Gold Prices Under Pressure On Firmer Equities; Central Banks In Focus

Gold Prices Under Pressure On Firmer Equities

On Monday Gold futures prices were under pressure, extending losses from last week as Asian stocks were at near nine-month highs  and investors looked ahead to key central bank meetings later this week on July 26 to 27, followed by the Bank of Japan’s policy meeting on July 28 to 29.

Gold for August delivery on the Comex fell to a session low of $1,313.10 a troy ounce. It last traded at $1,324.75, down $6.75, or 0.51%.

Spot gold was down 0.4 percent at $1,316.16 an ounce. Bullion fell 0.7 percent on Friday, declining for a second successive week.

The Federal Reserve not be expected to take action on interest rates at the conclusion of its policy meeting two days on Wednesday but market participants analyze its policy statement in search of fresh clues at the time of rate hikes interest in the coming months.

The Bank of Japan, on the contrary, it is expected that a more expansive policy review ending on Friday, which could include a rate cut deeper into negative territory and purchases of additional active policy.

Asian stock markets gained on Monday as concerns about the impact of Brexit vote of Britain eased part of efforts to support the growth, while the US dollar stayed afloat by a series of solids economic data from the US.

At the Multi Commodity Exchange, Gold for delivery in far-month October was down Rs 143, or 0.46 per cent to Rs 31,105 per ten grams in futures trade today as participants cut down their bets, tracking a weak trend overseas.

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Gold Prices Rebounds On Global Cues, Focus on Central Bank Polices

Gold Prices Rebounds On Global Cues, Focus on Central Bank Polices

Prices of gold were little changed in morning trade on Tuesday, because investors assess the possibility of further monetary easing by central banks around the world.

Gold for August delivery on the Comex inched up $1.65, or 0.12%, to trade at $1,330.85 a troy ounce. A day earlier, prices tacked on $1.90, or 0.14%.

Globally, gold rose 0.09 per cent at $1,329.70 an ounce in Singapore.

Gold has been luring the support of expectations that central bank worldwide will step up monetary stimulus in the short term to offset the negative economic impact of the vote Brexit growth.

Market participants looked forward to the outcome of the meeting of the European Central Bank on Thursday to see if the authorities will intensify monetary stimulus in the wake of the vote in Britain to leave the European Union.

A consensus is that central bank will leave interest rates unchanged, while ECB President Mario Draghi is expected to reach a passive and perhaps tone hinting at additional stimulus to offset the blow to the economy of the decision Britain to leave the EU.

Traders are also focusing on whether the BOJ will increase its monetary stimulus at its policy meeting later this month. The yen has come under pressure from expectations that a double bazooka fiscal and quantitative easing was on the cards in the coming weeks.

Investors are also betting on a rate cut from the Bank of England in August, while few see much chance that routes rates the US Fed in the short term.

At the Multi Commodity Exchange, gold for delivery in August was trading higher by Rs 35 or 0.11% to Rs 31,050 per 10 grams today as speculators raised their bets amid firm global trend.

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Gold Prices Hits 2-Week Low, After Turkey’s Failed Coup

Gold Prices Hits 2-Week Low, After Turkey's Failed Coup

Prices of gold struggled near a two-week, fell one percent before trimming losses on Monday, as investors dumped shelter operations following a failed coup in Turkey.

Gold for August delivery on the Comex Exchange dipped 50 cents, or 0.04%, to trade at $1,326.80 a troy ounce.

Spot gold, which fell about one percent to as low as$1,324.04, was down 0.6 per cent to $1,328.90 an ounce, its first weekly decline in seven weeks.

Turkish government official said on Sunday it was in complete control of the country and after thwarting an apparent military coup to bring down President Tayyip Erdogan, late Friday the economy.

The government has expanded a crackdown on suspected of supporting the failed coup at the weekend, taking the number of people arrested in the armed forces and the judiciary to 6,000.

