Gold futures trades near 2-week low as dollar turns higher, support U.S. data

Gold futures trades near 2-week low as dollar turns higher, support U.S. data

Prices of gold futures reached a fresh 2-week high on Wednesday as  better than expected US data support the greenback strengthened after earlier losses amidst growing expectations of higher interest rates in the US this year.

On the Comex, gold futures for August delivery hit an intraday low of $1,184.10 a troy ounce. While, Gold for immediate delivery was little changed at $1,186.31 in London.

Bullion futures were little changed after falling 1.4% on Tuesday on rising new home sales and consumer trust. The gold trading volume was twice the average of 100 days of the time of day, data compiled by Bloomberg. The dollar spot rate was also stable on Wednesday after hitting a one-month high.

The euro erased gains versus the dollar, falling to a one month, while the dollar rose to up to an eight year high against the yen, as the demand for the US dollar continued to be propped up by expectations of a rate hike US in the near future.

The local currency rupee violated the 64 per dollar to close weaker against the dollar on Wednesday as traders had purchased dollars noting its strength against Asian currencies and expected outputs of the foreign institutional investors (FII) due the weakness of the local stock exchange, and hit a low of 64.16, a level last seen on May 13.

The strength in the dollar, pressure on gold market. After slipping down to Rs 27,000 in the domestic market yesterday, as the rupee weakened slightly on today, gold slightly gained. Currently, with a gain of 0.2 percent on MCX gold is trading around Rs 27,000.

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Gold futures slips towards $1200, Fed rate hike in focus

Gold futures slips towards $1200, Fed rate hike in focus

The Fed chairman said Janet Yellen on Friday that interest rates will rise by year end. After that, future rate increases will be small and gradual in coming years, said Yellen. Image Source: http://bit.ly/1cW9pDk

Prices of gold futures fell, extending the biggest weekly loss since April as traders continued to reflect the time of a rate hike by the Fed, helped push the dollar to a maximum of one month.

On the Comex, gold futures for August delivery decline by $1.00, or 0.08%, to trade at $1,205.90 a troy ounce, Bullion for immediate delivery lost as much as 0.3 percent to $1,202.95 an ounce and traded at $1,203.92 in London.

Dollar Spot Index an indicator of the strength of the greenback against 10 major counterparts, rose to 0.2 percent, the highest since April 27. The measure rose 2.6 percent last week, the highest since September 2011.

The dollar has strengthened after the Fed chairman said Janet Yellen on Friday that interest rates will rise by year end. After that, future rate increases will be small and gradual in coming years, said Yellen.

The dollar was also boosted on Friday following inflation data in the United States stronger than expected supported the case for a rate hike later this year.

The rupee closed at 63.57, down 0.07% from its previous close, after dollar strengthens abroad. The BSE Sensex fell 1.12% or 313.62 points, to close at 27,643.88 points.

Gold prices in the international market have increased. At MCX gold with a gain of 0.2 percent is trading at Rs 27,130.

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Gold futures gain ground on softer dollar amid speculation Fed will hold off raising rates

Gold futures gain ground on softer dollar amid speculation Fed will hold off raising rates

President of the Federal Reserve Janet Yellen will speak about the economy later on Friday. Image Source: http://bit.ly/1AjA87O

Prices of gold futures traded higher on Friday in Asia afternoon as demand for the dollar weakened broadly on speculation policymakers in the United States will hold off raising borrowing costs and investors eyed a cool US economic report later in the day.

The metal cuts its biggest weekly loss since April as mixed economic data led investors to roll back estimations for the first increase in interest rates in the United States. The higher borrowing costs, reduced the appeal of gold, which generally offer returns through price increases. President of the Federal Reserve Janet Yellen will speak about the economy later on Friday.

On the Comex, Gold for June delivery gained 0.6 percent to $1,211.30 an ounce.  Gpld prices fell 1.1% this week and touched the lowest since May 13 on Thursday. In London, bullion for immediate delivery rose 0.5 percent to $1,210.88, according to Bloomberg.

The dollar was under broad selling pressure after a series of gloomy US economic data on Thursday fed fresh uncertainty over the strength of the recovery.

