Gold Prices Rises as US Dollar, Stocks Wobble on U.S. Healthcare Delay

Gold Prices Rises as US Dollar, Stocks Wobble on U.S. Healthcare Delay

Gold futures prices climbed higher in US trade on Wednesday as the US dollar and global stock markets wobbled, attracting the attention of investors to the precious metal.

Comex gold futures were at $1,253.68 a troy ounce, up $6.90, or around 0.6%. Gold inched higher Tuesday to notch its fourth gain in five sessions.

At the MCX Gold was up 0.30 per cent, or Rs 87, at Rs 28,640 per 10 gram.

The dollar fell to its lowest level in eight months against other major currencies as the impact of the delay in the US health care vote largely expected on the dollar.

Late on Tuesday, the Republican leader in the Senate, Mitch McConnell moved to postpone the vote on the planned reform of the health care system until after the recess of the Senate on July 4, hoping to get more support from Republican senators.

Lack of investor interest for gold can be seen in SPDR Gold Trust, where holdings fell 0.35 percent to 851.02 tonnes on Friday.

Strong purchases from investors, retailers and industries further support precious metals in the morning deals.

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Gold Edges Higher on Global Cues with Yellen, Data in Focus

Gold Edges Higher on Global Cues with Yellen

Gold futures prices rose in North American trade on Tuesday, up from sharp losses the previous day as investors awaited key data and comments from senior Fed members including President Janet Yellen.

Comex gold futures were at $1,250.20 a troy ounce, up $3.80, or around 0.3%. It fell to its lowest since May 17 at $1,236.50 in the prior session.

Globally, spot gold rose 0.63 per cent to USD 1,252.30 an ounce in Singapore.

Federal Reserve Chairman Janet Yellen is scheduled to speak on global economic issues at a lecture by the president of the British Academy of 2017 in London at 1:00 pm. Public questions are expected.

The comments will be monitored closely for any new look at the policy and the timing of when the Fed will raise interest rates. The Federal Reserve Chairman may be asked about the US central bank’s plan to start cutting its huge balance sheet, which has ballooned to $ 4.5 trillion in the wake of the financial crisis.

In addition to Yelen, policy makers in the Federal Reserve are expected to present a public appearance on Tuesday that could provide more insight into the debate among policy makers about the possibility of higher interest rates in the coming months.

It is scheduled to be the President of the Federal Reserve Bank of Philadelphia, Patrick Harker speaks about the economic outlook and international trade in the European economy and financial center in London, will speak while the President of the Federal Reserve Bank of Minneapolis Neil Kashkari in one of the activities of the municipal hall in Michigan.

In Delhi, 99.9 percent gold and 99.5 percent purity rose by Rs 60 each to Rs 29,160 and Rs 29,010 per ten grams, respectively.

Traders attributed rising gold prices to a steady trend in global markets ahead of Federal Reserve comments for more signs of the likely central bank trajectory and new purchases by local jewelers in the local market.

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Gold Prices Higher on Weak Dollar, Risk Aversion

Gold Prices Higher on Weak Dollar

Gold futures rose on Friday as the dollar softened and spurred by renewed investor demand for safe havens after geopolitical tension re-emerged while a fed official downplayed expectations.

Gold futures for August delivery on the Comex Exchange rose by $7.89 or 0.63%, to $1,257.27 a troy ounce.

Spot gold was up 0.3 per cent at $1,254.11 per ounce, as of 0751 GMT, but was nearly flat for the week.

Housing data eased better than expected concerns about a slowing housing market, but failed to offset demand for safe gold, as North Korea provoked geopolitical tension after Kim Jong-y’s tested a rocket engine.

New home sales, which account for about 10 percent of US home sales, rose 2.9 percent to a seasonally adjusted 610,000 units last month, the Commerce Department said on Friday. As it has been adjusted pace of April sales rose sharply to 593.000 units of 569.000 units.

Analysts had predicted that sales of existing homes in the United States would rise 5.4% at a pace of 597,000 units last month.

China’s Banking Supervision Commission has ordered a group of lenders to assess their exposure to overseas acquisitions by a few companies that were in the process of buying abroad, according to two people familiar with the matter on Thursday.

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Gold Futures Edges up from Five-Week Lows as Dollar Eases; Equities Fall

Gold Futures Edges up from Five-Week Lows as Dollar Eases

Gold futures prices traded above parity on Wednesday after hitting a five-week low in the previous session as the dollar faded despite data indicating that existing home sales in the US unexpectedly rose in May, the growing outlook for interest rate hike later this year is limited upwards in precious metals.

Gold futures for August delivery on the Comex rose by $2.98 or 0.24%, to $1,246.49 a troy ounce.

Spot gold had risen 0.3 per cent to $1,246.25 per ounce, after dropping as far as $1,241 in the previous session.

At the Multi Commodity Exchange, gold for delivery in far-month October was trading higher by Rs 103 or 0.36 per cent to Rs 28,777 per 10 gram.

The failure of the dollar to take advantage of optimistic housing data, the National Association of Realtors said that strong demand and cheap mortgages led to an unsustainable rise in prices. Existing home sales rose 1.1% in May to an annual rate of 5.62 million.

Analysts had expected home sales to fall in the US by 0.5%.

