Gold Prices Little Changed, Eyes on U.S. Jobs Data Fed Rate Hike Concerns

Gold Prices Little Changed, Eyes on U.S. Jobs Data Fed Rate Hike Concerns

Gold futures prices slightly changed on Wednesday, their first monthly decline since December, amid rising expectations for a rise in US interest rates next month as investors wait for major US employment data to be released later in the week.

On the Comex division of the New York gold futures for June delivery were steady at $1,262.48.

Spot gold was down 0.3 per cent to $1,259.51 per ounce.

At the MCX Gold was down 0.23 per cent, or Rs 66, at Rs 28,675 per 10 gram.

The dollar fell after data showed on Tuesday that the consumer confidence index fell to 117.9 in April, compared with expectations for a rise to 119.8.

However, the US Department of Commerce said consumer spending rose 0.4% last month, in line with economists’ expectations. The biggest increase was in four months.

USD remains under pressure amid fears that reports into President Trump’s relations with Russia could hinder his administration’s progress in the promised stimulus measures.

It is likely to increase the interest rate in the United States soon, even though the Federal Reserve may wish to delay if inflation remained weak, according to the Governor of the Federal Reserve Bank Lal Brainard on Tuesday.

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Gold Futures Steady Near 1-Month Highs Amid Safe Haven Demand

Gold Prices Soared up on Ukraine Crisis, Bearish Data out of U.S. Jobs Report

Gold futures prices were flat after hitting four new weeks in European trade on Tuesday as European geopolitical concerns reduced risk appetite, boosting demand for safe haven for precious metals.

Comex gold futures dipped 86 cents, or 0.07%, to $1,267.51 a troy ounce after rising to $1,270.32 earlier, the highest since May 1.

Meanwhile, Spot gold had risen 0.1 per cent to $1,267.30 per ounce. It earlier touched its strongest since May 1 at $1,270.47.

Concerns about the Greek rescue package, as well as British polls suggest that the Conservative Party Prime Minister Teresa Mai has less of a lead on the Labor Party expected risk swoop.

Gold is used as an alternative investment in times of political and financial uncertainty.

Fears that Athens and its creditors may not come to an agreement on a financial bailout program put in place overnight, leading to fears that the debt crisis in the euro zone may rise again.

At the same time, the tightening of elections in the UK has added to fears about the political risks surrounding Riksitt.

Gold gains have been achieved in a check with the rise of the dollar against the euro and the pound.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.33% to 97.65, extending from a six-and-a-half-month low last week.

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Gold Prices Near 4-Week Highs in Holiday-Thinned Trade

Gold Prices Near 4-Week Highs in Holiday-Thinned Trade

Gold futures prices slightly not changed near four weeks in North America on Monday hours as the holidays in the United States, the United Kingdom and China slowing trade activity around the world.

Comex gold futures shed $1.40, or about 0.1%, to $1,266.69 a troy ounce.

Meanwhile, spot gold was at $1,266.91.

MCX Gold was trading 0.05 per cent, or Rs 15, down at 28,873 .

Trading volumes are likely to remain light as US markets close on Monday on Memorial Day while the UK is also closing for an official holiday.

Market players look to the US employment report this week on Friday for further evidence that the Fed may raise interest rates by the end of the year.

In addition to the monthly jobs report, the shortened holiday calendar this week also features US data on manufacturing and services growth, consumer confidence, car sales, personal spending, core CPI inflation as well as monthly trade figures.

Futures traders are currently trading at around 80% chance of raising interest rates at the Fed meeting on June 13-14, according to the investment.

SPDR Gold holdings stood at 847.45 tonnes, remain unchanged from previous business day.

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Gold Silver Futures Prices gain in Asia after Fed Minutes Set Dovish Tone

Gold Silver Futures Prices gain in Asia after Fed Minutes Set Dovish Tone

Gold and silver futures rose in Asia on Thursday as investors saw the US Fed meeting minutes in May overnight as cautious about the timing of the next rate hike.

Gold for June delivery on the Comex Exchange rose 0.50% to $1,259.38 a troy ounce.

Spot gold was nearly flat at $1,258.61 per ounce. It rose about 0.6 per cent on Wednesday.

Gold futures were flat as investors analyzed the Federal Reserve’s minutes of possible changes in expectations on the course of US interest rate hikes, after the latest batch of economic data showed a slowdown in US economic activity in the first quarter.

And increased economic growth in the United States, as measured by gross domestic product, with an annual rate of only 0.7% during the first three months of 2017 and was the slowest period of economic growth in the first quarter since 2014.