The Department of Labor of the United States said the number of individuals who filed for unemployment insurance in the week ended May 16 jumped more expected by 10000-274000 total of 264,000 the previous week.

Moreover, the National Association of Realtors said sales of existing homes unexpectedly slipped 3.3% in April to 5.04 million units from the previous month’s revised total of 5,210,000 units.

Investors eyed now US inflation data and a speech by Federal Reserve President Janet Yellen, due end of the day for fresh indications of how the economy is performing.

At the Multi Commodity Exchange, gold for delivery in August rose by Rs 76, or 0.33%, to Rs 27,421 per 10 grams on firm global cues, after minutes of a US Fed meeting signalled borrowing costs won’t be raised in June.

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Gold futures steadies above $1,200, U.S. Fed rate hike in focus

Gold futures steadies above $1,200, U.S. Fed rate hike in focus

Gold futures prices were little changed above $1,200 on Thursday, ahead of investors eyed minutes from the Federal Reserve’s policy meet showed the U.S. central bank was unlikely to hike interest rates in June.

On the Comex New York, gold futures for June delivery tacked on $1.50, or 0.12%, to trade at $1,210.20 a troy ounce. Spot gold was firm at $1,208.95 an ounce, after gaining 0.2 per cent in the previous session.

Minutes of meeting in April by the Federal Reserve, released on Wednesday, showed politicians believed that it was premature raising interest rates in June, a vision that is already widespread in the market after dismal economic data. Fed officials showed minutes pushing a view to rate hike later this year.

The minutes also underlined the dilemma the Fed is trying to avoid market volatility linked to a rise in interest rates, while the meeting by meeting guidance on when this movement will stick.

Investor sentiment has turned bearish the last few days, as prices of metals have dropped from 3-month highs made earlier this week.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings were down 0.41 per cent to 715.26 tonnes on Wednesday – the lowest in four months.

The record states, the time of a rate hike “will depend on the evolving economic conditions and prospects.”

Later in the day, the US issued a series of reports, including initial unemployment claims, existing home sales and out manufacturing activity in the Philadelphia region.

Investors were also turning their attention to US inflation figures on Friday and a speech by Fed President Janet Yellen to fresh indications of how the economy is performing.

Gold prices on the Multi Commodity Exchange were trading flat on Thursday. MCX Gold futures for delivery in August was trading at Rs 27530 up Rs 27, or 0.10 percent.

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Gold decline for 2nd straight day as dollar extends gains, Fed minutes eyed

Gold decline for 2nd straight day as dollar extends gains, Fed minutes eyed

Gold futures prices fell for the 2nd session on Wednesday, as a broadly stronger dollar and stock market dampened the appeal of the precious metal. Bullion traders now waiting for the minutes of the Federal Reserve’s last policy meet for clues on the U.S. rate outlook.

On the Comex, gold futures for June delivery shed $1.60, or 0.13%, to trade at $1,205.10 a troy ounce. In London Spot gold had ticked up 0.2 percent to $1,209.20 an ounce.

The dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, gained 0.5% to hit 95.85 earlier on Wednesday, the highest level since May 5.

The dollar was after data on Tuesday showed US dwellings started in April rose to its highest level in almost 7 years and a half, while construction permits also increased.

The optimistic data boosted hopes of a rebound in economic growth during the 2nd quarter after a sharp slowdown in the first three months of the year.

The Indian rupee weakened against the dollar today, ahead of the Federal Open Market Committee meeting minutes, which will be released later on Wednesday, and on uncertainties related to Greece debt issues.

Besides, all Asian currencies closed lower against the dollar.

Gold June futures prices at the Multi Commodity Exchange, decline Rs 24, or 0.09%, to Rs 27,272 per 10 grams as speculators offloaded their positions amid a weak global trend.

Investors were looking to the minutes of the meeting of the Federal Reserve April go on sale later on Wednesday for fresh indications at the time of an initial rate hike.