Gold initially was higher in the post-trade solution Friday as news of the attempted coup spooked investors.

The US Dollar gained on the yen in Asia on Monday since investors dumped safe-haven trades in the wake of the coup attempt in Turkey, but better economic news by US and the promise of stimulus the central bank gave support to equities.

Pure gold (99.9 purity) also moved down by a similar margin of Rs 115 to Rs 30,970 per 10 grams as compared to Rs 31,085 last weekend with subdued local buying interest amid weak global cues.

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Gold Slips As Stocks Surge, Waiting for U.S. Inflation and Consumer Data

Gold Slips As Stocks Surge, Waiting for U.S. Inflation and Consumer Data

Prices of gold fell on Friday as stronger dollar and rising Asian stock markets and settled for the first weekly decline since May, after slipping at least two weeks in the previous session and as investors looked ahead the inflation numbers and data on the US consumer to be released in the United States.

On the Comex division of the New York, gold for August delivery edged forward 0.06% to $1,333.50 a troy ounce.

Spot gold prices eased 0.4 per cent to $1,328.78/ounce. Bullion fell about 0.6 per cent on Thursday and hit $1,319.82, its lowest since 30, June.

Asian stock markets extended gains to fresh eight-month highs, on track for a solid weekly gain, as better than expected economic data from the China raised the risk sentiment that was already buoyant after record highs on Wall Street.

US dollar It extended its gains and extended a three-week low against the yen.

The GDP numbers out of China showed an increase of 6.7% in the second quarter ended June period year to year, outpacing the 6.6% increase seen, and 1.8% quarter-to-quarter also increased , above the 1.6% increase expected.

Also in China, investment in fixed assets grew by 9.0%, lower than the 9.4% gain seen year after year in June, whereas industrial production gained 6.2%, better than the 5.9 % in the same time and retail sales rose 10.6% a slightly better than 10.0% seen.

During the night gold declined sharply at full risk trade, as driven rally by JP Morgan sent stocks on Wall Street rises to the turntable new highs as investors turned away from a group of safer assets following a unexpected Bank decision of England to keep its key interest rate.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 94 or 0.30 per cent to Rs 31,330 per ten grams in futures trade today as speculators trimmed positions, tracking a weak global trend.

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Gold Prices Dropped About 1% as Global Stock Market Rally Dampens Demand

Gold Prices Dropped About 1% as Global Stock Market Rally Dampens Demand

Prices of gold futures were under heavy selling pressure on Tuesday after falling in the previous session, as strong earnings in global stock markets lowered demand for the yellow metal amid recent jobs data from United States They boosted the prospects of a rise in interest rates early by the Fed.

Gold for August delivery on the Comex Exchange fell by as much as 1.1% to hit a session low of $1,342.50 a troy ounce.

Spot gold prices changed at $1,354.60 per ounc. It fell 0.8 percent on Monday, its biggest decline in nearly two weeks, to close at $1,354.85.

The world stocks jumped once again on Tuesday, as prospects of further monetary stimulus from the Bank of Japan combined with relief from political unrest in Britain increased appetite for for higher risk assets.

Asian stock markets rose to a 2-1 / 2 months, Japan’s Nikkei jumping 2.5% as investors bet the country’s government can inject $ 100 billion fiscal expenditures to stimulate the economy.

Meanwhile, European shares were higher, with Germany’s DAX up nearly 2%, as political uncertainty in the UK eased with the imminent appointment of Interior Minister Theresa May, as UK Prime Minister.

Elsewhere, markets US stock open up higher, with the S & P 500 and Dow hit new intraday record highs, while the Nasdaq traded at an all time high level of the year so far.

The S&P BSE Sensex ended up 181 points at 27,808 and the Nifty50 settled 53 points higher at 8,521. The benchmark index had ended at 8,526 on August 10, 2015.