In a statement issued after its decision to keep the benchmark interest rate unchanged in May, the Federal Reserve reiterated that monetary policy remains accommodative to support both the rise in labor market conditions and the persistent return to inflation of 2%.

Asian stocks hit their highest level in two years as the Asia-Pacific Asia Index rose 0.7 percent to its highest level since June 2015.

Meanwhile, the dollar index, which tracks the US currency against a basket of major currencies, rose 0.3 percent decline.

Silver rose 0.1 percent at $ 17.20 an ounce, while platinum is almost not changed at $ 944.20 an ounce.

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Gold Prices Slides Ahead of Federal Reserve’s Minutes

Gold Prices Slides Ahead of Federal Reserve’s Minutes

The price of gold lower in morning trade on Wednesday, and nursing losses overnight, as investors look forward to the meeting of the minutes of the last Fed policy to be held later in the day.

Comex gold futures shed $3.30, or around 0.3%, to $1,252.23 a troy ounce.

Spot gold edged up 0.07 per cent to USD 1,251.60 an ounce.

The Fed will issue the minutes of its last policy at 2:00 GMT (18:00 GMT), where traders seek to further insight into the prospect of higher interest rates in the coming months. It is also expected that the publication provides some details about the Fed’s discussions on reducing the general budget of $ 4.5 trillion.

The US central bank left interest rates unchanged after its meeting on May 3 and gave a positive assessment of the US economy, indicating that it is still on track to raise two more this year.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity bounced by Rs 185 each to Rs 29,100 and Rs 28,950 per 10 grams, respectively.

Gold prices rose after yesterday’s decline, mainly due to new purchases by local jewelry in the domestic spot market, along with a better direction globally.

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Gold, Silver Futures Prices Rise on Global Cues Amid Jump in June Rate Hike Expectations

Gold, Silver Futures Prices Rise on Global Cues Amid Jump in June Rate Hike Expectations

Gold futures prices posted gains in morning on Tuesday amid growing expectations that the Fed will increase the benchmark price in June, prompting the dollar from its lowest level, which led to the delay in the demand for precious metals.

Gold for June delivery on the Comex lost $11.44 or 0.91%, to $1,247.20 a troy ounce.

Globally, gold rose 0.13 per cent to USD 1,262 an ounce in Singapore.

According to Investing.com, nearly 80% of traders expect the Federal Reserve to raise interest rates in June, compared with only 67% of traders in the previous week.

The jump came in June’s forecast amid weaker than expected economic data, which failed to offset expectations for a rate hike in June, as Treasury yields rose and the dollar rose to its highest level, easing investor sentiment to absorb bullion.

US manufacturing PMI fell to an eight-month low of 52.5, while its services rose to a four-month high of 54, higher than economists had expected.

A reading above 50 indicates expansion in the sector; less than 50 indicates contraction.

On Tuesday, the Commerce Depart report said sales of newly constructed homes fell in April to a seasonally adjusted annual rate of 569,000, as estimates of a drop to 610,000.

The U.S. 10-Year gtained o a session of 2.278 while USD Index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, leaped to 97.12.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 120, or 0.42 per cent, to Rs 28,905 per 10 gram.

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Gold Futures Prices Rose with US Policy, Federal Reserve Speakers on the Agenda

Gold Futures Prices Rose with US Policy

Gold futures rose in morning trade on Monday, with the week kick with small gains as investors continued to assess the impact of the latest bout of political turmoil in the United States.

Comex gold prices tacked on around $5.00, or about 0.4%, to $1,258.50 a troy ounce.

Globally, gold fell 0.07 per cent to USD 1,254.70 an ounce in Singapore.

At the MCX Gold was trading 0.16 per cent or Rs 46 down at Rs 28,589 per 10 gram.

Gold gained a weekly gain of 2% last week, the largest since mid-April, as the political uncertainty surrounding Trump’s management has pushed the dollar and reduced demand for safe haven assets.

Investors’ sentiment has been tempered by fears that the US political system will be beset by a crisis, preventing legislators from paying taxes or spending reforms.

The dollar index, which tracks the dollar against a basket of its six major rivals, fell nearly 0.2 percent at a six-month low of 96.79 in New York morning trade.

Bullion traders attributed the rise in gold prices to light buying by local shapers jewelry in local markets, but weak trend overseas capped the rise.

SPDR Gold Trust GLD said its latest holdings stood at 850.71 tonnes, remain unchanged from previous business day.

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