Gold Prices Slips to Near 3-Month Lows Ahead of US Rate Hike Outlook

Gold Prices Slips to Near 3-Month Lows Ahead of US Rate Hike Outlook

Prices of US gold futures fell nearly 3-month lows Friday as the recent strength of the US dollar there continued to weigh on the precious metal and upbeat economic data boosting expectations that the interest rates will go up from United States in the next two months.

On the Comex Exchange, gold futures for June delivery were steady at $1,221.05.

Spot gold had dipped 0.3 per cent to $1,216.50 per ounce, after falling as low as $1,211.30 earlier in the session. Prices of yellow metal has dropped about 2.7 per cent so far this week, heading towards its biggest weekly decline since March 25.

The safe haven asset has also been affected by the Asian stocks that slipped up on Friday and the dollar index, which measures the greenback against a basket of six major currencies remained stable.

Investors were being watched the release of US Economic growth data as well as comments from Fed President Janet Yellen, due Friday afternoon, looking for futher clues about the timing of future rate hikes by the US central bank ..

Gold is responsive to the movement in US rates, as an increase would raise the opportunity cost of hold assets not yield as bullion.

Fed Governor Jerome Powell, a voting member of the committee rate-setting US central bank, on Thursday said he felt the economy was in a “solid base” and the extent of inflation targets Fed.

Meanwhile, the Federal Reserve Bank of Atlanta on Thursday predicted the country’s economy is on track to grow 2.9 percent annualized in the second quarter, following recent data on US durable goods orders and advance trade goods.

Gold market is expecting for further instructions from the comments of Fed Chairman, Janet Yellen, in a round event organized by Harvard University on Friday.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 43, or 0.15 per cent, to Rs 28,695 per ten grams in futures trade today as participants cut their bets.

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Gold Prices Hits 7-Week Low Ahead of Fed Rate Hike Prospects Boost Dollar

Gold Prices Hits 7-Week Low Ahead of Fed Rate Hike Prospects Boost Dollar

Gold futures prices added to overnight losses on Wednesday, falling to a seven-week low as investors expectations of an early interest rate hike by the U.S. Federal Reserve pushed the dollar to a near two-month high.

Gold for June delivery on the Comex Exchange sank to an intraday low of $1,222.50 a troy ounce, a level not seen since April 6. It last stood at $1,223.80.

Spot gold was little changed at $1,226.41 per ounce. The metal fell to $1,223 earlier in the session, the lowest since April 7.

The probabilities of a rate rise from the Fed for June stood at about 40% Wednesday morning, compared with 30% a day earlier and compared with only 4% a week ago, according to market futures. July probabilities were about 60%.

Market players close attention to comments a total of Fed officials later in the day to find more references about the timing of a rate hike lends US .

Philadelphia Fed President Patrick Harker speaks about the economy at an event in Philadelphia at 13: 00GMT, or 09 a.m. ET. President of the Minneapolis Fed Neel Kashari must be submitted comments on Petroleum Conference Williston Basin of North Dakota at 15: 40GMT, or 11:40 ET, while the president of the Dallas Fed, Rob Kaplan talks Houston at 18: 00GMT, or 14:00 ET.
The dollar stood near a two-month high against a basket of currencies on Wednesday after strong housing data supported the US if the Fed to raise rates anytime soon.

The sales of US single-family homes registered their biggest jump in 24 years in April, playing more than 8 ½ years as purchases increased in general terms, a sign of growing confidence in the prospects of the economy.

Holdings in SPDR Gold Trust fund, fell 0.44 percent to 868.66 tonnes on Tuesday, the first decline in a month.

Gold for delivery in June dropped Rs 140 or 0.48 per cent to Rs 29,160 per 10 gram at the Multi Commodity Exchange as speculators trimmed their positions.

