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70eda00d02c59aeef4a66a0c12e66d75 | https://www.reuters.com/article/global-precious/gold-steadies-near-record-high-as-virus-concerns-persist-idINKCN250080?edition-redirect=in | Gold peaks near $2,000/oz on signs of progress in U.S. stimulus aid | Gold peaks near $2,000/oz on signs of progress in U.S. stimulus aid
By Sumita Layek2 Min Read
(Reuters) - Gold prices hit an all-time high on Tuesday after a top U.S. Senate Democratic leader said that Democrats and the White House were closer to an agreement on the stimulus bill to help the virus-hit economy.
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. REUTERS/Michael Dalder/File Photo
Spot gold rose 0.9% at $1,993.83 per ounce by 11:27 p.m. EDT (1527 GMT), after hitting a record $1,994.86. U.S. gold futures rose 1.4% to hit an all-time high of $2,014.20.
The confirmation that there has been development in negotiations with Republicans on new COVID-19 support has boosted gold back to recent highs, said Tai Wong, head of base and precious metals derivatives trading at BMO.
U.S. Senate Democratic leader Chuck Schumer said COVID-19 legislation talks with White House were finally moving in the “right direction.”
Bullion has surged about 31% so far this year, supported mainly by lower interest rates and widespread stimulus by global central banks to ease the economic blow from the pandemic.
“The market is being well supported by the likelihood of additional stimulus in the U.S; stimulus continues to pressure the U.S. currency, in addition to that U.S.-China tensions is adding a bit of safe haven demand,” said David Meger, director of metals trading at High Ridge Futures.
Beijing on Tuesday rebuked U.S. President Donald Trump’s moves to force China-owned TikTok into a sale of its U.S. operations.
Meanwhile, new orders for U.S.-made goods increased more than expected in June, suggesting the manufacturing sector was regaining its footing.
Among other metals, silver rose as much as 4.9% to $25.43 per ounce boosted by upbeat factory data.
Platinum rose 1.5% to $929.98 and palladium rose 1.5% to $2,115.35.
Reporting by Sumita Layek in Bengaluru; Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
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a78f4f1aa5dfc12d7540aab4e7178d4d | https://www.reuters.com/article/global-precious/gold-steady-as-fed-caution-on-global-economy-pressures-dollar-idINKCN1NO0BA?edition-redirect=in | Gold edges up as dollar dips on U.S. interest rate uncertainty | Gold edges up as dollar dips on U.S. interest rate uncertainty
By Swati Verma3 Min Read
BENGALURU (Reuters) - Gold inched up on Monday as the dollar fell, but the metal stayed in a tight range as investors held off on big moves ahead of the U.S. Thanksgiving holiday on Thursday.
FILE PHOTO: Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. REUTERS/Michael Buholzer/File Photo
Spot gold XAU= was 0.2 percent higher at $1,224.13 per ounce by 13:45 p.m. EST (1845 GMT) after hitting a one-week high of $1,225.29 in the previous session. U.S. gold futures GCcv1 settled up $2.30, or 0.2 percent, at $1,225.30.
The dollar fell to two-week lows after Federal Reserve officials’ comments about the U.S. economy suggested the central bank may be nearing the end of its tightening cycle. A softer dollar makes gold cheaper for holders of other currencies. [USD/]
“There has been a lot of back and forth language (on) whether or not the Federal Reserve will implement a neutral interest rate or will they take it above neutral, temporarily,” said David Song, an analyst at DailyFX.
“Markets are waiting for a little more clarity on (a possible) December rate hike as well as the outlook for 2019. Gold is taking a sideways approach in this environment.”
Trading volumes are expected to remain subdued before Thanksgiving.
“I expect prices to consolidate around the $1,220 level throughout the remainder of the week. There is not a lot of news action in the market,” said Phil Streible, senior commodities strategist at RJO Futures in Chicago.
“We are expecting the Fed to raise interest rates at the next meeting in December. Most likely that will keep gold from getting above the recent highs.”
Higher rates dampen the appeal of gold, which pays no interest and incurs costs to store and insure.
Indicative of investor sentiment towards bullion, holdings of SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, fell 0.2 percent to their lowest in a week on Friday. [GOL/ETF]
Hedge funds and money managers boosted their net short position in gold to the highest in five weeks. [CFTC/]
Palladium XPD= fell 1.4 percent to $1,160.70 per ounce, after hitting a record high of $1,185.40 in the previous session.
“We still see palladium prices remaining supported at or above recent levels for the next six months ... as demand remains very firm, risk markets recover October losses, and industrial metals receive a bid on the back of firmer Chinese demand,” JP Morgan analysts said in a note.
Silver XAG= rose 0.2 percent to $14.43 an ounce, while platinum XPT= rose 0.8 percent to $853.50 per ounce.
Reporting by Swati Verma and Nallur Sethuraman in Bengaluru; Editing by Richard Chang and Rosalba O’BrienOur Standards: The Thomson Reuters Trust Principles.
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9f6c9ad4c0e6d1481ff5c37d18ac1dd3 | https://www.reuters.com/article/global-precious/gold-steady-below-1-month-high-heads-for-second-weekly-gain-idINKBN1JB02K?edition-redirect=in | Gold tumbles to three-week low as investors bail out | Gold tumbles to three-week low as investors bail out
By Eric Onstad3 Min Read
LONDON (Reuters) - Gold prices slumped to three-week lows on Friday as disappointed speculators liquidated long positions despite fresh trade skirmishes between the United States and China.
A pedestrian walks past a window displaying a representation of a gold bar at a bullion broker in Piccadilly, London, Britain, December 11, 2017. REUTERS/Toby Melville/File Photo
Some investors had taken long positions ahead of key central bank decisions this week, but gold only briefly surged to a one-month peak on Thursday of $1,309.30 before retreating when the dollar strengthened.
“After it was clear today that gold had failed to clear the $1,300 level, people rushed to the exit,” a trader in Europe said.
Spot gold XAU= was down 1.4 percent at $1,283.60 per ounce at 1400 GMT, its weakest since May 21, while U.S. gold futures GCcv1 for August delivery slid 1.7 percent to $1,235.80 per ounce.
“The dollar has been waking up to some renewed strength and that’s largely been held onto today,” said Jonathan Butler, commodities analyst at Mitsubishi in London.
The dollar index .DXY, was slightly firmer after hitting the highest since November last year. [USD/]
Gold deepened losses after President Donald Trump on Friday announced that the United States will implement a 25 percent tariff on $50 billion of goods from China and Beijing quickly said it would hit back with its own tariffs.
Analysts had expected gold to be bolstered by the prospects of a trade war.
The International Monetary Fund said on Thursday that Trump’s new tariffs threatened to undermine the global trading system, would prompt retaliation by other countries and damaged the U.S. economy.
Global and U.S. equities have failed to revisit their record highs despite some strong first-quarter profit reports, stoking fears of a correction, which may benefit gold, Butler said.
In other precious metals, silver XAG= fell 2.2 percent to $16,76 an ounce, a day after it hit its highest since April 19 at $17.32 an ounce.
The gold/silver ratio had moved sharply lower over the past two weeks from 79.4 to 75.9 on Thursday, the lowest since last November as silver has outperformed gold.
The ratio bounced on Friday as investors took profits after a strong run in silver,” Butler said.
Platinum XPT= fell 0.6 percent to $894.60 an ounce and palladium XPD= shed 1.4 percent to $994 and was on course for its first weekly decline in four.
Additional reporting by Karen Rodrigues and Swati Verma in Bengaluru; Editing by Edmund Blair and David EvansOur Standards: The Thomson Reuters Trust Principles.
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405fa136b8f9a1cbf231b9c9d0b30510 | https://www.reuters.com/article/global-precious/golden-year-for-precious-metals-as-2019-sees-glistening-run-idUKFWN2940TU?edition-redirect=uk | Golden year for precious metals as 2019 sees glistening run | Golden year for precious metals as 2019 sees glistening run
By Swati Verma3 Min Read
* Palladium extends gains into the fourth straight year
* Platinum on track for best year since 2009
* Gold set for biggest yearly gain since 2010
* Bullion to continue its bullish trend into 2020
* Graphic:
Dec 31 (Reuters) - Gold prices are set for their strongest annual increase since 2010, as worries over global economic health triggered a surge of interest in precious metals, while palladium soared more than 50% to record highs thanks to supply shortages.
Silver and platinum, which like gold are often seen as safe investments in uncertain times, also saw their largest annual gains in several years.
Many analysts say prices are likely to rise further in 2020, with shaky growth and global stock markets potentially looking unsustainable at record highs.
Central banks are also buying more gold and have flipped from tightening to loosening monetary policy, pushing interest rates and bond yields down and making non-yielding precious metals more attractive to investors.
“An environment of low rates, persistent macro uncertainty, and elevated equities makes a case for holding gold as a hedge. This view could likely drive demand for gold higher into 2020 and lend support to the current medium-term uptrend,” said Stephen Innes, a market strategist at AxiTrader.
While the United States and China cooled their trade war earlier this month, several issues remain unresolved and gold should perform well if dollar weakness plays out in 2020, he added.
Spot gold is up more than 18% in 2019 as of 1837 GMT and at $1,519.41 an ounce is pushing back towards a six-year high of $1,557 reached in early September. Holdings of gold in exchange traded funds (ETFs) also rose by around 14% this year.
Spot silver, rising in gold’s wake, is up about 15% in 2019 at $17.85 an ounce, its strongest performance since 2016.
Platinum at $962.50 an ounce was 21.6% higher this year, its biggest rise since 2009.
But palladium continued to stand out, soaring more than $700 an ounce this year in its fourth consecutive annual gain. It touched a record high of $1,998.43 an ounce on Dec. 17 and on Tuesday cost $1,938.
The metal is mainly used in car exhaust systems to neutralise emissions, and stricter environmental regulations are adding to demand.
Since palladium is produced as a by-product of nickel and platinum mining, supply has been unable to keep up, with further shortfalls expected in the early 2020s.
“The market has been in a structural deficit for a few years now and that’s expected to persist,” said Ryan McKay, a commodity strategist at TD Securities.
“We saw deficit this year, even though the auto market has been in terrible shape. On top of that we have increased environmental regulations globally. That contributes to increased PGM loadings in the auto-catalysts.”
Reporting by Swati Verma and Karthika Suresh Namboothiri in Bengaluru; Editing by Veronica Brown and Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.
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1d3274cf20f5be8dc42b2ecd50861efa | https://www.reuters.com/article/global-precious/golds-rally-fizzles-on-de-escalating-us-iran-tensions-idINKBN1Z8036?edition-redirect=in | Gold's rally fizzles on de-escalating U.S.-Iran tensions | Gold's rally fizzles on de-escalating U.S.-Iran tensions
By Eileen Soreng3 Min Read
(Reuters) - Gold fell on Thursday, having surged past the key $1,600 level for the first time in seven years in the last session, as markets wagered the United States and Iran will not resort to a further conflict, boosting risk-taking.