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Gold futures prices hit 3-month highs on Fed speculation

Gold futures prices hit 3-month highs on Fed speculation

The Fed on Wednesday will be announced the minutes of its last meeting. Data last week showed consumer trust fell over two year and factory production stalled in April. Image Source: http://bit.ly/1PR6N6n

Prices of gold futures climbed to fresh highs of 3 months on Monday on speculation that weak economic outlook in the US It means that the Fed may delay raising interest rates.

The Fed on Wednesday will be announced the minutes of its last meeting. Data last week showed consumer trust fell over two year and factory production stalled in April.

The dollar pushed higher, but stayed on the defensive after data on Friday showed industrial output fell for a fifth straight month in April and another report showed consumer trust deteriorated to a seven-month low this month.

The Fed said industrial production fell 0.3% after a revised fall of 0.3% in March. Economists had forecast increased by 0.1%.

Gold futures for June delivery were at $1,227.8 a troy ounce, after touched of $1,231.9, the highest since Feb. 17.

Bullion for immediate delivery jumped as much as 0.6 percent to $1,232.44 an ounce in London.

Profiteers net long position ‘jumped 14 percent to 36,150 futures and options from May 12 US data Commodity Futures Trading Commission demonstrated. That was the third advance in four weeks and the biggest gain since April 7.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.619, up 0.52% from the previous close of 93.135, still not far from Friday’s four-month lows of 93.2.

Indian benchmark rupee opened at 63.47 per dollar and touched a high and a low of 63.47 and 63.74, respectively in intra-day trade. The rupee closed at 63.72 per dollar, down 0.32% from its previous close of 63.52 due to dollar demand from oil companies and lower foreign inflows.

Taking positive cues from overseas markets, and increased demand at domestic spot markets for the wedding season, too, supported the gold upside.

At the futures market Multi Commodity Exchange, gold for delivery in four-month August moved up by Rs 78, or 0.28%, to Rs 27,775 per 10 grams.

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Gold futures decline on profit taking, focus remains on Fed

Gold futures decline on profit taking, focus remains on Fed

Bullion market players taking profits on overnight gains with continued focus on the moment of a widely expected interest rate hike by the Fed this year. Image Source: http://bit.ly/1d3dxlq

Prices of gold futures dropped in Asia earlier on Friday, market players taking profits on overnight gains with continued focus on the moment of a widely expected interest rate hike by the Fed this year. The dollar regained a little strength ahead over the next US financial reports.

On the Comex, gold futures for June delivery were down 0.40% at $1,220.30.

But the facts were overshadowed by a further report showed that producer price index United States dropped 0.4% last month and was 1.3% lower on a Y-O-Y basis, the biggest drop since 2010.

The weak inflation data reinforced expectations the Fed will keep their distance from interest rates until the economic recovery is on a stronger footing, sending the dollar lower.

On Thursday, the US Labor Department said the number of US workers filing new for unemployment benefits in the week ending May 9 fell 1000-264000, reaching just above the minimum of 15 years arrived two weeks ago, indicating the labor market recovery continues.

In Japan, the release of April CGPI showed a drop of 2.1% year on year, coinciding with the expectations and scoring the first decline in twenty-five months from -0.5% in March 2013 as the base effect of the tax increase April 2014 sales vanishes.

The Bank of Japan Governor Haruhiko Kuroda, is due to speak about monetary policy at a seminar held by the Yomiuri Shimbun in Tokyo from 12:40 to 13:40.

Late in the session, the consumer confidence survey for April is due. In March, the consumer sentiment index rose 0.8 points to a seasonally adjusted 41.7, marking the fourth straight increase and was the highest since 41.7 in December 2013.

Investors were looking for right now ahead to reports on US industrial output, manufacturing activity in the region and consumer sentiment in New York due to the end of the day, for more indications over the strength of the economy.

The dollar index, which measures the strength of the greenback against major world currencies, traded at 93.58, up 0.14% from its previous close of 93 457.

The currency opened at 63.48 per dollar and touched a 63.46, a level last seen on May 6, closing at 63.52 per dollar, up 0.22% from its previous close of 63 66.

Gold after touching the upper level of the last 3 months has now come under pressure. Also includes about 0.50 percent decline. However SPDR gold holding has at 4-month low. The MCX gold is showing drop by 0.50 per cent to Rs 27,295.

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