Gold Sticks Near 3-Month High as Risk Aversion After U.S. ISM Data Disappoints

Gold Sticks Near 3-Month High as Risk Aversion After U.S. ISM Data Disappoints

US gold futures rose nearly more than three successive months in early North American trading on Wednesday after data showed that service sector activity in the US expanded at its slowest pace in nearly two years in January, dampening optimism about the health of the economy and darkening CASE for higher interest rates this year.

In addition to concerns about the faltering global economy it has put the stock markets under pressure.

Gold for April delivery on the Comex rose to an intraday peak of $1,135.00 a troy ounce, the most since November 2, before trading at $1,134.20, up $7.00, or 0.62%.

Spot gold was off 0.2 percent at $1,127.07 an ounce, not far below Tuesday’s peak of $1,130.30, its strongest since Nov. 3.

The Institute for Supply Management said its non-manufacturing purchasing manager index fell last month to 53.5 in December 55.3, missing forecasts for a reading of 55.1.

The disappointing data added to scepticism about the ability of the Federal Reserve to raise interest rates as much as would like next year.

Market participants are anticipating a rate hike this year, compared to four in accordance with policy guidance from the Fed. A gradual path to higher rates is seen as less of a threat for gold prices to a series rapid increases.

The final attempt to slow down India’s love for gold country – by requiring buyers of high value jewelry disclose your tax code – has pushed the unofficial trade in the second largest gold consumer in the world, instead of promoting transparency and dent demand.

Gold for delivery in February rose by Rs 124, or 0.46%, to Rs 26,906 per 10 grams amid tracking a firming trend overseas.

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Gold Rises to 3-Month High Amid Weak Oil, Stocks Boost Haven Demand

Gold Rises to 3-Month High Amid Weak Oil

Prices of gold futures traded near a maximum of 3 months in the North American trade on Tuesday, as retreating oil prices and losses in global stock markets sustain the demand for assets received as being safer .

Global bourses plunge in oil prices retreated into the $ 30 level, adding to fears over the outlook for global growth.

Gold for April delivery on the New York rose to an intraday peak of $1,131.50 a troy ounce, the most since Nov 3, before trading at $1,128.80 up 80 cents, or 0.08%.

Gold in Singapore also, which normally determines price trend on the domestic front, gained 0.2 per cent to $1,130.50 an ounce, the highest since Nov 3 last year.

A day earlier, the gold is recovered $ 11.60, or 1.04%, as weak details of manufacture from the United States added to speculation that the Fed may delay any interest rate rise expected.

Market players are anticipating a rate hike this year, compared with four based on the direction of Fed policy makers. A gradual path to higher rates is seen as less of a threat for gold prices to a rapid series of increases.

The precious metal prices ended January with a gain of 5.4%, its biggest monthly gain in a year, as investors seeking refuge from the turmoil in global stock markets. Gold is often viewed as an alternate currency in times of global economic uncertainty and a refuge from financial risk.

Besides, in the Delhi, gold of 99.9 and 99.5 per cent purity rose further by Rs 115 each to Rs 27,300 and Rs 27,150 per 10 grams respectively.

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Gold Futures Prices Down Slightly in Asia as US Data Disappoints

Gold Futures Prices Down Slightly in Asia as US Data Disappoints

The prices of gold fell in Asia on Friday after recent earnings that took the metal to its highest level since November, keeping it on track to end January with the views on the trajectory of interest rates in the United States continues to be a question mark for the market.

On the Comex, gold for February delivery fell 0.08% to $1,14.70 a troy ounce.

Spot gold was little changed at $1,114.01 an ounce. Profit-taking on Thursday caused bullion to retreat from a 12-week high of $1,127.80 reached the previous day. For the month, gold was up 5 percent, its biggest such gain since January last year.

Latest data released on Thursday showed new orders for US durable goods recorded their largest drop in 16 months in December, suggesting as growth in the world’s largest economy slowed sharply at the bottom of 2015.

