Gold Prices Hits Session Lows After Upbeat U.S. GDP Data

Gold Prices Hits Session Lows After Upbeat U.S. GDP Data

Gold futures prices rose earlier losses on Thursday, fell to the lowest levels of the session after data showed that the US economy grew at a faster pace than expected, reinforcing expectations for further US interest rate hikes this year.

Comex gold futures dipped $7.00, or around 0.6%, to $1,246.00 a troy ounce. Meanwhile, spot gold was down $6.40 at $1,247.30.

In Delhi spot market gold closed at Rs 28,895 per 10 gm as against yesterday’s close of Rs 28910 per 10 gm.

GDP rose at an annual rate of 2.1% instead of the previous rate of 1.9%, according to the Ministry of Commerce on Thursday in the third GDP estimates for the period. Analysts had expected an increase of growth to only 2.0%.

It has been adjusted growth in consumer spending, which accounts for more than two-thirds of economic activity in the United States, to the rate of 3.5% in the fourth quarter. It was previously reported to have risen by 3.0%.

Market players were looking forward to speeches by a group of Fed officials whose comments will be examined for evidence on the future path of raising interest rates.

It is expected to be the President of the Federal Reserve Bank of New York, William Dudley, the most important, with a discussion of 4:30 Payam to the financial and monetary policy situation. Besides Dudley, president of the Federal Reserve Bank of San Francisco John Williams speaks at 11AM ET, while Federal Reserve Chairman Dallas Robert Kaplan speaks at 3PM in New York.

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Gold Futures Prices Down With Brexit, More Fed Speakers Ahead

Gold Futures Prices Down With Brexit, More Fed Speakers Ahead

Gold futures prices fell on Wednesday morning, retreating from a one-month high as investors prepared for UK exit from the European Union, which the UK government will launch later in the day.

Gold for April delivery on the Comex Exchange dipped $2.65, or 0.23%, to $1,252.75 a troy ounce.

Gold prices fell to as low as $ 1.246.50, as US home sales data stronger than expected supported a stronger US economy, pushing the dollar higher.

The National Association of Realtors said Pending Home Sales rose 5.5% last month, much higher than economists’ forecast of a 2.4% increase.

British Prime Minister Theresa Mae launched article 50 on Wednesday, the legal process that will leave Britain and the European Union. Article 50 gives the country two years Exiting to negotiate a deal out, and once it is run, it can not be stopped only with the consent unanimously by all Member States.

Meanwhile, investors looked into comments from Federal Reserve officials, as Federal Reserve Board member Charles Evans said on Wednesday, and he was confident that the two overall increase in the 2017 rate appeared to be “very safe.”

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Gold Futures Prices Near 1-Month High on Political, Economic Uncertainty; Dollar Bounce

Gold Futures Prices Near 1-Month High on Political

Gold futures prices traded flat on Tuesday, but remained near one-month highs, despite upbeat economic data and supported by political and economic uncertainty as US investors await to see if president Donald Trump will be able to enact promised tax cuts.

Gold for April delivery on the Comex division of the New York traded roughly flat at $1,255.65 a troy ounce.

Spot gold prices in the Indian market was around Rs 29,010 per 10 gm in the afternoon trade.

Gold prices have retreated from a rebound in the dollar, as turmoil over Trump’s ability to pay through its pro-growth economic agenda has given investors a reason to seek shelter in the safe haven yellow metal.

The yellow metal continued to hold steady, although consumer confidence rose to its highest level in almost 17 years, after the consumer confidence index of the Consumer Council was 125.6, well above expectations for 114 printing.

Meanwhile, Federal Reserve officials’ comments on rising interest rates continued to rise as Chicago Federal Reserve Chairman Charles Evans and Federal Reserve Bank of Dallas Chairman Robert Kaplan suggested on Monday that the US central bank should continue its tightening.

Holdings of New York’s SPDR Gold Trust GLD, rose 0.32% while New York’s iShares Silver Trust SLV remained unchanged.

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Gold Futures Prices Rises to Highest Level Amid Doubts Over Trump’s Policies

Gold Futures Prices Rises to Highest Level Amid Doubts Over Trump's Policies

Gold futures prices rose to the highest level in one month on Monday, as the sinking dollar and global stocks after President Donald Trump’s failure to pass health care reform.

Comex gold futures reached a session peak of $1,259.20 a troy ounce, the highest since February 27.

At the MCX gold for delivery in June was trading higher by Rs 97, or 0.34 per cent, to Rs 29,034 per 10 grams.

