Gold Prices Gains About $10 as Global Equities Plunge, Dollar Retreat

Gold Prices Gains About $10 as Global Equities Plunge, Dollar Retreat

Gold futures prices edge higher about $10 on Tuesday as global equities markets falter on mounting expectations that the Fed will likely go ahead with an interest rate increase this month.

Asian stock markets fell on Tuesday, with the Shanghai Composite fell 1.2%, while the appetite for riskier assets undermined after a couple of reports on China’s manufacturing sector added to signs that the second largest economy world be slowing.

In Europe, Germany’s DAX fell more than 2.5%, while the Dow and the S & P 500 marked drop by at least 2% at the open, as fears of a global economic slowdown led by China, traders and shook feeling scared.

Today on the Comex, Gold for December delivery jumped $10.40, or 0.92%, to trade at $1,142.90 a troy ounce. Spot gold was up 0.5 per cent at $1,139.60 an ounce, after an uneventful session on Monday.

Fed Vice Chairman Stanley Fischer said on Saturday that inflation in the US is likely that rebound such as pressure from the molten dollar, allowing the US central bank to raise the interest rates gradually.

Fischer’s comment sent Wall Street lower overnight and US futures extended losses on Tuesday, with Asian stocks also fell, led by China. The dollar weakened similarly as risk aversion favored way the euro and the yen.

In the meantime, investors looked in advance to Friday US August employment report, which could assist in providing clarity about the probability of a rise in the interest rates in the short term.

Bullions ended August 1 3.5 percent higher than concerns about China’s economic slowdown triggered safe-haven bids, although the metal has emerged from a seven-week high above.

Mounting evidence that the Fed would raise interest rates at its next policy meeting on Sept. 16 to 17 could limit the upside potential of gold.

Indian stock markets dropped by 2.2% to 25,696.44 for a second day, the lowest since 11 August 2014.

Analysts said the rise in gold prices at futures trade was mostly in line with a firming trend overseas, at the Multi Commodity Exchange, gold for delivery in October was up by Rs 175, or 0.66%, to Rs 26,857 per 10 gram.

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Gold Rise But Upside Seen Limited As Strong US Data Fuels Fed Hike View

Gold Rise But Upside Seen Limited As Strong US Data Fuels Fed Hike View

Gold futures prices rose on Friday, but gains were expected to remain limited as upbeat U.S. economic data backed the case for a near-term increase in interest rates.

On the Comex, gold futures for December delivery were up 0.55% at $1,129.00.

Spot gold was up 0.4 per cent at $1,129.60 an ounce, but down almost 3 per cent for the week.

The prices of gold fallen under pressure after the DOC reported Thursday that gross domestic product grew at an annual rate of 3.7% in the three months ended June 30, above growth prospects 3.2%.

The preliminary data initially linked US growth at 2.3% in the second quarter. The US economy grew 0.6% in the previous quarter.

Furthermore, the Department of Labor of the United States said the number of individuals who filed for unemployment insurance in the week ending August 22 fell 6000-271000 total of 277,000 the previous week.

Analysts had expected initial unemployment claims to drop to 3000 to 274,000 last week.

Market participants now looked forward to US trade data, personal spending and consumer trust due later Friday amid ongoing speculation over a rate hike in September.

The metal touched a one week minimum of $ 1117.35 on Wednesday and has lost more than 3 percent since touching a maximum of seven weeks in the top 21 August.

The robust second-quarter GDP, along with the date of the last strong housing and manufacturing, are likely to push the Federal Reserve to raise interest rates next month, analysts said.

Taking positive cues from global markets, Gold for delivery in far-month December was up by Rs 209, or 0.79% to Rs 26,671 per 10 gm  aAt the Multi Commodity Exchange.

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Gold Prices Drops to Session Lows After Upbeat U.S. Data, Investors Also Monitor China

Gold Prices Drops to Session Lows After Upbeat U.S. Data, Investors Also Monitor China

US gold futures fell by 2 percent to the lowest levels of the session on Thursday after data showed the United States economy grew more than initially estimated in the second quarter, increasing optimism about the economic health and supporting the event of a US interest rate hike this year, while investors keep a close watch over China’s efforts to support its economy.

Spot gold XAU dropped as much as 2 percent to a one-week low of $ 1117.35 an ounce, but fell 1.2 percent to $ 1126.66. It was his third consecutive decrease last week for seven weeks.

On the Comex Gold for December delivery dipped $3.50, or 0.31%, to trade at $1,121.10 a troy ounce during U.S. morning hours after hitting a daily low of $1,119.10.

The DOC said the United States economy, increased 3.7% in the three months ended June 30, above the expectations of of 3.2% growth. The preliminary figures initially linked US growth at 2.3% in the second quarter.