The weak orders for durable goods December underlines the expectation that the tightening cycle by the Fed could be on hold. The data comes ahead of the US in the fourth quarter gross domestic product, due later Friday.

A large sample of analysts are divided largely on the direction to Fed will go with your next move, after checking a statement in January full of ambiguity. Analysts seemed split over whether the status indicates that the Fed could be leaning toward a rate hike later in March or whether the US central bank could delay further tightening measures further than the first quarter.

The decision, according to the Fed statement, depend on labor market conditions, inflation expectations and changing conditions in global financial markets. Notably, the FOMC extracted a phrase that is “reasonably confident” inflation moves towards its goal of 2% from the statement.

At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 42, or 0.16%, to Rs 26,791 per 10 grams as speculators widened positions, tracking a firming trend overseas.

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Gold Near 3-Month High After Dismal U.S. Durable Goods Data, Fed Eyes Global Economy

Gold Near 3-Month High After Dismal U.S. Durable Goods Data, Fed Eyes Global Economy

US gold futures extended gains to its highest level since early Nov. on Thursday after the Federal Reserve said it was monitor closely the global economy amid the weakness seen from China to Europe.

In addition to data showed that U.S. durable goods orders fell more than expected in December, while core orders also fell sharply, concerns about the health of the underlying economy.

Gold for February delivery on the Comex rose to a session high of $1,125.70 a troy ounce, the most since Nov 3, before falling back to $1,120.70.

Spot gold was off 0.2 percent at $1,122.46 an ounce, not far below Wednesday’s peak of $1,127.80, the highest since Nov. 3.

The United States Department of Commerce said U.S. durable goods orders, which include transportation items, fell 5.1% last month, compared with expectations of a decline of 0.6%. The core durable goods orders, excluding volatile transportation items, fell 1.2%, disappointing expectations for a 0.1% drop.

Orders for core capital goods, a key investment of the private sector barometer, fell 4.3%, much worse than expectations for a decline of 0.2%, while shipments of core capital goods, a category used to calculate quarterly economic growth, fell 0.2%.

A separate report showed that the number of people who filed for unemployment assistance in the United States dropped more than expected, remaining in territory generally associate with a firming labor market.

After holding interest rates in the United States unchanged as hoped, policymakers in the Fed said the economy was still on track for modest growth and a market of more hard work, even “gradual” rate hikes , suggesting concern about world events had decreased but not crushed sometimes a walk rate in March.

At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 42, or 0.16%, to Rs 26,791 per 10 grams as speculators widened positions, tracking a firming trend overseas.

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Gold Prices Little Changed Near 3-Month High as Dollar Slips Ahead of Fed

Gold Prices Little Changed Near 3-Month High as Dollar Slips Ahead of Fed

Gold prices were little changed near a three-month high in US trade on Wednesday, supported by a softer dollar as investors awaited the outcome of the Federal Reserve’s first policy meeting of the year.

Gold for February delivery on the Comex dipped 40 cents, or 0.04%, to trade at $1,120.00 a troy ounce

Spot gold was flat at $1,119.46 an ounce, not far below Tuesday’s peak of $1,122.90, its strongest since Nov 3.

It is not expected that the Federal Reserve to take a decision on interest rates at the conclusion of its policy meeting two days at 19:00 GMT, or 2:00 PM EST, Wednesday, but no change was observed in the tone of the economy and future rate hikes.

Many in the market expect the pace containment of future increases to be gradual due to the recent turbulence in global financial markets and concerns about tepid growth abroad and indications that economic growth stagnated in the fourth trimester.

A gradual path to higher rates is seen as less of a threat for gold prices to a rapid series of increases.

Attractive safe haven gold is again in vogue this year amid falling equities and oil prices, lifting bullion place about 6 percent so far this month. Gold fell by 10.4 percent in 2015.

The US dollar was lower against a basket of currencies as investors looked to the Fed statement due out at 1900 GMT. Asian stocks remained near the lows of the day.

Reflecting rising confidence in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, stood at 21.52 million ounces on Tuesday, the highest since 5 Nov.