FILE PHOTO: Gold coins are displayed at the Ginza Tanaka store in Tokyo September 18, 2008. REUTERS/Yuriko Nakao
Spot gold fell 0.6% to $1,546.33 per ounce at 10:56 a.m. ET (1556 GMT), having earlier slipped to $1,539.78 an ounce. U.S. gold futures was 0.8% lower at $1,547.40 per ounce.
“The return of risk appetite meant that safe assets such as gold have suffered from some profit-taking and it’s possible that could continue for a little longer,” Standard Chartered Bank analyst Suki Cooper said.
Gold prices slid after having risen as much as 2.4% early on Wednesday to break above the key $1,600 level after Iran’s retaliatory attacks on military bases housing U.S. troops in Iraq.
Concerns of a wider war in the Middle East subsided after U.S. President Donald Trump refrained from ordering more military action on Wednesday and Iran’s foreign minister diplomat said missile strikes “concluded” Tehran’s response.
Reduced demand for safe-haven bullion was also reflected in the holdings of the world’s largest gold-backed exchange-traded fund SPDR Gold Trust, which dropped 1.05% on Wednesday.
“Gold will remain very twitchy on Iran related headlines or rocket fire in Baghdad for some days to weeks,” said Tai Wong, head of base and precious metals derivatives trading at BMO.
“Even if the de-escalation happens there should still be some risk premium helping gold hold above $1,525 level where gold was trading before the U.S. strike.”
As the United States and Iran backed away from conflict in the Middle East, U.S. stock indexes hit record highs, while firming optimism about a U.S.-China trade deal added to the upbeat mood.
China’s Vice Premier Liu He will sign a “Phase 1” deal in Washington next week, the commerce ministry said on Thursday.
Elsewhere, palladium hit a record peak of $2,149.50 an ounce on sustained supply concerns, and was last up 0.7% at $2,119.00 per ounce.
“The outlook for palladium remains bullish. There is simply not enough material around and being taken out of the ground,” said BMO’s Wong said.
“The demand is really inelastic because substitution (with platinum) is difficult and if you are an automaker you need the catalytic converters to sell cars, so you will pay what you need.”
Silver fell 1.4% to $17.83 per ounce, while platinum gained 1.1% to $964.00.
Reporting by Eileen Soreng in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
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f72670aff1e41ec55baa0458bce83631 | https://www.reuters.com/article/global-precious/precious-gold-advances-on-technical-buying-light-safe-haven-demand-idUSL3N1RV3BP | PRECIOUS-Gold advances on technical buying, light safe haven demand | PRECIOUS-Gold advances on technical buying, light safe haven demand
By 0 Min Read
* Safe-haven demand supporting gold -traders * Analysts looking to see if gold can get to $1,370 and above * GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Recasts; updates prices, headline; adds comment, NEW YORK dateline, byline) By Renita D. Young and Zandi Shabalala NEW YORK/LONDON, April 18 (Reuters) - Gold prices rose to a one-week high on Wednesday on technical trading and some safe-haven demand even as the dollar held on to gains and stocks rose on risk appetite. Spot gold was up 0.2 percent at $1,349.71 per ounce by 1:48 p.m. EDT (1748 GMT), after touching its highest since April 11, while U.S. gold futures for June delivery settled up $4, or 0.3 percent, at $1,353.50 per ounce. "We are up on safe-haven demand and a general commodities move," said George Gero, managing director of RBC Wealth Management, adding concerns over U.S. sanctions on Russia still remain. Gold broke above $1,350, a significant resistance level for gold, said Activtrades chief analyst Carlo Alberto De Casa, and a close above this level would confirm positive momentum for gold. "If gold can remain above the $1,350 level for a couple of days there is a good chance to see it jumping up to $1,400," he said. Kitco Metals senior analysts Jim Wyckoff said the chart positions for gold and silver are "tilted in favor of the bulls, which is inspiring technically based buying interest at mid-week." The dollar index , which measures the greenback against a basket of currencies, eased toward a three-week low reached on Tuesday. A weaker greenback makes dollar-priced gold cheaper for holders of other currencies. Dollar losses were capped by a weaker pound which fell to a four-day low on Wednesday after British inflation unexpectedly cooled to a one-year low in March. Robust corporate earnings this week capped gains in non-interest yielding gold and lifted stocks. In physicals, Sri Lanka imposed a 15 percent tax on imported gold with effect from Wednesday to prevent illegal smuggling of the metal from the island nation, a finance ministry official said. Spot silver climbed 2.7 percent at $17.19 per ounce, after touching its highest since Feb. 1 of $17.26. Platinum gained 0.3 percent at $938.50 per ounce, after hitting a three-week high of $948.70. Palladium rose 2.6 percent to $1,036 per ounce, having touched its highest since Feb. 28, $1,046.20. Palladium prices rose on fears of Russian supply disruptions after the recent U.S. sanctions on shareholders of Nornickel, the world's largest producer. "We believe the recent rally is mainly driven by speculation and the gains are on a weak footing," Julius Baer said, adding that sanctions were unlikely to be extended to Nornickel itself because the United States needs palladium. (Additional reporting by Eileen Soreng and Apeksha Nair in Bengaluru; Editing by Louise Heavens and Richard Chang)
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3b01eb8b2b578e61d3ac69c5fae18005 | https://www.reuters.com/article/global-precious/precious-gold-at-3-month-peak-set-for-biggest-annual-rise-since-2010-idINL4N2951RP?edition-redirect=in | PRECIOUS-Gold at 3-month peak; set for biggest annual rise since 2010 | PRECIOUS-Gold at 3-month peak; set for biggest annual rise since 2010
By Diptendu Lahiri0 Min Read
(Updates prices) * Gold up about 19%, silver up 16% year to date * Palladium up over 50% this year, biggest precious metal gainer * Platinum set for best year since 2009 * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Diptendu Lahiri Dec 31 (Reuters) - Gold rose to its highest in more than three months on Tuesday as a weak dollar encouraged investors to buy the safe-haven asset, with the metal set to post its biggest yearly gain since 2010. Scarcity-hit palladium was on track to surge more than 50% in its fourth straight yearly gain. Spot gold hit its highest since Sept. 25 at $1,525.20 and was up 0.4% to $1,520.73 per ounce by 1306 GMT. U.S. gold futures rose 0.3% to $1,523.60. "There are still a lot of uncertainties that we are taking into 2020, we don't know where the (China-U.S.) trade war is going, the tension around the Iran issue is also not helping," said Afshin Nabavi, senior vice president at precious metals trader MKS SA. "I see gold being supported in 2020 as well, until questions around all uncertainties have an answer," he said, adding investors were banking more on gold as a safe-haven asset than the dollar. The dollar slipped against a basket of rivals, hovering close to a 6-month low hit last week, making gold cheaper for holders of other currencies. Investor interest in gold has surged this year due to a raft of geopolitical uncertainties, including the China-U.S. trade war, Middle East tensions and protests in Hong Kong. Bullion was also supported by rate cuts by major central banks, including the U.S. Federal Reserve cutting three times before it signalled it would keep rates unchanged through 2020. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. Elsewhere, palladium advanced about 1% to $1,924.37 per ounce, extending gains into a fourth straight year. Prices have jumped over 52% this year, the most since 2017, which would make palladium the biggest gainer among precious metals this year. "The physical supply of palladium seems to be pretty scarce, though we saw a quick correction when it could not hit the $2,000 level, but sentiment is still positive and that level is not far away," Nabavi said. Silver rose 0.6% to $18.02 an ounce and was on course for its best year since 2010, rising about 16%. Platinum 1.4% to $971.10 an ounce and was set to gain about 23% for the year in its biggest advance since 2009. (Reporting by Diptendu Lahiri in Bengaluru; editing by Jason Neely and David Evans)
Our Standards: The Thomson Reuters Trust Principles.