Investors see Trump’s failure to pay health care bills as a sign could also face further setbacks in the implementation of other policy pledges, including corporate tax cuts, regulatory reform and infrastructure spending.

The dollar fell to its lowest level in five months against a basket of currencies, while the global equity markets sold after President Donald Trump failed to push through the health care reform bill prompted investors to question the extent that it can achieve the growth that has policies It has been priced since his election.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell nearly 0.9% at 98.74 in early New York morning trading, a level not seen since Nov 11.

The index rose to a 14-year high near 104.00 in early January when expectations for a big stimulus under Trump’s presidency were at its peak.

At the same time, US Treasuries fell, with the benchmark 10-year low hitting a four-week low of 2.357%.

100mcxtips commodity market analysts said market speculators have expanded their positions on the back of strong global trend as the dollar’s weakness against major currencies overseas after President Donald Trump’s failure to pass health care reform has raised doubts about his ability to push the economic agenda, influenced gold futures here.

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Gold Futures Prices Slip Lower Amid U.S. Dollar Rebounds

Gold Futures Prices Slip Lower Amid U.S. Dollar Rebounds

Gold futures prices declined on Friday, as the USD regained some strength amid a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill.

On the Comex division of the New York gold futures for April delivery were down 0.28% at $1,243.85, just off the previous session’s three-week high of $1.253,15.

Globally, gold fell 0.22 per cent to Rs. 1,241.90 an ounce in Singapore.

In Delhi gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 350 each to Rs. 29,350 and Rs. 29,200 per 10 grams, respectively.

The dollar regained some strength where it was to postpone the vote on the health care bill in the US administration on Thursday and rescheduled on Friday.

Trump warned House Republicans that he was leaving Obamacar in place and moving forward to make tax reforms if they do not agree on the new legislation on Friday.

Investors see the vote on health care as a test of its ability to carry out key campaign promises such as tax reform and infrastructure spending.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.15% to 99.71, retreating from a 6-week low of 99.34.

Traders attributed the rebound in gold prices to an increase in purchases by domestic jewelry makers in the local spot market, but a weak trend has gone abroad.

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Gold Prices Climbs to Over 2-Week High as Dollar Sinks

Gold Prices Climbs to Over 2-Week High as Dollar Sinks

Gold futures prices rose about 2-week high on Tuesday, as the U.S. dollar continued to head south in wake of the Fed dovish guidance on the future pace of rate hikes.

Comex gold futures jumped to a session peak of $1,237.95 a troy ounce, the highest since March 2.

Spot gold was down 0.4 percent at $1,228.61 per ounce. In the previous session, it touched its strongest since March 6 at $1,235.50.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell 0.6 percent at 99.59 in the New York trade this morning, the weakest level since Feb. 3.

The US dollar has fallen since the Federal Reserve raised interest rates on Wednesday, but it has kept its expectations for two more this year, instead of three forecasts from the market.

Market players waited for comments from a number of Fed policymakers to get more clues about the timing of the next US interest rate hike.

On Tuesday, New York Fed Chairman William Dudley, Fed Chairman of the Federal Reserve in Kansas City, Esther George, and Federal Reserve Chairman Cleveland Loretta Mestre, are making public appearances. Federal Reserve Chairman Janet Yellen speaks on Thursday.

Analysts said “Gold prices fell on Tuesday, failing to break the major resistance but hovering near a two-week high in the previous session on expectations for the Fed’s less hawkish policy.”

GOld 99.9 purity gold edged lower by Rs 95 to Rs 28585 per 10 gm, while the price of 99.5 purity gold declined by Rs 95 to Rs 28435 per 10 gm

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Gold Prices Trades Higher on Weak Dollar Index

Gold Prices Trades Higher on Weak Dollar Index

Traded gold prices higher on Monday morning on the back of the weak dollar index, which is on track for the fourth session of losses, after the failure of financial leaders of the G20 to make an open and free global trade issue while more dovish comments the Fed expected post continued Wednesday high rate related to support yellow and minerals.

Gold for April delivery on the Comex division of the New York gained $2.55 or 0.21%, to trade at $1,232.85 a troy ounce.

In the futures market gold was trading at Rs 28,550 per 10 gm on MCX.

In what was a quiet day for those first-class economic data, investors continued to focus on the comments of the Federal Reserve on Wednesday, as the US central bank maintained its forecast to raise interest rates twice this year, compared with expectations of market participants of three more rate raises.

At the same time the dollar’s decline also added a layer of support for gold denominated in dollars, and the dollar on the way for a fourth day of losses, after the decline of G20 financial leaders pledged to maintain free and open global trade policy statement at weekends.

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