Gold Futures Prices Slip Near 2-Month Lows ahead of US Jobs Data

Gold Futures Prices Slip Near 2-Month Lows ahead of US Jobs Data

Gold futures prices fell near the lowest level in two months on Friday, with the increasing demand for the US dollar amid growing optimism about the future of the economy, and after the release of mixed US employment report, which included an encouraging increase in wages.

Comex gold futures were down $2.22, or about 0.17%, at $1,270.98 a troy ounce.

MCX Gold futures were trading 0.11 per cent down at Rs 29,356 per 10 gram while MCX Silver futures were down 0.02 per cent at Rs 39,163 per 1 kg.

Globally, gold rose by 0.03 per cent to USD 1,268.20 an ounce and silver by 0.06 per cent to USD 16.59 an ounce in London.

And investor confidence in the US economy rose after the Labor Department said Thursday that initial jobless claims fell more than expected to 260,000 last week.

Additional reports showed that the US trade deficit contracted in August, with exports rising to a two-and-a-half year high, while factory orders rose more than expected by analysts.

It seems that the markets focus only on the growth of wages, which is monitored by the Federal Reserve closely to get evidence of the recession, the decline in the labor market and upward pressure on inflation.

The dollar has gained widespread support through the hopes of making a future tax reform after the US House of Representatives on Thursday approved a spending bill for the 2018, which was considered an important step for the payment of the tax reform plan at the end.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.14% to hit 93.91, compared to the highest level in 10 weeks of 94.09 earlier in the session.

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Gold Futures Prices Trade Flat Onto Modest Gains Despite Dollar Strength

Gold Futures Prices Trade Flat Onto Modest Gains Despite Dollar Strength

Gold futures prices rose on modest gains on Thursday, although the US economic reports optimistic pushed the dollar to rise, where investors are still waiting for comments by a number of Fed officials later in the session.

Comex gold futures were up $2.98, or about 0.24%, at $1,279.87 a troy ounce, still within close distance of Tuesday’s eight-week low of $1,271.00.

MCX Gold futures were trading at Rs 29,290 ahead of the key US non-farm payrolls data to be released on Friday.

The US dollar found support after the US Department of Labor said initial jobless claims fell more than expected to 260,000 last week.

Another report showed that the US trade deficit narrowed in August and exports reached their highest level in two and a half years.

Federal Reserve Chairman Patrick Harker told a news conference in Austin, Texas, that he was still planning to raise interest rates this year and three next year.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.27% to 93.56, not far from a one-and-a-half month high of 93.78.

Gold prices will remain volatile in the coming sessions, and are likely to see price declines, while the gold price of MSX will be supported by the weaker rupee, the trend is still weak in the counter.

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Gold Prices Trades Higher in Asia Ahead of Yellen Speech

Gold Prices Trades Higher In Asia Ahead OF Yellen Speech

Gold futures prices in Asia rose on Wednesday as markets in China, Taiwan and South Korea closed for holidays and caution ahead of comments from the head of the US central bank later in the day.

Gold futures for December delivery on the Comex division of the New York Exchange rose 0.25% to $1,277.82 a troy ounce.

Spot gold had risen 0.3 per cent to $1,275.91 an ounce. It touched its lowest since mid-August at $1,267.76 on Tuesday.

MCX Gold futures were trading 0.15 per cent, or Rs 45, up at Rs 29,400 per 10 gram.

Gold prices have been limited to a narrow range of $ 7 for trading hovering above its lowest level in seven weeks amid the weakness of the dollar as investors awaited the trend of economic data from the first class and a letter from the President of the Federal Reserve softened later in the week.

The unrelenting talk in the community banking sector at a conference of the twentieth century atheist and on Wednesday amid growing speculation about her position as chairman of the Federal Reserve. It is noteworthy that the Governor of the Federal Reserve Bank of Jerome Powell and the governor of the former Federal Reserve Board Kevin Lars on the list of candidates to succeed Janet Yellen.

The US dollar fell 0.2 percent against a basket of major currencies on Wednesday after playing the best since mid-August on Tuesday.

According to experts, the market will control the most important non-farm payrolls this week, apart from the decision of President Donald Trump expected the leadership of the Fed, as well as upcoming speeches by politicians and US economic data.

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Gold Hits Over 1-month Low After Mixed U.S. Data

Gold Hits Over 1-month Low After Mixed U.S. Data

Gold futures were little changed near a one and a half month low on Thursday as the dollar rose on expectations of a US interest rate hike in December after mixed US economic reports.

Comex gold futures were down $13.24 or about 1.04% at $1,288.58 a troy ounce.

Spot gold was down 0.2 per cent at $1,278.36 per ounce.

MCX Gold futures were down 0.02 per cent at Rs 29,653 per 10 gram.

On Thursday, data showed that economic growth in the United States in the second quarter was more adjusted than expected.

The US Labor Department said preliminary jobless claims rose more-than-expected last week.

The US dollar was broadly strengthened after reports said on Wednesday that US President Donald Trump had proposed the biggest US tax reform in three decades.

The proposal is still facing an uphill battle in the US Congress, with the Republican Party split over it and hostile Democrats.