At the Multi Commodity Exchange, gold for delivery in far-month April spurted by Rs 361 or 1.37% to Rs 26,785 per 10 grams as speculators widened their bets, tracking a firming trend overseas.

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Gold Retreats as Equities Rally, Major Central Banks Offer Hints of Further Stimulus

Gold Retreats as Equities Rally, Major Central Banks Offer Hints of Further Stimulus

The prices of gold rose on Friday as clues to more monetary stimulus by the ECB weighed on the euro and European shares pushed up 2.5 percent, denting appetite for alternative investments, while crude oil recovered.

On the Comex, gold for February delivery traded in a tight range between $1,094.50 and $1,103.10 an ounce before settling at 1,098, down 0.20 or 0.02% on the session.

Spot gold was down 0.5 per cent at $1,096.20 an ounce.

One day after striking the ECB could adopt measures additional stimulus when it convenes in March, ECB President Mario Draghi reiterated that the central bank has enough tools at their disposal for the purpose of help increase inflationary pressures throughout the area. Speaking at the WEF in Davos, Switzerland, Draghi also said the ECB would be ready to act if current economic conditions persist.

Draghi offered moderate comments on whether of further increases in interest rates in the short term on Thursday, after the Governing Council of the ECB kept its benchmark rate steady at the record-low of 0.05%. The ECB also maintained its deposit rate unchanged at 0.3% less, a month after cutting further into negative territory by 10 basis points.

Draghi comments, lifted the dollar 0.4 per cent against the euro and prompted a rally in beleaguered stock markets.

Also in the framework of the Davos conference, Chinese Vice President Li Yuanchao stressed that the PBOC will continue to intervene in equity markets when such efforts to help reduce volatility are required. The Shanghai Composite Index has fallen more than 15% this year as the Chinese economy trudges along at the slowest pace in a quarter century. In exclusive statements to Bloomberg, Yuanchao also insisted that the People’s Bank of China has no intention to devalue the yuan.

“Fluctuations in the currency market are the result of market forces, and the Chinese government has no intention or policy to devalue its currency,” Yuanchao said.

MCX gold, with a gain of 0.2 per cent is trading around Rs 26 225.

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Gold Edges Lower but Holds Above $1,100 as Dollar Soars on Draghi Remarks

Gold Edges Lower but Holds Above $1,100 as Dollar Soars on Draghi Remarks

Gold futures prices edged lower in Europe trade on Thursday, as the dollar surged against the euro after European Central Bank President Mario Draghi signed more easing was possible in the coming months amid ongoing concerns over the oil rout.

Gold for February delivery on the Comex Exchange dropped $10.00, or 0.9%, to trade at $1,096.20 a troy ounce.

The EUR fell nearly 1% against the US dollar while the US dollar index, which measures the greenback strength against a basket of major currencies, rose 0.65% to 99.81, the highest since Dec. 3.

The president of the European Central Bank, Mario Draghi, said he expects rates at current or lower levels for a prolonged period of time. He added that downside risks have increased and that the central bank might reconsider its policy stance at its next meeting in March.

Early on the day, the ECB kept its the benchmark interest rate at the record-low of 0.05%, in line with market expectations. The central bank continued to take deposit facility rate unchanged at -0.30% and left its marginal lending rate at 0.30%.

Investors kept an eye on US data for later in the session to assess whether the world’s largest economy is sufficiently strong to withstand further rate hikes in 2016. The US is is to release data on activity manufacturing in the Philadelphia region and the weekly report on initial jobless claims at 8:30 am ET.

A recent batch of disappointing economic data underscored concerns that growth stagnated in the fourth quarter, which could persuade the Federal Reserve to delay its next rate hike until the second half of this year. A gradual path to higher rates is seen as less of a threat for gold prices to a rapid series of increases.

Gold has increased the pressure. The upper levels are seeing selling pressure in gold. MCX gold declined by about 1 per cent is trading at Rs 26325.

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