 per cent for the week so far, which would be its biggest weekly gain since early June.

MCX Gold was down 0.22 per cent, or Rs 61, at Rs 27,776 per 10 gram.

US economic turmoil was repeated on Friday, following the release of inflation and retail sales data that surpassed economists’ forecasts, reducing investor expectations about future rate hikes.

The inflation rate in the last 12 months slowed to 1.6% in June from 1.9% in the previous month, and is down from a five-year high of only 2.7% five months ago.

The economist expected an inflation reading of 1.7%.

SPDR Gold Trust GLD traded fund, said its latest holdings stood at 828.84 tonnes, down 3.55 tonnes, from previous business day.

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Gold Prices Rises 1-Week High After Yellen Hints at Only Gradual Tightening

Gold Prices Rises 1-Week High After Yellen Hints at Only Gradual Tightening

Gold futures rose on Thursday nearing a one-week high on a weaker dollar and lower US yields after Fed’s Chair Janet Yellen said the Fed would only gradually tighten monetary policy, curbing speculation that interest rates would rise more than once this year.

Comex gold futures were at $1,222.49 a troy ounce. Spot gold rose 0.3 per cent to $1,222.71 per ounce.

Prices rose for a third consecutive session on Wednesday after cautiously wary of inflation, and noted that the Federal Reserve will not need to raise interest rates “much more than that” to reach the current low estimates of the neutral funds rate.

She also said that the US economy is healthy enough so that the Fed begins to reduce the public budget of $ 4.5 trillion sometime this year.

Market participants considered this speech mainly pessimistic.

While the weakness of the dollar can be beneficial for short-term gold, the continued strength of US stocks is still dragging.

Technical rebound may lead to push prices above the level of $ 1230, moving around the 200-day average, it is likely to be crowded in the range of 1,18- US $ 1,180 in the short term.

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Gold Futuree Prices Jumps to Session Highs as Investors Await Yellen’s Testimony

Gold Futuree Prices Jumps to Session Highs as Investors Await Yellen's Testimony

Gold futures prices rose to their highest levels on Wednesday as investors awaited testimony from the head of the US Federal Reserve Janet Yellen and expressed the central bank for officials to be cautious about increasing interest rates.

Comex gold futures were at $1,223.24 a troy ounce, up $8.90, or around 0.7%, after touching a session peak of $1,224.93.

Spot gold rose 0.1 per cent to $1,218.46 per ounce.

MCX Gold was up 0.31 per cent at Rs 27,920 per 10 gram.

The Federal Reserve is still on track to raise interest rates and start cutting its balance sheet before the end of the year, despite falling inflation, Yelen said in remarks prepared before her testimony to the House Financial Services Committee.

The increase in prices and the reduction of the balance sheet would be gradual.

The Fed raised interest rates at its meeting in June and held up its expectations for a rate hike again this year, but weak inflation expectations have since raised doubts about whether the US central bank will be able to stick to the planned tightening track.

Yellen is poised to give its biannual monetary policy testimony to Congress on Wednesday and Thursday, and investors will look at it for clues as to when the Fed will begin to reduce its balance of $ 4.5 trillion, Effect of hardening the US Money supply

In the mean time, two of her colleagues cited the growth of low wages and muted inflation as reasons for caution in further increases in the interest rate.

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Gold Futures Prices Slides to Fresh 4-Month Low at Start of Busy Week

Gold Futures Prices Slides to Fresh 4-Month Low at Start of Busy Week

Gold futures prices rose early on Monday, stimulating near the lowest level in four months, as investors look forward to comments from top Federal Reserve officials and a host of US economic data for further indications on the possibility of raising the interest rate of the central bank during the end of the year.

Comex gold futures were at $1,205.63 a troy ounce, down $4.20, or around 0.4%. It touched it its lowest since March 15 at $1,204.00 earlier.

Spot gold was nearly flat at $1,213.16 per ounce.

Job growth in the United States rose more than expected in June, employers increased working hours for workers, and labor force signs that could keep the Federal Reserve on track to raise its third interest rate this year despite slow wage gains.

US Federal Reserve Board said on Friday that the US economy is still creating jobs and growing at a steady pace, with the confidence of investors and consumers in good health, and the presence of moderate signs of risk in financial markets.

The US Department of Labor added 222,000 jobs last month, more than 179,000 new jobs economists expect. The April and May figures were also revised to show that there were 47,000 jobs more than previously reported.

But while the number of employment strong title, the inflation pressure is still tame. Hourly average wage rose by only 0.2% in June, down from an estimated 0.3% increase.

Holdings in the SPDR Gold Trust fund, declined 0.63 percent to 835.35 tonnes on Friday from 840.67 tonnes on Thursday.

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