The data showed that personal consumption rose 3.1% in the second quarter, meeting expectations and compared with an initial estimate of 2.9%. Consumer spending normally accounts for almost 70% of economic growth in the United States.

Simultaneously, the Department of US Labor said the number of people apply for initial unemployment benefit fell by 6,000 last week to 271,000. Analysts had expected initial jobless claims to drop to 3000 to 274,000 last week.

Unemployment claims for the first time have remained below the 300,000 level for 25 straight weeks, which is usually associated with a firming labor market.

The upbeat data must be strengthened expectations of a hike in interest rates by the Federal Reserve early next month. The timing of a rate hike by the Fed has been an ongoing source of debate in the markets in recent months.

Wall Street rose while European equities and commodities fell as investors strong comments from US economic data and policy balanced with concerns about the economic slowdown in China.

In the most clear statement that fears of a slowdown in the Chinese economy could influence US monetary policy, president of the New York Fed, William Dudley, said the prospect of a rate hike in September “seems less convincing” a few weeks ago.

Similarly, at the Multi Commodity Exchange, gold for delivery in far -month December fell by Rs 57, or 0.21 per cent to Rs 26,618 per ten gram as speculators engaged in reducing their positions.

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Gold Prices Decline $15 to Hit Session Lows After Upbeat U.S. Data

Gold Prices Decline $15 to Hit Session Lows After Upbeat U.S. Data

Prices in COMEX gold futures slipped to the lowest levels of the session on the Wednesday, after data showed US durable goods orders to unexpectedly rise in July, increasing optimism about the economic health and support the case for a boost in interest rates in the United States this year.

On the Comex Gold futures for December delivery in New York slumped $14.20, or 1.25%, to trade at $1,124.10 a troy ounce.

Meanwhile, gold prices retreated as much as 0.5% to $1,134.75 an ounce in Singapore.

The United States Department of Commerce stated that the total durable goods orders too, that include shuttle items, rose 2.0% last month, compared with expectations for a decline of 0.4%. The durable goods orders to in June were audited to a 4.1% gain from a previously reported 3.4% increase.

Durable goods are usually bulky or heavy meant to last three years, as trains, planes and automobiles.

The core durable goods ordering, except for volatile shuttle items, rose 0.6%, beating forecasts of a 0.4% rise. Core orders for durable goods went up by an upwardly revised 1.0% in June.

Orders for core capital goods, a key gauge of company investment from the private sector rising 2.2% last month, above expectations for an increase of 0.4%.

Consignments of core capital goods, a category used to calculate quarterly economic growth, tacked on 0.6%, beating forecasts for a 0.4% increase.

The optimistic data must be strengthened expectations of a hike in interest rates by the Federal Reserve early next month. The time to a rate rise by the Fed has been a constant source of debate in the markets in recent months.

On similar lines, amid a weakening global trend, gold futures fell Rs 64 to Rs 26,674 per 10 gm at the Multi Commodity Exchange for delivery in October contracts.

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Gold Prices Climbs to Fresh 7-Week High As Global Equities Tumble

Gold Prices Climbs to Fresh 7-Week High As Global Equities Tumble

Prices of US gold futures surged to a new high of 7 weeks in early European trade on Monday amid severe losses in global equity markets as funds fled bullion due to weak sentiment in other class assets and the USD spurred demand for the yellow metal.

Gold futures for December delivery on the Comex gained to an intraday high $1,169.50 a troy ounce, the most since July 7, before quoted at $1,165.10 during in early European hours.

The Shanghai Composite fell nearly 9% on Monday, the biggest one-day drop since February 2007, the disappointment of investors that Beijing failed to deploying new measures on the weekend to support stocks after markets were down 11% last week.

Chinese stocks had been under heavy selling pressure the last few weeks amid concerns about the downturn and China’s concerns that Beijing would let the yuan continues to depreciate.

Indian benchmark BSE Sensex closes at 25,741.56 points, down 1,624.51, or 5.94%; European, Germany’s DAX fell more than 7%, the French CAC 40 fell 8%, while London FTSE 100 fell 6%

Because of the threat of rising interest rates the Fed is resulting in a fall in the dollar versus gold it has not capitalized feeling. Still, the money recovered through selling in the equity market will come in gold is unlikely to be a steady flow.

Meanwhile, in the US, the Dow Jones, S & P 500 and the Nasdaq Composite all fell more than 7% following the opening, as fears of the global outlook led by China, frightened traders and jolted sentiment.

The rupee on Monday weakened 1.23% against the US dollar—the lowest level in 2 years.. There is also little support to gold in the international market.