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Gold Prices Holds Near 1-Month Low on Stronger dollar; Fed Rate Hike Prospects

Gold Prices Holds Near 1-Month Low on Stronger dollar

Gold futures prices sank to a 1-month low trade on Tuesday, extending overnight losses, as the US dollar edged higher as expectations rose that the Fed’s will hike interest rates near by June month, but prices came off their lows as late-day short-covering entered the market.

Gold for June delivery on the Comex Exchange tumbled to a daily low of $1,235.80 a troy ounce, a level not seen since April 26.

Spot gold fell to $1,242.63 an ounce, the lowest since April 28, in earlier trade, and was down 0.1 percent at $1,250.96 an ounce.

The US dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, hit 95.56 in early trading, the most since March 29 and was last at 95.50, up 0.3%.

The last signal came from Philadelphia Chairman of the Federal Reserve Bank of Patrick Harker who told on Monday that two or three increases in the rates are possible this year if the economy keeps growing as projected.

US gold futures have declined above 4% so far in May as recent comments by Fed officials and meeting minutes of April the Fed have convinced many analysts and investors that a rate hike in June or July is a real possibility.

The probabilities of a rate hike by the Fed for June stood at almost 35% Tuesday morning, compared to only 4% of the previous week, according to the futures markets. July probabilities were about 60%.

Fed political are scheduled to speak this week and is expected to support the case for a rate hike within months. Fed President Janet Yellen will be at an event organized by the panel Harvard University on Friday.

Holdings in gold-backed ETF rose 1 percent to 869.26 tonnes on Friday, the highest since Nov 2013.

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Gold Prices Near Three-Week Lows on Fed Summer Rate Views

Gold Prices Near Three-Week Lows on Fed Summer Rate Views

Gold futures prices struggled near three-week lows on Monday trade, adding to on growing expectations that the U.S. Federal Reserve will hike interest rates by the early as June.

Gold for June delivery on the Comex Exchange shed $1.90, or 0.15%, to trade at $1,251.00 a troy ounce. Prices fell to $1,244.60 last Thursday, a level not seen since April 28.

Spot gold inched up 0.22 percent to $1,254.65 per ounce, still close to $1,244 touched last week, the lowest since April 28.

The chances of a rate hike from the Fed June stood at almost 30% on Monday, compared with only 4% of the previous week, according by futures markets. July odds were about 53%.

The expectations of a rate hike summer mounted last week after the president of the Federal Reserve Bank of New York, William Dudley, said the US economy It could be strong enough to justify a rate increase in June or July.

Hawkish comments occurred following the minutes of the latest policy meeting of the Federal Reserve suggested a rate hike could come as early as June if economic data points to stronger growth during the second quarter, and the firming inflation and employment.

More Fed policy makers are caused by speak later on Monday, including the president of the St. Louis Fed, James Bullard, president of the San Francisco Fed President John Williams and Philadelphia Fed Patrick Harker.

Gold is responsive to the movement in US rates, as an increase would raise the opportunity cost of holding assets not yield as bullion.
Hedge funds and money managers elevated their bullish bets in futures and gold options COMEX in the week to May 17, the day before the Fed minutes were released, data showed on Friday.

Holdings in gold-backed ETF greater world SPDR Gold Trust rose 1 percent to 869.26 tonnes on Friday, the highest since November 2013.
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Gold Futures Prices Set For Biggest Weekly Drop In 2-Months

Gold Futures Prices Set For Biggest Weekly Drop In 2-Months

Gold futures prices held steady on Friday, hovering close to a 3-week trough on growing expectations of an increase in U.S. interest rates as soon as next month.

On the Comex Exchange, gold futures for June delivery were steady at $1,255.35.

Spot gold was up 0.2 per cent at $1,256.70 an ounce. Spot prices are down 1.5 per cent this week and facing a third straight week of losses.

Prices of gold were affected after the Fed’s April meeting minutes on Wednesday showed that authorities said a rate hike June would be appropriate if the economic data suggest that growth was picking up during the second quarter and employment and inflation firming.

Furthermore, the president of the Federal Reserve Bank of New York, William Dudley on Thursday that the US economy might be sufficiently strong to justify a rate hike in June or July.

Gold is responsive to the movement in US rates, as an increase would raise the opportunity cost of holding assets not yield as bullion.

Holdings SPDR Gold Shares, rose by 4.5 tonnes on Thursday to their highest since November 2013.

Amid a weakening global trend Gold for delivery in far-month August contracts was trading Rs 76 or 0.25 per cent lower at Rs 29,978 per ten grams.

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Gold Prices Near 3-Week Low On Surging Fed June Rate Hike Hopes

Gold Prices Near 3-Week Low On Surging Fed June Rate Hike Hopes

Gold futures prices was trading near a 3-week low on Thursday, adding to overnight losses, after minutes from a Fed’s policy meeting signalled the US central bank could a rate hike could come in June, boosting the dollar.

Gold for June delivery on the Comex Exchange slumped to a session low of $1,253.20 a troy ounce, a level not seen since April 28. A day earlier, gold dipped $2.50, or 0.2%.

Spot gold was little changed at $1,257.80 per ounce. Spot gold fell 1.7 per cent in the previous session, hitting a 3-week low of $1,254.65.

The Minutes of the Federal Reserve policy meeting April 26-27 released Wednesday disclosed that the central bank was likely to raise rates in June if economic data points for the strongest growth during the second quarter and firming inflation and employment.

Future federal funds were indicating a probability of 34% of a rate hike in June by Thursday morning, compared to 16% before the release of the hawks Fed minutes Wednesday afternoon and up sharply only 4% a week ago. Gold is sensitive to finger movement in US rates, as an increase would raise the opportunity cost of holding assets not yield as bullion.

Market participants much attention to the comments of a couple of key Fed officials later in the day is provided. Fed Vice President Stanley Fischer speaks at 13: 15GMT or 9:15 a.m. ET, in a ceremony at the University of Columbia, while the president of the Federal Reserve Bank of New York, William Dudley, will hold a press conference on the economy at 14: 30GMT, or 10:30 am ET.

In addition to the speakers of the Fed, traders will be keeping a close when weekly jobless claims are released at 12: 30GMT or 8:30 AM ET, after the surprising jump last week. Survey Philadelphia Fed also released at 8:30 AM.

At the Multi Commodity Exchange, gold for delivery in June fell Rs 279 or 0.93 per cent to Rs 29,776 per 10 gram as speculators reduced their bets amid a weak global trend.

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Gold Prices Slips on Dollar Fears After Fed Rate Rise Expectations

Gold Prices Slips on Dollar Fears After Fed Rate Rise Expectations

Prices of US gold futures down almost one percent on Wednesday after posting modest gains during the night, as the dollar hit a 3-week high after strong economic data of the US and the minutes of the policy meeting April Federal Reserve, thought it might be tougher than statement.

Gold for June delivery on the Comex division of the New York dipped $2.00, or 0.16%, to trade at 1,274.80 a troy ounce.

Spot gold dipped 0.7 percent to $1,271.60 an ounce.

A day earlier, gold inserted into $ 2.70, or 0.21%, but investors took a cautious after strong data on US inflation and the reviews by the Federal Reserve officials rekindled prospects rates of central banks raising later this year.

Yellow metal prices have risen nearly 19% so beginning of the year amid signs that the Fed will take a slow and cautious approach to increasing interest rates this year.

Gold is responsive to the movement in US rates, as an increase would raise the opportunity cost of hold assets not yield as bullion. A gradual process to higher rates is seen as little threat for gold prices to a rapid series of increases.

The US dollar index, which tracks the greenback versus a basket of six rivals, rose 0.2% to 94.77, nearing a three-week high of 94.84 hit on Friday.

Holdings in SPDR Gold exchange-traded fund, rose 0.56 percent to 855.89 tonnes on Tuesday, the highest since Nov 2013.

Trading in the domestic market is sluggish. Only weak rupee support prices. While 0.2 per cent down on MCX gold is trading around Rs 30,000.

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