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340dae4471a9ee3b80b97aad4ec0c6da | https://www.reuters.com/article/global-precious/precious-gold-at-4-mth-low-as-strong-u-s-data-vaccine-trials-boost-recovery-hopes-idUKL4N2I92G1?edition-redirect=uk | PRECIOUS-Gold at 4-mth low as strong U.S. data, vaccine trials boost recovery hopes | PRECIOUS-Gold at 4-mth low as strong U.S. data, vaccine trials boost recovery hopes
By Shreyansi Singh0 Min Read
(Updates prices) * U.S. manufacturing, services activity expanded rapidly in Nov * AstraZeneca says COVID-19 vaccine can be 90% effective * Tailwinds behind gold have not yet fully dissipated-analyst * Interactive graphic tracking global spread of coronavirus: open * tmsnrt.rs/3aIRuz7 in an external browser By Shreyansi Singh Nov 23 (Reuters) - Gold fell more than 2% to its lowest level in four month on Monday as better-than-expected U.S. business activity data and promising COVID-19 vaccine trials boosted hopes for a swifter economic recovery. Spot gold dipped 1.7% to $1,838.71 per ounce by 01:50 p.m. EST (1850 GMT), after falling as much as 2.2% to its lowest since July 21 at $1,830.19. U.S. gold futures settled down 1.9% at $1,837.80. "Gold broke below the key $1,850 level after an unbelievably strong U.S. PMI release just dampened the need for stimulus. No one was expecting such strong readings in both services and manufacturing," said Edward Moya, senior market analyst at OANDA. Data on Monday showed U.S. business activity in November expanded at its fastest rate in more than five years, boosting optimism about the health of the U.S. economy among investors. The upbeat data came after Britain's AstraZeneca said its vaccine could be around 90% effective without any serious side effects. "Investors are rotating back to stocks because of the fact that there is little less uncertainty now than there was," said Jeffrey Sica, founder of Circle Squared Alternative Investments. "The data that came out today makes it more likely that we will see a recovery (sooner) than originally anticipated." Further denting bullion's appeal, the dollar rose against rivals. Gold has risen more than 21% this year, benefiting from its attraction as a safe haven against inflation and currency debasement. "While we do expect gold to go onto the defensive when the global economies start to show sustainable recoveries, the tailwinds behind the market have not yet been fully dissipated," StoneX analyst Rhona O'Connell said in a note. Silver fell 2.4% to $23.56 an ounce, platinum dipped 2.2% to $925.24, while palladium rose 1.3% to $2,355.57. (Reporting by Shreyansi Singh and Sumita Layek in Bengaluru; Editing by Jane Merriman and Richard Chang)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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8420467c2d5b2b3bebb9c78137e8088e | https://www.reuters.com/article/global-precious/precious-gold-at-more-than-five-week-high-as-u-s-expels-russian-diplomats-idUSL3N1R83KD | PRECIOUS-Gold at more than five-week high as U.S. expels Russian diplomats | PRECIOUS-Gold at more than five-week high as U.S. expels Russian diplomats
By 0 Min Read
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Recasts, updates prices; adds comment, additional byline, NEW YORK to dateline) By Renita D. Young and Zandi Shabalala NEW YORK/LONDON, March 26 (Reuters) - Gold prices rose to more than five-week highs on Monday after the United States said it would expel 60 Russian diplomats, prompting investor flight into assets considered safe havens. The United States was joining governments across Europe in taking action against the Kremlin after a nerve agent attack on a former Russian spy in Britain. Gold, which is sought as a store of value in times of political and financial uncertainty, rose to its highest since Feb. 16 at $1,355.97 an ounce. Spot gold was up 0.6 percent at $1,354.62 per ounce by 1:33 p.m. EDT (1733 GMT), while U.S. gold futures for April delivery settled up $5.10, or 0.4 percent, at $1,355 per ounce. "I would attribute the rise in gold in the afternoon to the political developments," said Quantitative Commodity Research consultant Peter Fertig. "You could expect the Russians to retaliate." The U.S. dollar index fell to a five-week low against a basket of major currencies. The specter of a global trade stand-off, however, appeared to be receding after the United States and South Korea agreed to revise a trade pact, with U.S. automakers winning improved market access and Korean steelmakers hit with quotas but avoiding hefty tariffs. "We don’t know what the negotiations will bring, so there’s less of a fear, because negotiations seem to be going on," said George Gero, managing director of RBC Wealth Management. The Wall Street Journal, meanwhile, reported that the United States and China had started negotiations to improve U.S. access to Chinese markets. Analysts said gold continued to be supported by last week's statement from the U.S. Federal Reserve, which forecast at least two more increases to interest rates in 2018, one less than previously expected by many observers. Investors continued to monitor other developments, such as U.S. President Donald Trump's appointment of John Bolton as national security adviser and tensions between Saudi Arabia and Yemen's Houthi militia. Speculators cut their net long positions in gold in the week to March 20 by 23,822 contracts to 121,838 contracts, U.S. Commodity Futures Trading Commission data showed on Friday. "I think there's a high probability that we will be trading above $1,400, maybe into $1,700 by the end of the year," said Dan Pavilonis, senior market strategist at RJO Futures. Meanwhile, silver climbed 1 percent at $16.68 an ounce, earlier hitting $16.79, its highest since March 7. Platinum rose 0.4 percent at $950.90 per ounce and palladium declined 0.5 percent at $971.90. (Additional reporting by Eileen Soreng in Bengaluru Editing by David Goodman and Chizu Nomiyama)
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5102171566c935c163cad0821b2376c5 | https://www.reuters.com/article/global-precious/precious-gold-below-1600-as-markets-await-us-reaction-to-iran-attacks-idINL4N29D2SD?edition-redirect=in | PRECIOUS-Gold below $1,600 as markets await U.S. reaction to Iran attacks | PRECIOUS-Gold below $1,600 as markets await U.S. reaction to Iran attacks
By Diptendu Lahiri3 Min Read
(Adds comments, details; updates prices)
* Gold earlier hit a near seven-year peak at $1,610.90
* U.S. President Trump to make statement on Wednesday
* Palladium reaches record high of $2,101
Jan 8 (Reuters) - Gold surged past the $1,600 level for the first time in nearly seven years earlier on Wednesday after Iran carried out retaliatory attacks against U.S. forces in Iraq, but the metal pared gains as investors awaited reaction from the White House.
Spot gold rose 0.4% to $1,579.33 per ounce at 1246 GMT, having earlier risen as much as 2.4% to its highest since March 2013 to $1,610.90. U.S. gold futures rose 0.4% to $1,580.70 per ounce.
“Gold is paring some gains right now as the retaliation was not seen as aggressive as the markets thought it would be and investors are booking profit for that reason,” Saxo Bank analyst Ole Hansen said.
“How gold will move from here is pinned on what U.S. President Donald Trump says when America wakes up,” Hansen added. He said at the end of this day gold would either be back at $1,600 levels or be heading down to $1,550.
Iranian state television said that at least 80 people were killed in attacks involving 15 missiles Tehran launched on U.S. targets in Iraq on Wednesday morning.
The move by Iran came hours after the funeral of Tehran’s top military commander Qassem Soleimani, whose killing in a U.S. drone strike last week intensified fears of a war in the Middle East.
U.S. President Trump said in a tweet late on Tuesday that “All is well!”, and that he would make a statement on Wednesday morning.
Iranian Foreign Minister Mohammad Javad Zarif also tweeted that Iran was not seeking escalation or war but would defend itself against any aggression, leading to some pull-back in gold prices.
The metal, considered a safe investment in times of political and economic uncertainties, was still supported as fears of a military lockdown in the Middle East remained.
Gold was also supported by a dip in equities markets.
The metal’s 14-day relative strength index (RSI) was around 88. An RSI above 70 indicates a commodity is overbought.
Elsewhere, palladium rose 2.2% to $2,097.24 per ounce, after hitting another all-time peak of $2,101 an ounce on a sustained supply deficit.
“Palladium fundamentals remain quite strong and (the metal) faces significant upside risks,” UBS strategist Joni Teves said in a note. “Tight market conditions are well-reflected in record spot prices and persistent backwardation in forwards.”
Silver was up 0.1% at $18.41 per ounce, after earlier hitting its highest since early September at $18.85, while platinum was flat at $970.85 per ounce.
Reporting by Diptendu Lahiri in Bengaluru, editing by Louise Heavens and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
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acb98b0356a2433a7f101e287c5cd7d4 | https://www.reuters.com/article/global-precious/precious-gold-breaches-1500-oz-ceiling-in-beeline-to-safe-havens-idUSL4N253445 | PRECIOUS-Gold breaches $1,500/oz ceiling in beeline to safe havens | PRECIOUS-Gold breaches $1,500/oz ceiling in beeline to safe havens
By Eileen Soreng3 Min Read
* Gold hits record high in various currencies
* Silver jumps over 4% to more than one-year high
* Palladium dips more than 1% (Updates prices)
Aug 7 (Reuters) - Gold soared more than 2% on Wednesday to breach the $1,500 ceiling for the first time in over six years as investors rushed to safe havens, spooked by a host of uncertainties including U.S.-China trade and a slowing global economy.
Other precious metals, except palladium, latched on to gold’s rally, with silver breaking above the $17 an ounce mark for the first time in more than a year.
“There are just numerous fundamental reasons behind gold’s strength and those are adding to today’s extension to the upside over $1,500. Clearly, safe-haven products have been the stars of the show,” said David Meger, director of metals trading at High Ridge Futures.
Spot gold gained 2% to $1,503.56 per ounce at 2:04 p.m. EDT (1804) GMT, having touched $1,510, its highest since April 2013.
U.S. gold futures climbed 2.4% to settle at $1,519.60 an ounce.
Easing monetary policy by central banks, which have also been constantly piling on to their bullion reserves, weak economic readings globally and in addition, the ongoing trade tensions, are fueling gold’s run, Meger added.
The world’s two largest economies have been locked in a bitter trade tussle, which escalated last week when U.S. President Donald Trump said he would impose additional tariffs on Chinese goods.
On Monday, China responded by allowing its currency to weaken past the 7 per dollar mark, prompting Washington to label Beijing a currency manipulator.
Also fueling gold’s rally was a slump in U.S. Treasury yields and Wall Street, with the Dow Jones Industrial Average tanking more than 300 points.
“With volatility significantly higher and risk of correction in equities markets growing after pretty nasty several days of sell-offs, gold looks like it is attracting investors at a very rapid rate,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.
Spot gold has sprinted over 19% since touching this year’s low of $1,265.85 in May.
U.S. short-term interest rates futures rose on Wednesday, as traders increased bets that the Federal Reserve would cut key borrowing costs three more times by year-end.
‘Gold fever’ could be sustained by factors including “the current stage of the economic cycle, the scarcity of safe-haven assets and central bank purchases,” analysts at Societe Generale said in a note.
Gold denominated in the British pound, Japanese yen, Australian dollar and Indian rupee hit their highest on record.
Silver surged over 4% to $17.18 per ounce, its highest since June 2018. Platinum jumped 2.3% to $866.57 an ounce, while palladium dipped 1.6% to $1,414.18.
Reporting by Eileen Soreng, K. Sathya Narayanan and Swati Verma in Bengaluru; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.
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897e4fc9d61caf182f9eb5416a8cb100 | https://www.reuters.com/article/global-precious/precious-gold-breaks-above-1500-on-growth-fears-stock-market-highs-idUKL4N28Y2BE?edition-redirect=uk | PRECIOUS-Gold breaks above $1,500 on growth fears, stock market highs | PRECIOUS-Gold breaks above $1,500 on growth fears, stock market highs
By Karthika Suresh Namboothiri0 Min Read
(Releads, updates prices) * Gold hits seven weeks high; Silver gains 2% * Trump and Xi to sign first phase of trade deal * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 24 (Reuters) - Gold rose above $1,500 an ounce on Tuesday as lingering fears of recession and equity market highs drove investor demand. Spot gold was up nearly 1% in thin trade at $1,499.48 per ounce by 01:40 p.m. ET (1840 GMT), its highest since Nov. 5, while U.S. gold futures settled up 1.1% at $1,504.80. "We are still not seeing good (U.S.) numbers come out of the business investment side. We are wholly dependent on consumer spending. But when consumer spending starts to flag a bit, then the economy could really start to slow down more noticeably," Edward Meir, analyst at ED&F Man Capital Markets, said. New orders for key U.S.-made capital goods barely rose in November and shipments fell, data on Monday showed, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. Data from the United States is keenly watched for cues on the central bank's future monetary trajectory. Gold is sensitive to rising interest rates, which lift its opportunity cost. Meanwhile, optimism on U.S.-China trade talks has lifted equities to record levels. World stocks remained on track for their best year in a decade, while Wall Street dipped from near-record levels. "The stock market is getting very overbought. If you have a correction in stocks, gold could benefit," Meir added. U.S. President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a ceremony to sign the first phase of a trade deal agreed this month. The 17-month long dispute has driven a 16% rise in gold prices, with putting it on track for its best year since 2010. Elsewhere, palladium rose 0.5% to $1,884.16 an ounce. Platinum inched 0.4% higher to $940.08, while silver rose nearly 2% to $17.76 an ounce, setting it for a fifth straight session of gains. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Steve Orlofsky and Alexander Smith)
Our Standards: The Thomson Reuters Trust Principles.
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209fb850b5c19a0840f74c51660021f0 | https://www.reuters.com/article/global-precious/precious-gold-climbs-on-weak-dollar-rate-outlook-caps-gains-idUKL3N1W03PN?edition-redirect=uk | PRECIOUS-Gold turns negative as dollar strengthens from U.S.-China tariff spat | PRECIOUS-Gold turns negative as dollar strengthens from U.S.-China tariff spat
By Renita D. Young, Eric Onstad3 Min Read
* Gold erases earlier gains, heads for first weekly gain in three
* U.S.-China trade developments strengthen dollar (Recasts; updates prices; adds comment, second byline, NEW YORK to dateline)
NEW YORK/LONDON, Sept 14 (Reuters) - Gold turned negative on Friday, as the U.S. dollar rose against the Chinese yuan after U.S. President Donald Trump reportedly told aides to proceed with tariffs on Chinese imports.
Trump has directed aides to place tariffs on about $200 billion of Chinese goods, according to a person familiar with the matter. Bloomberg News first reported Trump’s action.
“I think that’s what’s driving gold lower, the dollar higher and the S&P market lower,” said Michael Matousek, head trader at U.S. Global Investors. “Companies are theoretically going to make less money because they will get that tax.”
After the latest U.S.-China tariff development, the dollar index extended earlier gains against a basket of currencies, including the yuan, while the S&P 500 declined.
Spot gold lost 0.5 percent at $1,195.21 per ounce by 1:35 p.m. EDT (1735 GMT), having hit its highest since Aug. 28 at $1,212.65 on Thursday. It has risen more than 0.1 percent so far this week, on track for its first weekly gain in three.
U.S. gold futures for December delivery settled down $7.10, or 0.6 percent, at $1,201.10 per ounce.
The months-long trade tension between Washington and Beijing has prompted investors to buy the U.S. dollar, in the belief that the United States has less to lose from the dispute.
Gold has shown a close correlation to the currency of China, the biggest gold consuming nation, analysts say.
Meanwhile, investors widely expect another U.S. interest rate increase. Higher rates make gold less attractive since it does not pay interest but costs money to store and insure.
Gold prices have declined about 12 percent from a peak of $1,365.23 in April amid the intensifying global trade tensions and rising U.S. interest rates.
In other precious metals, spot silver dropped 0.4 percent at $14.10 per ounce, headed for a 0.1 percent weekly increase. Palladium declined 0.4 percent at $978.30, and was poised for a 0.1 percent weekly decline.
Platinum declined 0.9 percent at $793 an ounce after touching a one-month high at $812.30 on Thursday, to end the week up about 1.9 percent.
“We’ve seen some traders dipping their toes back in platinum, which is at a near record discount to gold,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“That’s probably platinum’s best friend at the moment, that it’s relatively cheap, because the concerns about growth and car manufacturing are still providing some headwinds.”
Platinum’s discount to gold has narrowed to $398 an ounce from $417 a week ago and a record of $426 in April. (Additional reporting by Nallur Sethuraman in Bengaluru; Editing by David Evans and Rosalba O’Brien)
Our Standards: The Thomson Reuters Trust Principles.
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b3fe848fac70944c6ba3a39fb2b83e1c | https://www.reuters.com/article/global-precious/precious-gold-climbs-to-3-month-high-poised-for-best-year-since-2010-idUKL4N2950NI?edition-redirect=uk | PRECIOUS-Gold climbs to 3-month high, poised for best year since 2010 | PRECIOUS-Gold climbs to 3-month high, poised for best year since 2010
By Sumita Layek0 Min Read
(Updates prices) * Gold gains about 19%, silver up 17% for the year thus far * Palladium climbs 51% so far - biggest precious metal gainer * Platinum on track for best year since 2009 * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Sumita Layek Dec 31 (Reuters) - Gold prices jumped to their highest in more than three months on Tuesday on a weakening dollar, with the metal on track for its best annual show in nearly a decade, while palladium leapt towards its fourth straight yearly gain. Spot gold hit its highest since Sept. 25 at $1,525.20 and was up 0.6% to $1,524.44 per ounce by 0727 GMT. U.S. gold futures rose 0.6% to $1,527.60. Bullion has gained nearly 19% in the year, its biggest since 2010, mainly driven by a tariff war between the United States and China, which triggered monetary policy easing by major central banks. "One of the main drivers behind gold's gain is the weakening in the dollar," said Margaret Yang Yan, a market analyst at CMC Markets, adding prices also rose on year-end bargain-hunting. The dollar slipped against a basket of rivals, making gold cheaper for holders of other currencies. "However, the upside is kind of limited because quantitative easing or rate-cutting cycle has come to an end for now and we don't see a possibility of any rate cuts in 2020," Yan said. The U.S. Federal Reserve cut interest rates three times this year before taking a pause. Lower interest rates reduce the opportunity cost of holding the non-yielding bullion. On the trade front, a Phase 1 deal is likely to be signed next week, White House trade adviser Peter Navarro said on Monday. "With liquidity much reduced in Asia, there is some potential for gold to spike higher on low volume with some risk hedging added into the mix," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA, in a note. "The next resistance is at $1,535 an ounce." Further supporting gold, Asian shares slipped as investors locked in gains after a buoyant year of gains. Speculators raised their bullish positions in COMEX gold contracts in the week to Dec. 24. Elsewhere, palladium rose 0.3% to $1,913.02 per ounce. Plagued by sustained supply deficit, the auto-catalyst metal extended gains into a fourth straight year. Prices have jumped over 51% so far this year, the most since 2017, which would make palladium the biggest gainer among precious metals for the year. Palladium, used mainly in catalytic converters in vehicles, rose to an all-time peak of $1,998.43 on Dec. 17. Silver rose 1.1% to $18.10 and was poised to register its best year since 2010, rising about 17%. Platinum gained 1.4% to $971.09 and was set to gain about 23% for the year, its best since 2009. (Reporting by Sumita Layek in Bengaluru; Editing by Shailesh Kuber and Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
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e5cd36eb88610183479a16a4112cc0c8 | https://www.reuters.com/article/global-precious/precious-gold-climbs-to-7-year-high-on-growth-fears-cenbank-measures-idUSL3N2C22FJ | PRECIOUS-Gold climbs to 7-year high on growth fears, stimulus measures | PRECIOUS-Gold climbs to 7-year high on growth fears, stimulus measures
By Brijesh Patel0 Min Read
(Updates prices) * SPDR Gold holdings rise to highest since June 2013 * Better than expected Chinese trade data lifts stocks * Interactive graphic tracking the global spread: open tmsnrt.rs/3aIRuz7 in an external browser By Brijesh Patel April 14 (Reuters) - Gold prices rose to their highest in more than seven years on Tuesday as concerns over global economic growth and a wave of stimulus measures from central banks and governments lifted bullion's appeal. Spot gold was up 0.4% at $1,721.54 per ounce at 1202 GMT, having touched its highest since November 2012. U.S. gold futures were steady at $1,761.80. Gold tends to benefit from widespread stimulus measures from central banks, as it is often seen as a hedge against inflation and currency debasement. Lower interest rates also cut the opportunity cost of holding non-yielding bullion. "The flood of new money digitally printed by the central banks and huge debt pile by the states to fight the negative impact of the coronavirus (are) helping gold," said Commerzbank analyst Carsten Fritsch "Uncertainty (due to the virus) continues and supports the safe-haven demand, along with the continued huge inflow into the gold-backed exchange traded funds." Holdings in the SPDR Gold Trust , the world's largest gold-backed ETF, rose to 1,009.70 tonnes on Monday, the highest since June 2013. Gold's rise came alongside gains in global equities after Chinese trade data came in better than expected and some countries tried to restart their economies by partly lifting restrictions aimed at containing the outbreak. Bullion has on occasion moved in tandem with stock markets this year, with recent sharp sell-offs prompting investors to sell precious metals to cover their losses elsewhere. Enough safe-haven demand remains for gold to counter pressure from any further weakness in stocks going into the company earnings season, said Saxo Bank analyst Ole Hansen. Many nations have rolled out fiscal and monetary support to prop up their economies hit by the virus, which has infected more than 1.88 million people globally and killed 119,168. Last week, the U.S. Federal Reserve announced a $2.3 trillion stimulus package, while European Union finance ministers have agreed on half-a-trillion euros worth of economic support. A steep economic downturn and massive coronavirus rescue spending will nearly quadruple the fiscal 2020 U.S. budget deficit to a record $3.8 trillion, 18.7% of U.S. economic output, a Washington-based watchdog group said on Monday. Further supporting bullion, the dollar slipped against a basket major currencies. "On the technical side, (gold) prices could jump higher towards $1,730 if a solid weekly close above $1,700 is achieved. Alternatively, sustained weakness below may... open the doors back towards $1,675," FXTM analysts said in a note. Other precious metals also rose, with palladium gaining 2.9% to $2,251.57 per ounce. Silver rose 0.6% to $15.54, and platinum climbed 3.1% to $771.22. (Reporting by Brijesh Patel in Bengaluru; Editing by Jan Harvey and Mark Potter)
Our Standards: The Thomson Reuters Trust Principles.
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7eaeff7b4f95cdf23a050469d1b1536e | https://www.reuters.com/article/global-precious/precious-gold-climbs-to-7-yr-high-as-virus-woes-boost-safety-demand-idUSL4N2AK3AH | PRECIOUS-Gold climbs to 7-yr high as virus woes boost safety demand | PRECIOUS-Gold climbs to 7-yr high as virus woes boost safety demand
By Sumita Layek3 Min Read
(Recasts, updates prices)
* Coronavirus fears grip South Korea, China reports drop
* Palladium eases from record high
* SPDR Gold holdings rise to over 3-yr peak
* Resistance in gold at around $1,613-15/oz-analyst
* Coronavirus interactive graphic: tmsnrt.rs/2GVwIyw
Feb 20 (Reuters) - Gold prices rose to their highest level in seven-years on Thursday as investors sought safe haven assets after a rise in the number of new coronavirus cases in South Korea added to worries over the global economic impact of the outbreak.
Spot gold was up 0.4% at $1,617.52 per ounce by 1227 GMT, its highest since Feb. 2013.
U.S. gold futures rose 0.6% to $1,620.50.
“As long as the coronavirus problem is in the headlines, gold prices will be very well supported at current levels, if the situation deteriorates prices can even go higher,” said SP Angel analyst Sergey Raevskiy.
We were seeing some profit taking after the last run up in the prices, but overall the environment is very favourable for gold prices, he added.
Even as the number of new coronavirus cases in China slowed, a spike in new infections and a first death in South Korea intensified fears that the disease could spread more widely.
European shares eased from record highs after a raft of disappointing earnings and concerns over the impact of the virus weighed on sentiment.
China cut the benchmark lending rate and banks in Shanghai have issued 1.31 billion yuan ($186.8 million) in cheap loans to 48 key firms to support an economy jolted by the crisis.
The world’s second largest economy is likely to roll out more support measures, analysts said.
U.S. Fed policymakers also acknowledged new risks caused by the epidemic, but were cautiously optimistic about their ability to hold interest rates steady this year, minutes of the central bank’s last policy meeting showed on Wednesday.
“Gold is being driven chiefly by robust investment demand: gold ETFs registered inflows for the 21st day of trading in a row yesterday, and speculative financial investors are likely to have further expanded their net long positions as well,” Commerzbank analysts said in a note.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2% to 931.60 tonnes on Wednesday, their highest since November 2016.
On the technical front, “$1,600 an ounce is a good support (for gold), while resistance lay at $1,613-$1,615,” said Afshin Nabavi, senior vice president at precious metals trader MKS SA.
Elsewhere, palladium fell 0.8% to $2,691.85 an ounce, having touched a record high of $2,841.54 in the previous session on supply deficit concerns.
Silver was steady at $18.40, while platinum slipped 0.7% to $998.50. (Reporting by Sumita Layek and Brijesh Patel in Bengaluru. Editing by Jane Merriman, Kirsten Donovan)
Our Standards: The Thomson Reuters Trust Principles.
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000ea3b16cfa66ed868241e3c280b4ad | https://www.reuters.com/article/global-precious/precious-gold-climbs-to-one-week-peak-as-dollar-slips-on-u-s-stimulus-idUKL4N2J819S?edition-redirect=uk | PRECIOUS-Gold pares gains as stock markets climb, dollar steadies | PRECIOUS-Gold pares gains as stock markets climb, dollar steadies
By Asha Sistla0 Min Read
(Adds analyst comments, detail, updates prices) * Silver hits 1-week peak * Dollar steadies after slipping to 1-week low * Markets in Britain closed for the Boxing Day holiday * Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3mvcUoa By Asha Sistla Dec 28 (Reuters) - Gold prices pared gains on Monday as the dollar recovered losses and stock markets rallied after U.S. President Donald Trump signed a long-awaited pandemic aid bill, while liquidity remained low on account of the holiday season. Spot gold was little changed at $1,877.20 per ounce by 1301 GMT, having earlier risen as high as $1,900.04 an ounce. U.S. gold futures were down 0.2% to $1,878.70. "I think you're seeing some profit-taking coming into the end of the year," said independent analyst Robin Bhar. "There are a significant amount of people being vaccinated with the first dosage and there are plans to widen that, and we are hearing similar stories around the world. This could be a reason why gold is being capped at $1,900." Pfizer is expected to complete distribution of an initial 200 million doses of the COVID-19 vaccine to the European Union by September, a spokesman for the EU Commission said on Monday. Futures tracking the S&P 500 and the Nasdaq were at record levels after Trump signed into law a $2.3 trillion pandemic aid package, restoring unemployment benefits to millions of Americans. Markets in Britain remained closed on Monday for the Boxing Day holiday. Gold earlier hit its highest since Dec. 21 as the dollar index slipped to a one-week low, lifting bullion's appeal for other currency holders. "Gold prices found support just below $1,800 per ounce earlier, and it moved below the 200-day moving average and now it's above again - so that gives a bit more optimism on the outlook for at least the start of 2021," said ABN Amro analyst Georgette Boele. Silver was up 1.9% at $26.34 an ounce, after hitting a one-week peak of $26.75 earlier in the session. Platinum climbed 1.2% to $1,035.55 and palladium gained 1.2% to $2,377.38. (Reporting by Asha Sistla in Bengaluru; Editing by Louise Heavens and Jan Harvey)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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3227d52f22692af57158c71b69dee272 | https://www.reuters.com/article/global-precious/precious-gold-cruises-to-new-high-above-2000-oz-idUKL8N2F7322?edition-redirect=uk | PRECIOUS-Gold bursts through $2,000/oz barrier to new record | PRECIOUS-Gold bursts through $2,000/oz barrier to new record
By Eileen Soreng3 Min Read
* Gold needs a period of consolidation -technical analysts
* Silver rises to more than 7-year high
* Interactive graphic tracking global spread of coronavirus: opens in an external browser tmsnrt.rs/3aIRuz7 (Updates prices)
Aug 5 (Reuters) - Gold soared to a record high on Wednesday as a weakening dollar, falling returns on U.S. bonds and a break above historic resistance at $2,000 an ounce added momentum to buying by investors seeking a safe store of value.
As the COVID-19 pandemic has roiled markets, gold has gained nearly 35% this year and is one of 2020’s best performing assets.
Investors fear economic stimulus unleashed in response to the pandemic will trigger inflation, devaluing other assets, and keeping bond yields historically low, which enhances the appeal of non-yielding gold.
Breaking above $2,000 for the first time on Tuesday and hitting a new high of $2,044.34 an ounce earlier on Wednesday, spot gold was up 1.1% at $2,041.09 by 1337 GMT.
U.S. gold futures climbed 1.7% to $2,055.30.
“There’s a level of fear in the markets which is almost palpable,” said independent analyst Ross Norman.
“Momentum is feeding on itself, based upon real concerns about the failure of the macro economy to show any meaningful signs of recovery.”
Silver prices also jumped 4.2% to $27.10, the highest since April 2013. Silver, which is both a safe-haven asset and widely used in industry, has risen over 51% this year, outperforming even gold.
Inflation-adjusted U.S. 10-year yields have fallen to below minus 1% from 0.15% at the start of this year.
The dollar has also fallen to multi-year lows, making gold cheaper for buyers holding other currencies and denting the appeal of an asset that competes with gold as a safe haven. It fell again on Wednesday as Washington remained deadlocked over a relief package.
Many analysts think gold will rally further, with Bank of America saying it could reach $3,000 over the next 18 months.
“The only thing I can think of that would take the wind out of its sails would be a viable and easily distributable vaccine for the virus,” said StoneX analyst Rhona O’Connell, though she said gold’s journey higher could be volatile.
Many analysts say gold’s rally has been so fast a short-term fall in prices and period of consolidation is likely.
Elsewhere, platinum rose 2.3% to $959.01 and palladium was 1.3% higher at $2,168.04.
Reporting by Arpan Varghese in Bengaluru, Peter Hobson in London; editing by Kirsten Donovan and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.
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daa7645f115b4b45bf6d2ab45c08c554 | https://www.reuters.com/article/global-precious/precious-gold-dips-ahead-of-us-china-deal-palladium-hits-record-high-idUKL4N29J2O4?edition-redirect=uk | PRECIOUS-Gold dips ahead of U.S.-China deal, palladium hits record high | PRECIOUS-Gold dips ahead of U.S.-China deal, palladium hits record high
By K. Sathya Narayanan0 Min Read
(Updates prices) * Palladium hits record high of $2,155.01 * Silver drops to lowest since late December * U.S. removes currency manipulator label for China * Federal Reserve's Beige Book due at 1900 GMT on Wednesday By K. Sathya Narayanan Jan 14 (Reuters) - Gold slipped to more than one-week low on Tuesday as strength in equities markets and hopes for a smooth signing of the U.S.-China Phase 1 trade deal tarnished bullion's safe-haven appeal, while palladium hit a record high. Spot gold dipped 0.4% to $1,542.50 an ounce by 1300 GMT after touching their lowest since Jan. 3 at $1,535.63. U.S. gold futures dropped 0.5% to $1,543.10. "As long as stocks continue to make these record highs, there is no real need for the insurance policies you'll find in gold," Saxo Bank analyst Ole Hansen said. "We have the signing of the trade deal ... we are probably not going to see anyone rocking the boat at this stage, but nevertheless it will give the market an opportunity to read the text and see what's in the deal." Only a day before the Phase 1 trade deal signing, the U.S. Treasury on Monday dropped China's designation as a currency manipulator, fuelling market optimism. Global equities are at record highs but the tide turned at the opening of European markets as traders took profits ahead of the trade deal. "In the current market environment, characterised as it is by high risk appetite among market participants, gold is not in demand," Commerzbank analysts wrote in a note. "The news backdrop at present is not conducive to rising gold prices and is more likely to cause the correction to continue." Bullion rose to its highest in nearly seven years last week on worries over potential military conflict between the United States and Iran, but the rally faded in the absence of any further escalation in tensions. Analysts said investors are still taking some profits after the massive spike in prices. "That has also been noted in the exchange-traded funds market, where there have been some quite sizeable reductions since we reached that high," Saxo Bank's Hansen said. Also on investors' radar was the Fed's Beige Book, a summary of commentary on economic conditions, due on Wednesday. Palladium hit a record high of $2,155.01 an ounce and was on track for a ninth straight session of gains, supported by a sustained supply deficit. The metal widely used in catalytic converters in automobile exhaust systems was up 0.9% at $2,151.71. Elsewhere, silver was down 1.2% at $17.74 after hitting its lowest since Dec. 24 at $17.64 and platinum slipped by 0.6% to $967.86. (Reporting by K. Sathya Narayanan in Bengaluru Editing by David Evans and David Goodman )
Our Standards: The Thomson Reuters Trust Principles.
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f77fd44d5753ac61d0bcb737950bc44e | https://www.reuters.com/article/global-precious/precious-gold-dips-as-astrazeneca-adds-to-vaccine-optimism-idUKL4N2I91W5?edition-redirect=uk | PRECIOUS-Gold dips as AstraZeneca adds to vaccine optimism | PRECIOUS-Gold dips as AstraZeneca adds to vaccine optimism
By Asha Sistla0 Min Read
(Adds analyst comment, updates prices) * AstraZeneca says COVID-19 vaccine can be 90% effective * Equities rally, dollar dips to near three-month low * Interactive graphic tracking global spread of coronavirus: open * tmsnrt.rs/3aIRuz7 in an external browser By Asha Sistla Nov 23 (Reuters) - Gold prices eased on Monday as drugmaker AstraZeneca injected fresh optimism into the race for a COVID-19 vaccine, bolstering appetite for riskier assets and overshadowing support for bullion from a weaker dollar. Spot gold had fallen 0.4% to $1,863.21 per ounce by 1328 GMT and U.S. gold futures were 0.6% lower at $1,861.40. Britain's AstraZeneca said its vaccine could be around 90% effective and will have as many as 200 million doses by the end of 2020. "The fact that we have three vaccine results that are extremely positive is keeping gold under pressure in the near term and also stopping it from any kind of significant rebound," said OANDA analyst Craig Erlam. The positive vaccine developments prompted investors to bet on a quicker global economic recovery, driving equities higher. But bullion's losses were capped by a weaker U.S. dollar, which slipped to a near three-month low, making gold an attractive bet for those holding other currencies. "The expectation now is that there's an extremely strong chance that the ECB and Fed announce more stimulus measures in December in order to support these markets at a time when the COVID spread is getting quite severe and we're seeing lockdown restrictions," OANDA's Erlam said. Non-yielding gold is often seen as a hedge against inflation that is likely to result from the unprecedented stimulus measures adopted globally this year. "The only short-term potential trigger for a move higher (in gold) might be the announcement of a new Treasury Secretary by U.S. President-elect Joe Biden and restart of discussions about a second U.S. stimulus package," said Stephen Innes, chief global market strategist at financial services firm Axi, in a note. Silver fell 0.6% to $24.00 an ounce, platinum dipped 0.6% to $940.00, while palladium was up 0.1% at $2,328.02. (Reporting by Asha Sistla in Bengaluru; Editing by Emelia Sithole-Matarise and Kirsten Donovan)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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6cec9c466bb2ad3b0982ad12f4148358 | https://www.reuters.com/article/global-precious/precious-gold-dips-as-dollar-rises-palladium-falls-back-from-near-2000-idUKL4N28S3E6?edition-redirect=uk | PRECIOUS-Gold dips as dollar rises; palladium falls back from near $2,000 | PRECIOUS-Gold dips as dollar rises; palladium falls back from near $2,000
By Karthika Suresh Namboothiri0 Min Read
(New throughout, updates prices) * Palladium supply to remain tight -analyst * Dollar holds gains * Investors await Trump impeachment vote * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 18 (Reuters) - Gold dipped on Wednesday, weighed down by a firmer dollar which found support from mounting expectations the U.S. Federal Reserve will not cut interest rates soon, while palladium retreated from record highs. Spot gold dipped 0.1% to $1,474.91 per ounce as of 2:07 p.m. ET (1907 GMT). U.S. gold futures also inched down 0.1% to settle at $1,478.70. "The strength of the dollar is weighing on gold, coupled with the fact that the trade deal has removed the urge to get into safe havens like gold or yen," said Edward Meir, analyst at ED&F Man Capital Markets. "We are kind of watching the paint dry... Big and complex issues are deferred and even the Phase 1 deal is not completely nailed down yet." Data on Tuesday showed U.S. manufacturing output rebounded more than expected in November, making it less likely that the Fed would cut interest rates soon. Gold is sensitive to rising interest rates, which lift the opportunity cost of holding it, and boost the dollar, in which the metal is priced. The U.S. currency against a basket of others held gains at 97.41. Due to a lack of follow-through on the upside in gold, investors had started modestly selling the metal, said Afshin Nabavi, senior vice president at precious metals trader MKS SA, adding a break of the $1,465-$1,495 range could attract fresh interest. Gold, on track for its biggest annual gain since 2010, is supported on the back of recessionary fears and as major central banks around the world resort to monetary easing. The U.S. House of Representatives is due to vote later in the day on whether to impeach President Donald Trump. Further support for bullion came from fresh fears of a no-deal Brexit, analysts said. On Tuesday, Britain set a hard deadline of December 2020 to reach a new trade deal with the European Union, reviving fears of a chaotic exit from the bloc. Palladium retreated from a near $2,000 record peak hit on Tuesday, falling 1.5% to $1,925.48. "The (palladium) market is blowing off froth and is likely to mark time towards year-end, but tightness in supply is unlikely to be mitigated in the near future," INTL FCStone analyst Rhona O'Connell said in a note. Among other precious metals, platinum rose 0.7% to $933.74 an ounce, and silver fell 0.1% to $16.99. (Reporting by Karthika Suresh Namboothiri, Eileen Soreng and Harshith Aranya in Bengaluru; Editing by David Gregorio)
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37fa20aadc04d48c9db61a3788b60ef8 | https://www.reuters.com/article/global-precious/precious-gold-dips-as-investors-opt-for-safe-haven-dollar-bonds-idUSL4N1XV4IL | PRECIOUS-Gold dips as investors opt for safe-haven dollar, bonds | PRECIOUS-Gold dips as investors opt for safe-haven dollar, bonds
By Swati Verma4 Min Read
* Silver slips after hitting near two-week high
* Palladium off record highs
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Recasts throughout, updates prices, adds quotes)
BENGALURU, Nov 20 (Reuters) - Gold eased on Tuesday as investors flocked to the dollar and U.S. government bonds amid steep declines in stock markets.
Spot gold was down 0.1 percent at $1,223.33 per ounce at 11:19 a.m. EST (1619 GMT), putting it on mark to snap a five-session winning streak.
U.S. gold futures were down 0.1 percent at $1,224.50.
“It seems like most people are leaving the stock markets, flocking into bonds and ignoring the gold market at this moment. Gold seems to be under pressure because of the strong dollar,” said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.
The dollar rallied from a two-week low and benchmark U.S. Treasury yields slipped to seven-week lows as world stock market declines boosted demand for safe-haven debt and the U.S. currency.
A stronger dollar makes gold, which offers no yield to investors, more expensive for users of other currencies.
Global stock markets have suffered in the past two months, pressured by worries of a peak in corporate earnings growth, rising borrowing costs, slowing global economic momentum, and international trade tensions.
This has partially helped bullion prices recover about 6 percent from 19-month lows hit in mid-August. The metal hit its highest level since Nov. 7 at $1,228.79 earlier on Tuesday.
Fears of a slowing global economy, concerns surrounding Brexit and Italy’s fiscal situation, and uncertainty regarding the China-U.S. trade negotiations are supporting gold prices, said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York.
“I expect gold to move lower if any of the current issues are resolved.”
Investors are now keeping a close eye on a G20 summit later this month in Argentina. U.S. President Donald Trump is expected to meet Chinese President Xi Jinping there to discuss the trade dispute.
“(The) upcoming Nov. 29 meeting between Xi and Trump will be the key. We expect some sort of a truce - not a deal - in which case we could see further dollar weakness and perhaps another leg higher in gold,” INTL FCStone analyst Edward Meir said.
While both leaders expressed optimism about resolving their respective issues ahead of the meeting, a top Chinese diplomat in veiled criticism of Washington said on Monday that the APEC summit’s failure to agree on a communique resulted from certain countries “excusing” protectionism.
Meanwhile, holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.16 percent to 760.86 tonnes on Monday.
Among other precious metals, silver was down 0.8 percent at $14.31 an ounce, after hitting $14.49, its highest level since Nov. 8.
Palladium fell 1.4 percent to $1,146.10 per ounce, after hitting a record high of $1,185.40 on Friday.
Platinum dipped 1.7 percent to $838.50 per ounce.
Trading volumes are expected to remain subdued before the U.S. Thanksgiving holiday on Thursday. (Reporting by Swati Verma in Bengaluru Editing by Paul Simao)
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369a3834f45231687fe0113a162e32fd | https://www.reuters.com/article/global-precious/precious-gold-dips-on-sino-us-trade-optimism-firm-dollar-idUKL4N29I04S?edition-redirect=uk | PRECIOUS-Gold dips on Sino-U.S. trade optimism, firm dollar | PRECIOUS-Gold dips on Sino-U.S. trade optimism, firm dollar
By Reuters Staff0 Min Read
Jan 13 (Reuters) - Gold prices fell on Monday as expectations of an interim trade deal signing between the United States and China boosted the dollar and dented some of bullion's safe-haven appeal. FUNDAMENTALS * Spot gold dipped 0.4% to $1,555.76 per ounce by 0131 GMT. U.S. gold futures fell 0.2% at $1,556.30. * A Phase 1 trade deal between Washington and Beijing is due to be signed at the White House on Wednesday, although negotiations on a phase two deal could go on for months. * U.S. Treasury Secretary Steven Mnuchin said on Sunday, China's commitments in the Phase 1 trade deal were not changed during a lengthy translation process and will be released this week. * A Wall Street Journal report said on Saturday Washington and Beijing have agreed to having semi-annual talks aimed at pushing for reforms in both countries and resolving disputes. * Gold prices had gained 18% last year on the backdrop of a protracted trade tussle between the world's top two economies and its impact on global growth. * Asian shares paused near 19-month peaks ahead of the expected signing on a trade deal. * The dollar index nudged higher boosted by optimism ahead of a trade agreement finalisation, making gold more expensive for buyers using other currencies. * Washington on Friday rejected Iraq's request to pull out its troops, amid heightened U.S.-Iranian tensions. * Physical gold demand improved in India in the second half of last week as domestic prices slipped from a record high, though demand in other Asian regions was dented by a spike in global prices to their highest in nearly seven years. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.86% to 874.52 tonnes on Friday from 882.12 tonnes on Thursday. * Hedge funds and money managers increased their bullish positions in COMEX gold and trimmed their positions in silver contracts in the week to Jan. 7, data showed on Friday. * Elsewhere, palladium rose 0.2% to $2,121.95 an ounce. Silver was down 0.2% to $18.05 per ounce, while platinum edged 0.1% lower to $977.04. DATA/EVENTS (GMT) 0930 UK GDP Est 3M/3M Nov 0930 UK GDP Estimate MM, YY Nov 0930 UK Manufacturing Output MM Nov (Reporting by Asha Sistla in Bengaluru; Editing by Shailesh Kuber)
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2cb634ff28c0e750c601d71d21b85d17 | https://www.reuters.com/article/global-precious/precious-gold-dips-on-stronger-dollar-palladium-pulls-back-from-high-idUKL4N28S2NR?edition-redirect=uk | PRECIOUS-Gold dips on stronger dollar, palladium pulls back from high | PRECIOUS-Gold dips on stronger dollar, palladium pulls back from high
By Swati Verma0 Min Read
(Updates prices, adds comments) * Gold set for biggest annual gain since 2010 * Markets eye U.S. President Trump's impeachment vote * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Swati Verma Dec 18 (Reuters) - Gold eased on Wednesday as a rising dollar offset support for the safe haven metal from lingering U.S.-China trade uncertainty, while palladium slipped after a record run to the key $2,000 an ounce level. Spot gold was 0.3% lower at $1,471.96 per ounce by 1410 GMT, reversing gains from earlier in the session. U.S. gold futures were down 0.3% at $1,476. "The dollar is a little bit stronger,” said Afshin Nabavi, senior vice president at precious metals trader MKS SA, adding, that due to a lack of follow-through on the upside, investors had started modestly selling gold. A break of the $1,465-$1,495 range could attract fresh interest, Nabavi added. The dollar strengthened as U.S. economic data suggested the Federal Reserve was unlikely to cut interest rates further and as liquidity waned before the coming holidays. World stocks also remained just off record highs. Gold, often used as a hedge against political and economic uncertainties, is however on track for its biggest annual gain since 2010, bolstered by interest rate cuts by major central banks and the protracted tariff dispute. U.S. Trade Representative Robert Lighthizer said on Tuesday details of Chinese purchases under the phase one deal would be detailed in writing, but did not say when the written agreement would be released. "This is only phase one (of the trade deal) and there are still open questions as to what will happen next year with IT protection and all the other major issues still to be addressed," said Mitsubishi analyst Jonathan Butler. Also on investors' radar is a U.S. House of Representatives' vote on whether to impeach President Donald Trump later in the day. Palladium dipped 1% to $1,935.38 per ounce. The autocatalyst metal hit a record high of $1,998.43 in the previous session, driven by a sustained shortfall and worsened by recent mine closures in major producer South Africa. "The market set their sights on the key target. Once we did that, we definitely did see some profit-taking - that's the reason we saw that price inflection," said ING analyst Warren Patterson. Silver fell 0.6% to $16.90 per ounce, while platinum was down 0.2% at $925.37. (Reporting by Swati Verma and Eileen Soreng in Bengaluru; Editing by Edmund Blair, Kirsten Donovan)
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8877277c603659013f428c7f898d6f1d | https://www.reuters.com/article/global-precious/precious-gold-dips-to-four-month-low-as-vaccine-hopes-take-centre-stage-idUKL4N2IA2IP?edition-redirect=uk | PRECIOUS-Gold dips to four-month low as vaccine hopes take centre stage | PRECIOUS-Gold dips to four-month low as vaccine hopes take centre stage
By Asha Sistla0 Min Read
(Updates prices, adds context) * Gold's break below $1,800/oz could prompt further dip -analyst * European shares gain on vaccine optimism * EU reaches deal with Moderna for vaccine supply * Interactive graphic tracking global spread of coronavirus: * tmsnrt.rs/3aIRuz7 in an external browser By Asha Sistla Nov 24 (Reuters) - Gold slid to a four-month low on Tuesday, extending a sharp slide from the previous session as optimism over the development of COVID-19 vaccines drove investors to riskier assets. Spot gold dropped 1.3% to $1,812.81 an ounce by 1218 GMT, having touched its lowest since July 17 at $1,804.70, while U.S. gold futures lost 1.5% to $1,810.60. European equities rose on a possible easing of COVID-19 curbs and progress on vaccines from the likes of AstraZeneca , Pfizer and Moderna . The European Union has reached a deal with U.S. biotech company Moderna for supply of its vaccine, an EU official told Reuters on Tuesday. "We had news about the vaccine, saw yields moving higher in U.S.; even the dollar went lower and gold is not profiting from that ... This is a very bad sign for gold and means there is underlying weakness building up," said ABN Amro analyst Georgette Boele. A break below support at $1,800 would trigger further price declines, Boele added. The dollar held close to its lowest in nearly three months, potentially making gold cheaper for buyers with other currencies. Equities markets were also supported by clearance for U.S. President-elect Joe Biden's transition to the White House, even though President Donald Trump stopped short of conceding defeat in the Nov. 3 election. "The acknowledgement of Biden's victory from the Republicans is likely to reduce the risk of further tensions and represents a supportive element for stocks, while haven assets such as gold are suffering," ActivTrades' chief analyst Carlo Alberto De Casa said in a note. However, central banks will still be forced to print a huge amount of money, which could revive investor interest in gold before long, De Casa added. Gold is considered a hedge against inflation and currency debasement that is likely to result from unprecedented global stimulus to fight the economic impact of the COVID-19 pandemic. In other precious metals, silver dipped 1.4% to $23.25 an ounce, platinum was flat at $925.87 and palladium dropped 1.4% to $2,323.13. (Reporting by Asha Sistla in Bengaluru Editing by Mark Potter and David Goodman)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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0944be413e9d379849a71a44b7f0b727 | https://www.reuters.com/article/global-precious/precious-gold-dips-to-near-2-week-low-on-solid-china-data-trade-deal-optimism-idINL4N29J0T9?edition-redirect=in | PRECIOUS-Gold dips to near 2-week low on solid China data, trade deal optimism | PRECIOUS-Gold dips to near 2-week low on solid China data, trade deal optimism
By Asha Sistla0 Min Read
(Updates prices) * U.S. removes currency manipulator label for China * China Dec exports, imports rise more than expected * Silver hits lowest level since late December By Asha Sistla Jan 14 (Reuters) - Gold prices fell to their lowest in nearly two weeks on Tuesday as risk appetite was whetted by stronger-than-expected China economic data and the imminent signing of a preliminary U.S.-China trade deal. Spot gold slipped 0.4% to $1,541.81 per ounce by 0725 GMT. Earlier in the day, prices fell to their lowest since Jan. 3 at $1,535.63. U.S. gold futures dropped 0.5% to $1,542.40. Asian shares rallied amid signs of goodwill between the world's two top economies as they prepared to sign a truce in their 18-month-long tariff dispute that has upended the global economy. "It is mainly because of increased risk appetite and U.S. removing China's label as a currency manipulator that has greatly eased any economic tensions between these two countries," said Helen Lau, analyst at Argonaut Securities. Just a day before the Phase 1 trade deal signing, the U.S. Treasury on Monday dropped China's designation as a currency manipulator, signalling a further thawing of relations. U.S. Trade Representative Robert Lighthizer said the Chinese translation of the deal was nearly done and would be made public prior to the signing ceremony on Wednesday. Meanwhile, a Reuters report said China has pledged to buy nearly an additional $80 billion of manufactured goods and over $50 billion more in energy supplies from the United States over the next two years. However, concerns remained that the trade war that has roiled global markets over the past one and a half years is not over. Data out of China showed exports rose for the first time in five months in December, while imports also surpassed expectations. Stronger-than-expected import and export numbers showed stabilisation of the Chinese economy - a very positive sign for global economic growth, Argonaut Securities' Lau said. Gold prices gained 18% last year mainly driven by the tariff dispute and its impact on the global economy. "With such strong global growth sentiment evident in markets around the world, and a lack of geopolitical tensions to give support, gold's price erosion is likely to continue," Jeffrey Halley, senior market analyst, OANDA, said in a note. Spot gold may fall towards $1,524 per ounce, according to Reuters technical analyst Wang Tao. Elsewhere, silver was down 1.2% to $17.76 per ounce, having hit its lowest since late December at $17.64 earlier in the session. Palladium was flat at $2,132.83 an ounce, while platinum fell 0.6% to $968.48. (Reporting by Asha Sistla in Bengaluru; Editing by Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
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4bca49d5224ba8017b9112ab1dac1ac8 | https://www.reuters.com/article/global-precious/precious-gold-dips-to-two-week-low-on-recovery-hopes-idUSL4N2D920D | PRECIOUS-Gold dips to two-week low on recovery hopes | PRECIOUS-Gold dips to two-week low on recovery hopes
By Brijesh Patel0 Min Read
* Gold will breach $2,000/oz in next 12 months - Citi * For an interactive graphic tracking the global coronavirus spread, open tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Brijesh Patel May 27 (Reuters) - Gold dropped to its lowest in two-weeks on Wednesday as hopes of quick economic recovery drove investors towards riskier assets, although U.S.-China tensions over Hong Kong put a floor under bullion prices. Spot gold was down 0.6% at $1,700.30 per ounce by 1223 GMT. U.S. gold futures fell 0.8% to $1,691.80. "It's very important for gold prices to stay above $1,700. Otherwise, if the price correction continues, speculative investors are likely to leave this boat and increase pressure on prices," said Commerzbank analyst Eugen Weinberg. "One can mention the geopolitical tensions are contributing somewhat and supporting gold prices currently. But, until now this situation has failed to ignite fears on the equity market." Optimism about the development of coronavirus vaccines and a revival of business activity has lifted risk sentiment in the financial markets. After a batch of poor economic readings from the United States, data on Tuesday showed U.S. consumer confidence nudged up in May and new home sales beat expectations. Despite the pullback in bullion prices, the outlook remains positive for gold, which is seen as a safe-haven asset during times of political and economic uncertainty, analysts said. The risks of a temporary short-term gold market unwind to a low- to mid-$1,600 level seems to be rising, Citi said in a note, adding it remained "outright bullish (on) gold over the medium term and forecast that $2,000 ounce will be breached in the next 12 months". Growing political unrest in Hong Kong over Beijing's proposed national security laws has kept investors on edge. U.S. President Donald Trump said Washington was working on a strong response to China, adding it would be announced before the end of the week. Elsewhere, palladium eased 0.1% to $1,954.75 per ounce, silver fell 0.3% to $17.05 and platinum was steady at $839.74. (Reporting by Brijesh Patel in Bengaluru; editing by Pritha Sarkar and Barbara Lewis)
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dd4a672b46fd4477485b6487c5911748 | https://www.reuters.com/article/global-precious/precious-gold-dives-below-1800-on-optimism-for-economic-recovery-idUSL4N2ID38E | PRECIOUS-Gold dives below $1,800 on optimism for economic recovery | PRECIOUS-Gold dives below $1,800 on optimism for economic recovery
By Diptendu Lahiri3 Min Read
(Updates prices)
* Gold set for biggest weekly decline since end-September
* Gold has declined nearly $300/oz from record high hit in August
* Silver hits 2-month low, on track for 6% weekly fall
* Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3mvcUoa
Nov 27 (Reuters) - Gold slumped 2%, breaking below the key $1,800 support level to a near five-month trough on Friday, as growing optimism about a quick vaccine-fuelled economic recovery and a smooth White House transition powered U.S. equities to records.
Spot gold slid 1.3% to $1,787.46 per ounce by 1:15 p.m EST (1815 GMT), earlier falling to its lowest since July 6 at $1,773.10 an ounce.
The metal has shed about 4.5% so far this week, the most since the week of Sept. 25.
U.S. gold futures settled down 1.3% at $1,781.90 per ounce.
“As soon as prices touched below the key $1,800 level, it triggered a sell-off. It is probable that prices might test the $1,750 level given we have a strong fundamental reason like the vaccine,” said OANDA analyst Craig Erlam.
Further weighing on gold, U.S. equities raced to a record on the vaccine optimism and as investors bet on calmer global trade under a Joe Biden administration in the United States.
“It is believed that Biden will take a calmer approach towards trade with other countries like China and that is getting reflected in the stock market,” said Natixis analyst Bernard Dahdah.
U.S. President Donald Trump said on Thursday that if the Electoral College votes for Biden, he will leave the White House, paving the way for Biden to formally take up the presidency.
“However, with ultra-low interest rates and prospects of more stimulus in the economy, gold looks robust in the longer term,” Dahdah said.
The economic impact of the COVID-19 pandemic has led global central banks to keep interest rates at a minimum.
Along with that, massive amounts of stimulus into the economy has raised concerns of a higher inflation, helping gold gain more than 17% so far this year.
In other metals, silver dropped 3.5% to $22.63 per ounce and has fallen 6.4% so far this week.
Platinum rose 0.2% to $963.45 and palladium gained 1.6% to $2,420.18.
Reporting by Diptendu Lahiri and Swati Verma in Bengaluru, Editing by Chizu Nomiyama and Timothy HeritageOur Standards: The Thomson Reuters Trust Principles.
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92342eefde31809841a85726cda265de | https://www.reuters.com/article/global-precious/precious-gold-drops-1-as-dollar-rises-after-feds-upbeat-economic-view-idUKL4N2GE0KW?edition-redirect=uk | PRECIOUS-Gold drops as dollar rises on Fed's upbeat economic view | PRECIOUS-Gold drops as dollar rises on Fed's upbeat economic view
By Brijesh Patel0 Min Read
* Dollar hits more than one-week high * Fed to hold rates near zero until at least 2023 * Platinum falls more than 2% * Interactive graphic tracking global spread of coronavirus: here (Updates prices) By Brijesh Patel Sept 17 (Reuters) - Gold prices fell on Thursday as the dollar climbed after the U.S. Federal Reserve painted a favourable economic recovery picture but stopped short of offering concrete signals on further stimulus. Spot gold was down 0.8% at $1,944.63 per ounce by 0700 GMT. U.S. gold futures slipped 0.9% to $1,951.90. "Investors across the Asia-Pacific are perhaps not inspired by last night's FOMC (Federal Open Market Committee) meeting, in which the central bank seems to be reluctant to add stimulus in view of improving fundamentals," said Margaret Yang, a strategist with DailyFx, which covers currency, commodity and index trading. "This led to a stronger U.S. dollar, and a weaker gold price." The dollar index rose to a more than one-week high against its rivals after the Fed signalled on Wednesday it expected the U.S. economic recovery from the coronavirus crisis to accelerate, with unemployment falling faster than the central bank's forecast in June. Meanwhile, the Bank of Japan kept monetary policy steady and slightly upgraded its view on the economy, suggesting that no immediate expansion of stimulus was needed to combat the coronavirus pandemic. Offering gold some support, the Fed pledged to keep rates pinned near zero levels until inflation was on track to "moderately exceed" its 2% inflation target "for some time". Lower interest rates decrease the opportunity cost of holding non-yielding bullion. Gold is also used as a hedge against inflation. "Lower-for-longer interest rates, continued quantitative easing by central banks and the U.S. fiscal position potentially debasing the dollar continue to be long-term supportive factors for a higher gold price," said Jeffrey Halley, a senior market analyst at OANDA. Elsewhere, silver dropped 1.7% to $26.78 per ounce, platinum dipped 2.4% to $945.35 and palladium slipped 1.4% to $2,366.91. (Reporting by Brijesh Patel in Bengaluru; Editing by Devika Syamnath and Kevin Liffey)
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9b698a11075ecf78bb295a255e53c48f | https://www.reuters.com/article/global-precious/precious-gold-eases-as-dollar-ticks-higher-markets-eye-stimulus-details-idUSL4N2JO2HO | PRECIOUS-Gold eases as dollar ticks higher; markets eye stimulus details | PRECIOUS-Gold eases as dollar ticks higher; markets eye stimulus details
By Asha Sistla0 Min Read
* U.S. Fed's Beige Book due at 1900 GMT * Fed officials expect U.S. economy rebound on vaccinations * Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3mvcUoa (Adds analyst comments, updates prices) By Asha Sistla Jan 13 (Reuters) - Gold prices eased on Wednesday, reversing earlier gains, as the dollar firmed and U.S. yields held close to recent highs, with investors awaiting for more details on American fiscal stimulus measures. Spot gold was down 0.1% at $1,853.80 per ounce by 1107 GMT, while U.S. gold futures were up 0.6% at $1,854.30. "We've got this uncertainty about what's going to be coming on the fiscal stimulus front over the course of a few months and until we get more details on that, gold could go either way," said Michael Hewson, chief market analyst at CMC Markets UK. "The risk is to the downside for gold. Concerns about inflation expectations and a firmer dollar have acted as a little bit of an anchor on the gold price." U.S. President-elect Joe Biden said he would unveil a plan on Thursday to inject the coronavirus-hit economy with "trillions" of dollars in relief measures. Bullion is seen as a hedge against inflation and currency debasement that could result from large stimulus measures. Benchmark 10-year Treasury yields hovered close to near 10-month highs, and the dollar index held firm, making gold expensive for holders of other currencies. U.S. Federal Reserve officials expect a quick economic recovery if COVID-19 vaccinations gather pace, but that could leave markets guessing about the outlook for the central bank's monetary policy. "If the U.S. economy is ticking along nicely, the Fed will look to act. The reality is, its balance sheets are bloated and any improvement in the outlook will at least reduce its seamless efforts," said Michael McCarthy, chief market strategist at CMC Markets. The release of the Fed's "Beige Book" survey of businesses is awaited later on Wednesday. Among other precious metals, silver dipped 0.7% to $25.39 an ounce, platinum fell 0.2% to $1,073.53 and palladium was up 0.1% at $2,393.72. (Reporting by Asha Sistla and Sumita Layek in Bengaluru; Editing by Pravin Char)
Our Standards: The Thomson Reuters Trust Principles.
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a55317d7559909b1071421bb0fbf274c | https://www.reuters.com/article/global-precious/precious-gold-eases-as-investors-await-fed-minutes-idUKL4N2FJ0Q8?edition-redirect=uk | PRECIOUS-Gold firms on weaker dollar as focus turns to Fed | PRECIOUS-Gold firms on weaker dollar as focus turns to Fed
By Harshith Aranya0 Min Read
* Specs cut bullish gold positions in week to Aug. 11 - CFTC * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Adds comment, updates prices) By Harshith Aranya Aug 17 (Reuters) - Gold rose on Monday as the dollar eased, recouping initial declines following a steep drop in the previous week, with focus on the release of U.S. Federal Reserve minutes later this week. Spot gold rose 0.3% to $1,949.09 per ounce by 0636 GMT. Gold fell 4.5% last week in its biggest decline since March as investors reassessed positions after bullion retreated from a record peak of $2,072.50 scaled on Aug. 7. U.S. gold futures gained 0.5% at $1,958.90 per ounce. Gold does not "seem ready to resume the selloff in earnest as traders wait for FOMC meeting minutes and the fate of U.S. fiscal stimulus negotiations," said DailyFx currency strategist Ilya Spivak. "Prices may need to reclaim a foothold above the $2,000/oz figure to suggest near-term selling pressure has been neutralized." Making gold more attractive for holders of other currencies, the dollar slipped as investors were relieved by a delay in the review of a U.S.-China trade pact. While a rise in real U.S. bond yields and profit taking "stifled gold's upward trajectory" somewhat, fundamentals look sound, said National Australia Bank economist John Sharma. The minutes from the Fed's last policy meeting are due on Wednesday, with focus on any hints of a possible change to its guidance at its next review in September. "The document might suggest the Fed is not in a hurry to expand the monetary support toolkit for now," DailyFx's Spivak added. "The sense of urgency could be reduced further if Democrats and Republicans manage to agree on another round of fiscal support." Gold has risen 28.4% so far this year as unprecedented global stimulus to ease the economic blow from the COVID-19 pandemic pushed investors to bullion as a hedge against inflation and currency debasement. Silver rose 1.5% to $26.81 per ounce, platinum rose 2.1% to $955.54 per ounce and palladium gained 2.6% to $2,164.07 per ounce. (Reporting by Harshith Aranya in Bengaluru; Editing by Subhranshu Sahu and Amy Caren Daniel)
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c89023a199156e698fb931da3e0ab5cc | https://www.reuters.com/article/global-precious/precious-gold-eases-as-stocks-gain-set-for-best-weekly-jump-in-over-4-months-idUKL4N29104L?edition-redirect=uk | PRECIOUS-Gold eases as stocks gain; set for best weekly jump in over 4 months | PRECIOUS-Gold eases as stocks gain; set for best weekly jump in over 4 months
By Reuters Staff0 Min Read
Dec 26 (Reuters) - Gold prices edged lower on Friday on rising risk appetite buoyed by optimism over an interim U.S.-China trade deal, but bullion was still set to register its best week in more than four months. FUNDAMENTALS * Spot gold fell 0.1% to $1,509.56 per ounce by 0136 GMT. Prices peaked to their highest since Nov. 4 at $1,512.30 in the previous session. U.S. gold futures were unchanged at $1,514.40 per ounce. * For the week, spot gold was on track to post a jump of 2%, its best weekly rise since early August. * Asian shares climbed to 18-month peaks supported by positive trade ties between U.S. and China on the soon to be signed interim trade deal. * China's Commerce Ministry said on Thursday that Beijing and Washington were still in the process of completing necessary procedures while maintaining close communication to sign the deal. * Gold has risen nearly 18% so far this year owing to a 17-month long tariff war. * Weighing on gold, data on Friday showed profits at China's industrial firms in November grew 5.4% from a year earlier, while data on Thursday showed U.S. jobless claims fell last week indicating ongoing labour market strength. * The Nasdaq crossed the 9,000-point mark for the first time on Thursday as all three major Wall Street indexes posted record closing highs. * Zambia plans to make copper mining companies account for the gold they produce as it seeks to boost revenue from its mineral resources, a senior ministry of mines official said on Thursday. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose 0.4% to 892.37 tonnes on Thursday from 888.86 tonnes on Tuesday. * Elsewhere, silver was flat at $17.88 per ounce, while platinum rose 0.2% to $949.19. Both the metals were poised to register their best week since late August. * Palladium edged 0.1% lower to $1,899.90 per ounce. (Reporting by Asha Sistla in Bengaluru; Editing by Rashmi Aich)
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58e04bcbb8775890631ff9a07542581a | https://www.reuters.com/article/global-precious/precious-gold-eases-as-trade-optimism-offsets-us-political-uncertainty-idUKL4N28T2WD?edition-redirect=uk | PRECIOUS-Gold eases as trade optimism offsets U.S. political uncertainty | PRECIOUS-Gold eases as trade optimism offsets U.S. political uncertainty
By Eileen Soreng0 Min Read
(Updates prices) * U.S. Senate widely expected not to remove Trump from office * Gold range-bound in $1,465-$1,480 level- analyst * China unveils new list of tariff exemptions on U.S. goods * SPDR Gold Trust holdings rise By Eileen Soreng Dec 19 (Reuters) - Gold eased on Thursday as optimism surrounding U.S.-China trade ties offset support from political uncertainty stemming from the U.S. House of Representatives' vote to impeach President Donald Trump. Spot gold dipped 0.1% to $1,474.34 per ounce as of 1326 GMT. U.S. gold futures were unmoved at $1,478.20. "We do have optimism over the phase one trade deal," said FXTM analyst Lukman Otunuga. "Until we have anything new in the picture, gold is going to continue trading within a tight range ... Resistance (lay) around the $1,480 level and support around $1,465." China on Thursday announced a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced an interim trade deal. Until all existing tariffs are fully rolled back, concerns about slowing global growth are going to remain a major theme supporting gold prices, Otunuga added. The tariff dispute has weighed on economic growth worldwide and hurt business investment and confidence, largely fuelling bullion's near 15% rise this year. Investors also kept a close eye on political proceedings in Washington, where the Democratic-led House of Representatives formally charged Trump with abuse of power and obstruction of Congress in a historic step that will inflame partisan tensions across a deeply divided America. However, the Republican-controlled Senate is widely expected not to convict Trump and remove him from office. If the U.S. Senate convicts Trump, "which would be unexpected, that throws next year's election into a very uncertain place," Ilya Spivak, a senior currency strategist at DailyFx said, adding the resultant aversion towards riskier asset could benefit gold. The yellow metal is often seen as an alternative investment during times of political and financial uncertainty. Although the reaction to the impeachment was largely muted, world stocks drifted down from the week's record highs, while the U.S. dollar eased slightly against a basket of currencies. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.3% to 883.29 tonnes on Wednesday. Elsewhere, palladium was flat at $1,922.63 an ounce. Prices of the autocatalyst metal hit an all-time peak of $1,998.43 on Tuesday, within a whisker of breaking above $2,000 for the first time due to a gaping supply deficit. