Gold Futures Prices Move Lower on Rate Hike Worries

Gold Futures Prices Move Lower on Rate Hike Worries

Gold futures prices lower on Friday, after falling of more than one per cent in the previous session, as growing expectations of further interest rates in March in the United States and the US dollar in the strongest effect on the precious metal.

On the Comex Exchange, gold futures for April delivery were down 0.41% at $1,227.85, the lowest since February 15.

Spot gold dropped 0.2 per cent to $1,232.81 per ounce. The metal had its worst session since Dec.

Dollar was strengthened broadly after showing many Federal Reserve officials this week expressed support for raising the interest rate in March.

The dollar also strengthened after the Ministry of Labour of the United States said initial jobless claims fell by 19,000 to 223,000 in the week ending February 25 from last week’s total of 242,000.

Analysts had forecast initial jobless claims rising by 1,000 to 243,000 last week.

Holdings of SPDR Gold Trust, rose 0.21 per cent to 845.32 tonnes on Thursday from Wednesday.

Increased US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, declined 0.13% at 102.03, not far from the highest level on Thursday in seven weeks 102.27.

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Gold Prices Slips on Firmer Dollar, Ahead of FOMC Minutes

Gold Prices Slips on Firmer Dollar, Ahead of FOMC Minutes

Gold futures prices fell on Wednesday, reversing losses overnight as the dollar entrenched, investors focused on the latest minutes of the Fed for more hints on the timing and pace of higher interest rates in the future.

US gold futures tacked on $2.00, or about 0.2%, to $1,240.95 a troy ounce, after ending Tuesday’s session little changed.

Spot gold had dropped 0.2 per cent to $1,233.41 per ounce.

The Fed will release its policy meeting last Wednesday, the minutes at 14:00 am Eastern time (19: 00GMT). The US central bank held interest rates unchanged after its meeting on February 1, painted fairly upbeat picture of the economy, even though it did not give a strong signal on when the next rate-driven.

In addition to the Fed minutes, there are two speakers the Fed on Wednesday. Central Bank Governor Jerome Powell, speaking at 13:00 ET (18: 00GMT) in New York Forecasters Club of New York on expectations of economic policies. President of the Dallas Fed, Robert Kaplan and discuss the issues facing the global economy in the case of the Dallas Fed at 07:05 ET.

The US dollar, which is backed by hardline comments from various Fed officials in the previous session, was firm on Wednesday.

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Gold Futures Prices Slides as Dollar Jumps on March US Rate Hikes

Gold Futures Prices Slides as Dollar Jumps on March US Rate Hikes

Gold futures prices were under pressure on Tuesday, adding to overnight losses, as the dollar gained after two Fed’s policy makers pointed to the potential for U.S. interest rates to rise March month.

Gold for April delivery on the Comex division of the New York lost $9.45, or about 0.8%, to $1,229.75 a troy ounce, after falling to a session low of $1,228.70.

Spot gold fell 0.4 per cent to $1,233.21 per ounce.

Increased US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, rose 0.6% to 101.53 in early morning trading in New York, where he rose back toward the highest level in one month more than last week’s 101.75.

At the same time, 10 years rose US government bond yields 3.6 basis points to 2.461%.

The head of the Federal Reserve Bank of Philadelphia, Patrick Harker Monday he is likely to supported by rate increase at the next central bank meeting in March if he sees further evidence that inflation is gaining momentum.

His comments came after Cleveland Fed President Loretta Mester said they would be “comfortable” to raise interest rates at this stage if the economy maintained the current pace to perform.

The political uncertainty, including the lingering doubts over US President Donald Trump policies and the potential impact on the Fed’s strategy was presented and also elections in France and the Netherlands, and the broad support the yellow metal, which rose about 7 per cent this year.

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Gold Futures Prices Slip Lower on weaker U.S. dollar

Gold Futures Prices Slip Lower on weaker U.S. dollar

Gold futures prices slipped lower on Friday, as the U.S. dollar hovered near one-week lows, although ongoing geopolitical concerns were likely to continue to support safe-haven demand.

On the Comex, gold futures for April delivery were down 0.28% at $1,238.05, just off Thursday’s one-week high of 1,240.70.

Spot gold was flat at $1,238.29 per ounce.

According to the US State Department of Labor on Thursday that initial jobless claims rose 5,000 to 239,000 last week, compared with forecast for rise of 11,000 to 245,000.

The data also showed that the number of building permits surged 4.6% to 1.285 million units last month from 1.21 million in December.

SPDR gold holdings, rose 5.6 percent so far this month, the most since June 2016.

Dollar index which tracks the US currency versus a basket of currencies, at 100.540 on Friday, after the lows recorded in one week from 100,410 the previous day.

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Gold Futures Prices Rally for 2nd Day as Dollar Slides; US Rates in Focus

Gold Futures Prices Rally for 2nd Day as Dollar Slides

Futures prices of gold rose on Thursday registered its highest levels in one week up to the dollar drifted down from its highest in a month hit in the previous session on upbeat US economic indicators boosted the prospects for rate hikes by the Federal Reserve next month.

Gold for April delivery on the Comex Exchange rose $7.55, or about 0.6%, to $1,240.65 a troy ounce.

Spot gold had ticked up 0.2 per cent, to $1,235.01 per ounce.

The dollar index climbed down about 0.45% to 100.63 in the early morning hours of New York, moving away from Wednesday’s high of 101.75, which was its highest level since 12 January.

Until Wednesday, the dollar index has a 10-consecutive session.

Players in the market to absorb another big batch of US economic data mostly upbeat, reinforcing the idea that the Federal Reserve may raising interest rates as early as next month.

The number of persons who have filed for jobless aids in the US last week by 5,000 to 239,000 last week, less than expected, holding close to the lowest level since 1973.

Separate report showed that the Philly Fed index rose to a reading of 43.3 from 23.6 in January. That was the highest since early 1984.

The head of the Federal Reserve Bank of New York William Dudley on Wednesday, the Fed aims to rate hikes over the coming months as long as the economy continued to grow a little above trend and if, as expected, the availability of financial policies boost.

Comments Dudley boosted optimism the central bank warned that the administration would not hamper Donald Trump plans to raise interest rates gradually in the coming months and years.

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Gold Futures Prices Edges Lower After Yellen Hints of March Rate Hike

Gold Futures Prices Edges Lower After Yellen Hints of March Rate Hike

Gold futures prices were under pressure on Wednesday trade, sliding to the lowest levels of the session after US Fed’s Janet Yellen hinted at a hike in interest rates in an upcoming meeting of the central bank in March month.

Gold for April delivery on the Comex Exchange slumped $5.10, or about 0.4%, to $1,220.45 a troy ounce.

Spot gold fell 0.2 per cent to $1,225.96 per ounce.

The Commerce Department said that consumer prices rose 0.6% last month, compared with expectations of 0.3%. Year over year, consumer prices were higher by 2.5% compared to the same month last year, the largest increase in the 12-month period in five years.

A separate report showed that retail sales in the United States rose more than expected in January, optimism about consumer spending strengthened to be able to drive economic growth at the beginning of 2017.

The US Retail sales rose 0.4% in January from the previous month as compared to expectations for a 0.1% increase.

Political stakes of elections in Europe and Trump policies concerns about the appetite were seen supporting the safe-haven metal prices, which rose about 10 percent after touching its lowest level in 10 months in December, when the Federal Reserve raised interest rates.

SPDR holdings have risen over 5 per cent so far this month.

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Gold Prices Hovers Near 3-Month Highs; Political, Economic Uncertainty

Gold Prices Hovers Near 3-Month Highs; Political, Economic Uncertainty

The gold futures prices slightly near the higher for 3 months in a trade on Thursday, amid concerns about the persistent political risks in Europe and economic instability in the United States supported safe haven demand for bullion.

Gold for April delivery on the Comex Exchange inched up $2.00, or about 0.2%, to $1,241.40 a troy ounce, after rising $3.40, or 0.3%, a day earlier, its fifth straight session of gains.

Spot gold dipped 0.1 per cent to $1,240 per ounce. On Wednesday, the metal touched its highest since Nov. 11 at $1,244.67.

Uncertainty regarding European policy boosted gold in the recent sessions. Opinion polls have shown this week, German Chancellor Angela Merkel, which lies behind the candidate of the Social Democratic Party in the country in this year’s elections to be held in September.

The opinion polls, also in France, Marine Le Pen, who has pledged to withdraw France from the euro zone, is gaining ground.

In addition to an atmosphere of uncertainty, as will be the holding of elections in the Netherlands in March, and possibly Italy.

Traders are also awaiting the political risk elements in the United States, with President Donald Trump’s management on descendants over immigration and other policies.

The headlines will continue from Washington to dictate market sentiment as traders focused on a trump card to get further details about on promises tax reform, spending on infrastructure and deregulation and also trade policies.

And boosted investors bullish stance on gold, an increase in net long positions by speculators and a rise in holdings of SPDR Gold Trust, the biggest exchange-traded fund backed by gold in the world.

SPDR holdings increased 0.68 per cent to 832.58 tonnes on Wednesday from Tuesday, rising for the sixth straight session.

Gold was trading 0.05 per cent, or Rs 16, up at Rs 29346 per 10 gram on account of some safe haven demand for precious metals from jewellers, retailers and investors.

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