The US dollar was already supported by new expectations for an interest rate hike in December by the Federal Reserve after the hardline statements by Federal Reserve Chairman Janet Yellen on Tuesday.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell 0.16% to trade at 93.12, from a one-month high of 93.50 earlier in the day.

In the latest developments in North Korea, the French foreign minister on Saturday urged US President Donald Trump to focus on raising the diplomatic pressure on Pyongyang.

US and dollar yields rose after President Trump proposed the largest tax reform in the United States in three decades, and strong economic data added to a Fed rate hike later this year.

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Gold Prices Lower as U.S. Dollar Steadies

Gold Prices Lower as U.S. Dollar Steadies

Gold prices fell early Tuesday on the basis of a stronger US dollar ahead of Federal Reserve Chairman Janet Yellin’s speech scheduled for later in the day. More than 1 per cent also rose over geopolitical tensions on the Korean peninsula.

Comex gold futures were down $8.92 or about 0.69% at $1,302.60 a troy ounce.

Spot gold fell 0.1 per cent to $1,308.90 per ounce. In the previous session, it rose over 1 per cent to register its biggest intra-day per centage gain since Sept. 7.

President Janet Yellin will receive a speech entitled “Inflation, Uncertainty and Monetary Policy” at the annual meeting of the National Association of Business Economics in Cleveland at 12:45 GMT (1645 GMT) on Tuesday.

Their comments will be monitored closely for any new look at the policy. Last week, the US central bank announced that it will begin to reduce the assets of $ 4.5 trillion, and noted that it is likely to raise interest rates this year.

The US dollar rose after Federal Reserve Chairman William Dadley said on Monday that the Fed is on track to gradually raise interest rates as factors leading to inflation are “fading” and fundamentals of the US economy are sound.

Angela Merkel, the German difficult task of trying to build a government on Monday began after he got the fourth position as an adviser and urged leftist Social Democrats not to close the door to the big re-fractious.

President Donald Trump has declared war on North Korea and Pyongyang has reserved the right to take countermeasures, including dropping US launchers even if they are not in airspace, North Korea’s foreign minister said Monday.

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Gold Futures Prices Slip Lower on U.S. Rate Hike Prospects; Weak Global Pointers

Gold Futures Prices Slip Lower on U.S. Rate Hike Prospects

NEW YORK (Reuters) – Gold futures fell on Monday after New York Fed Chairman William Dadley suggested a possible hike in US interest rates, raising the dollar overall.

Comex gold futures were down $1.78 or about 0.14% at $1,295.82 a troy ounce.

Meanwhile, gold fell 0.31 per cent, to USD 1,293.10 an ounce in Singapore today.

At Multi Commodity Exchange, gold prices for delivery in October declined Rs 65, or 0.22 per cent, to Rs 29,520 per 10 grams.

The dollar strengthened after Dadley said the Fed was on track to gradually raise interest rates as factors leading to inflation were “fading” and the fundamentals of the US economy were sound.

Analysts attributed falling prices to falling positions by participants, following a weak trend in the global market as the dollar strengthened and the euro declined relative to political developments in Germany.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.41% to hit 92.33, the highest since September 21.

The participants in the market are also looking forward to a speech from Federal Reserve Chairman Janet Yellen entitled “Inflation and uncertainty and monetary policy” at the annual meeting of the National Association for Business Economics on Tuesday.

Chancellor Angela Merkel won a fourth term on Sunday, but it will have to build a coalition to form a government where the Conservatives lost support in the face of a wave of alternative reforms for Germany.

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Gold Futures Prices Set for Weekly Loss as Fed Rate Hike Outlook Weighs

Gold Futures Prices Set for Weekly Loss as Fed Rate Hike Outlook Weighs

Gold futures prices fell as investors retreat in the event of geopolitical uncertainty after North Korea recently launched a missile at Japan on Friday, with growing expectations that the lifting of the Federal Reserve interest rates later this year kept the precious metal on the right track to lose weekly.

Gold futures for December delivery on the Comex Exchange fell by $2.91, or 0.22%, to $1,326.39 a troy ounce.

Spot gold was down 0.2 per cent at $1,326.70 an ounce. It was down over 1 per cent for the week, on track for its first weekly decline in four.

MCX Gold was 0.06 per cent down at Rs 29,992.

After a day of high inflation data to its highest level in seven months, which led to increased expectations of an interest rate hike in December, the price of gold remained on track to swing over three consecutive weeks. But losses were limited due to weak US economic data.

The Commerce Department said Friday retail sales fell 0.2% last month, missing expectations of a 0.1% increase. The pair of reports on manufacturing and consumer sentiment followed weaker-than-expected retail sales data.

North Korea on Friday fired a missile that hovered over the Japanese island of Hokkaido in the Pacific Ocean, lifting tension after Pyongyang’s recent test of a powerful nuclear bomb, South Korean and South Korean officials said.

Geopolitical risks may boost demand for safe haven assets such as gold and the Japanese yen.

The yen fell against the dollar on Friday, after rising earlier in the news, with the dollar backed by strong data from US consumer inflation.

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