Boston Federal Reserve Chairman Erik Rosengren said on Tuesday that lower interest rates are concerns about financial stability that central bankers and the private sector should take seriously, while Bill Dudley, the head of the Federal Reserve in New York, has played down the recent slowdown. Inflation, warning that stopping price increases at this point would be dangerous.

In an environment of rising interest rates, weaken investors’ appetite for gold with an increased opportunity cost of holding precious metals compared to other interest bearing assets such as bonds.

Russia’s central bank recorded an increase in gold reserves in May, the fifth consecutive month of gains.

Among other precious metals, silver rose 0.2% to $ 16.50 an ounce, remained near the lowest level in six weeks in the previous session.

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Gold Prices Declines to Lowest in 3 Weeks after U.S. Economic Data

Gold Prices Declines to Lowest in 3 Weeks after U.S. Economic Data

Gold futures prices fell to a three-week low on Thursday, causing overnight losses following the release of optimistic US economic data and investors continued to digest the Federal Reserve’s tough message.

Comex gold futures were at $1,255.37 a troy ounce, down $20.72. Meanwhile spot gold fell to $ 1,257.77 per ounce in early European trade.

Gold prices touched their lowest since May 24 at $1,252.70 earlier in the session.

At the Multi Commodity Exchange, gold prices for delivery in August was trading lower by Rs 169 to Rs 28,861 per 10 grams

The Labor Department said that the US initial jobless claims in the week ended June 10 fell by 8000 to 237 000 for a total of 245 thousand last week. Analysts had expected a drop in unemployment claims increased by 3,000 to 242,000 last week.

Separately, the Philadelphia Fed said the manufacturing index fell to 27.6 this month from May’s reading of 38.8. Analysts had expected the index to fall to 24.0.

Meanwhile, the Empire State Industrial Index rose to 19.80 in June from -1.00 the previous month, compared with expectations for a 4.00 reading.

The data came a day after the Federal Reserve raised interest rates for the second time this year, placing them in a range of 1.0% -1.25%. The central bank has kept its expectations of raising interest rates again this year, as it is expected that raising the labor market will raise inflation to a target of 2% in the medium term.

The Fed also gave more details on how to plan to reduce its overall budget of $ 4.5 trillion.

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Gold Prices Drops to 7-Day Amid Fed Meeting Kicks Off

Gold Prices Drops to 7-Day Amid Fed Meeting Kicks Off

Gold prices fell to their lowest level in one week in the North American trading on Tuesday, shortly before the expected interest rate by the Fed.

Comex gold futures were at $1,265.89 a troy ounce, down $3.00, or around 0.3%, after falling to its lowest since June 2 at $1,263.84 in overnight trade.

Spot gold fell 0.09 per cent to USD 1,264.30 an ounce and Spot silver by 0.59 per cent to USD 16.83 an ounce in Singapore.

At the Multi Commodity Exchange, gold for delivery in August declined by Rs 36, or 0.12 per cent to Rs 28,957 per ten grams.

The Fed begins its two-day policy meeting on Tuesday, as it is widely expected to raise the target range of federal funds by a quarter point to between 1.0% -1.25%.

US central bank last released its forecast for economic growth and interest rates, known as the “plot point.”

Federal Reserve Chairman Janet Yellen will hold a close press conference 30 minutes after the Fed’s release, as investors look for new hints about the pace of further tightening in the coming months and next year.

Market analysts said the dump positions by participants in line with a weak trend overseas, mainly led to the decline in gold prices in futures trade.

The players in the market also will pay close attention to the details of the Fed’s plan to reduce the general budget of $ 4.5 trillion later this year.

The average expectations of policymakers in the Federal Reserve are expected to increase by another two percent by the end of the year, after raising the benchmark interest rate once this year, by a quarter percentage point in March.

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Gold Futures Prices Steadies as Dollar Eases from Highs on Profit Booking

Gold Futures Prices Steadies as Dollar Eases from Highs on Profit Booking

Gold futures rose in morning trade on Wednesday, supported by a drop in the dollar, as investors anticipated a wave of potential risk events that would fuel volatility and uncertainty as subdued demand for safe havens.

Gold futures for August delivery on the Comex Exchange fell $7.81 or 0.59%, to $1,289.82 a troy ounce.

MCX Gold was down 0.31 per cent, or Rs 92, at 29,475.

Gold fell from its lows as the US dollar fell from its previous gains against the euro, which fell to its lowest level in the previous session after a report from Bloomberg showed that the ECB will lower inflation expectations for the next three years to 1.5% amid a decline in energy prices .

The report comes one day before the European Central Bank’s interest rate decision and press conference from the European Central Bank President Mario Draghi, who said in a speech on Monday that the stimulus and support measures are still needed to boost inflation.

Latest holdings in SPDR Gold Trust, on Tuesday rose 0.49 per cent to 855.16 tonnes.

Geopolitical fears continued to emphasize moves in precious metals, as investors prepared for possible adverse hurdles on Thursday that could hinder risk appetite and move sentiment towards safe havens such as gold.

While the survey experts expect that the Conservative Party in Britain, Prime Minister Theresa May will get enough seats to fend off competition from the Labor Party, investors are still worried that the Conservative Party may not significantly expand as much as hoped in the majority.

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