A mix of one U.S. dollars weakest, along with a return of Asian demand should continue to support gold prices in the second half of 2016, analysts said in a note.

The gold miners expanded the book global coverage by additional 50 tonnes in the first quarter after hedging on net base for a second consecutive year in 2015, an industry report on Monday showed.

At the Multi Commodity Exchange, gold for delivery in August eased Rs 46, or 0.15 per cent, to Rs 31,532 per 10 gram in futures trade today as participants cut down their bets.

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Gold Futures Prices Steady Amid Global Stimulus Prospects

Gold Futures Prices Steady Amid Global Stimulus Prospects

Prices of gold futures opened between small gains and losses in trading on Monday, supported by the uncertainty after Brexit vote in Britain even though the equity markets rallied on the back of upbeat US jobs data.

Gold for August delivery on the Comex Exchange rose to a session high of $1,376.50 a troy ounce. It last stood at $1,356.10, down $2.25, or 0.17%.

Prices of Spot gold, which hit a low of $1,335.68 in the wake of Friday’s better-than-expected U.S. jobs data, touched a high of $1,374.71 an ounce early Monday.

The vote from Britain to leave the European Union last month has been increased the urgent need by central banks around the world to ease monetary policy in the short term at offsetting the negative economic impact of the Brexit vote.

The BoE could potentially reduce borrowing costs and add to their asset purchase program when meeting this week.

Meanwhile in Japan, Prime Minister Shinzo Abe in a position of a fresh tax incentive package after his government coalition won a landslide victory in the Senate on Sunday.

firmer grip of the coalition means legislators can more easily pass a larger fiscal stimulus package to stimulate the economy. that a stimulus package of at least 10 trillion yen ($ 97.9 million) be expected.

Share of the Asian markets enjoyed a relief rally on Monday due to employment data US optimistic reduce the immediate concerns over the health of the world’s largest economy, although long-term consequences of Brexit remained sovereign yields near record lows .

US employment growth climbed in June as manufacturing jobs increased more evidence that the economy has picked up speed after a quiet first quarter, but tepid wage growth could see the Fed remain wary about hiking interest rates.

The gold futures contract traded on the Multi Commodity Exchange has slipped Rs 87 to Rs 31,632 per 10 gm.

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Gold Prices Stays Near 28-Month High as Focus Turns to U.S. Jobs Report; Brexit Woes

Gold Prices Stays Near 28-Month High as Focus Turns to U.S. Jobs Report; Brexit Woes

Prices of gold futures firmed on Thursday after rising to the highest level since March 2014 a day earlier, as market operators looked ahead to key US jobs data for more clues about the next move by the Fed. In addition to returning to concerns about the vote of Britain to leave the European Union, despite the strength of the stock and the dollar limited gains.

Gold for August delivery on the Comex inched up 70 cents, or 0.05% to trade at $1,367.80 a troy ounce.

Spot gold was up 0.2 per cent at $1,366.66 an ounce.

Market participants are also focusing on US NFP report on Friday. The consensus forecast is that the data show 175,000 job growth last month, following an increase of only 38,000 in May, the jobless rate is projected to inch up to 4.8% from 4.7% while it is expected that average hourly earnings to rise 0.2% after gaining 0.2% in the previous month.

A report optimistic employment point to an improvement in the economy and support the case for increased interest rates in the coming months, while a weak report would add to the uncertainty on economic prospects and push the prospects of monetary policy tightening even more away from the table.

Market participants but dismissed further rate hikes from the Fed this year following the vote from Britain to leave the European Union. Actually the futures markets are reflecting the possibility that the Fed may actually cut interest rates before year-end.

Agree with the CME Fed Watch tool, there is currently a probability of 0% of a rate hike by the Fed in July and 5% probability of a rate cut.

in Delhi Gold prices slipped from a 28-month high by falling Rs 150 to Rs 30,900 per 10 grams at the bullion market as the metal rose overseas.

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