With a gain of 0.25 percent on MCX gold is trading around Rs 27,300.

Standard gold in Mumbai’s popular Zaveri Bazaar closed with a gain of Rs 235 at Rs 27,535 per 10 gms on Monday.

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Gold Prices Monthly High Amid China Struggles, On Lower US September Rate Hike Chance

Gold Prices Monthly High Amid China Struggles, On Lower US September Rate Hike Chance

Gold prices attained its highest monthly on Thursday as the dollar fell after the minutes of the meeting of the Federal Reserve of the United States suggested lawmakers were in no hurry to raise the interest rates amid data from weak manufacturing China enhanced the case for additional stimulus measures by the central bank of China to revive growth in the world’s second largest economy.

On the Comex, gold for December delivery touched a high at $1,167.80 an ounce, before settling at 1,160.00, up 6.80 or 0.59% on the session. Spot gold rose as much as 1.8 per cent to $1,154 an ounce, its highest since July 15.

In the meantime, investors continue to train for a rise in the interest rates delayed by the Federal Open Market Committee after the publication of the pacifist minutes of its July meeting earlier this week – a development which is regarded largely as bullish for gold.

On Friday, reports from China stated manufacturing output at the national level has declined at the fastest pace in over six years, illustrating the relentless apathy in the factory sector of the nation.

An initial reading of China Caixin flash PMI for August fell to 47.1, its lowest level since the end of the financial crisis. A reading below 50 provides a signal of contraction in the industry. The reading fell considerably beneath forecasts of 47.7 and extended losses analysts 47.8 reading July, when he collapsed to a minimum of two years.

The People’s Bank of China (PBOC) has approved a broad range of incentive initiatives all year round in an effort to boost an economy which is undergoing its slowest growth in more than a decade.

Investors were also followed react at strong signs that the FOMC could slow up much-anticipated interest rates fall further in the midst of soft inflation data. While the Consumer Price Index (CPI) for July rose 0.1%, still it fell under the provisions of a monthly increase of 0.2% of analysts. The core CPI index, which excludes food and energy prices, rose 1.8% on an annual basis, it also falls short of the Fed’s target of 0.2%.

The US dollar fell 0.4 percent against a basket of major currencies, fell as betting the Federal Reserve next month, rising the interest rates in the United States for the first time in nearly a decade after the publication of the minutes of the Fed meeting from 28 to July 29.

Tracking a firming trend overseas coupled with rising demand at domestic spot markets, Gold for delivery in October was sharply up by Rs 351 or 1.31% to Rs 27,200 per 10 gram on MCX.

Spot Gold prices reclaimed Rs 27,000-level after a gap of 2-months of climbing Rs 480 to Rs 27,180 at the bullion market in Delhi, supported by a firm trend in global markets.

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Gold Extends Gains 5-Week High After Jobless Claims Data, Fed Hike Hopes

Gold Extends Gains 5-Week High After Jobless Claims Data, Fed Hike Hopes

Prices of US gold futures added to gains to 5 weeks Thursday following data showed the number of people who filed for jobless claim in the US suddenly rose last week, in addition to the policy meeting by the Fed last month indicated that a rise in interest rates in the United States in September may be unlikely.

On the Comex, Gold futures for December delivery rose to an Intraday peak of $1,143.40 a troy ounce, while in Singapore spot gold prices rose as far as $1,141.75 an ounce, its loftiest since July 17, and was up 0.4 per cent at $1,138.50.

The Department of Labor of the United States said that the number of individuals who filed for unemployment benefits increased by by 4,000 last week to a five-week total of 277,000 last week from 273,000. Analysts had expected initial unemployment claims to fall by 1000 to 272,000 last week.

A day before, gold rose $ 11.00, or 0.98%, to close at $ 1127.90 after the prospects for a rate hike in September by the Federal Reserve appeared dim after the release of the minutes of meetings July.

Politicians expressed great inflation worries and the backwardness of the weak global economy, leading some investors to question the probability of a rate hike in September.

Bullion is underway for a second weekly gain after ending his retirement longest since 1999, having benefited last week from the uncertainty raised by China surprise devaluation of its currency.

A potential delay an increase in the rate in December provides upside potential for gold bearing without interest.

Many observers had been betting on a rate hike when Fed policy makers next meeting in September Given sustained strength in the world’s largest economy. However, some lawmakers thought could adopt a gradual approach in raising rates after the devaluation of yuan China.

Amid a firming trend overseas, gold for delivery in far-month October rose Rs 174, or 0.66%, to Rs 26,370 per 10 grams on the Multi Commodity Exchange.

Standard gold surged 1.6% to close at 26,620 rupees per 10 grams below about 2% or $ 23 increase in world markets in the past two days.

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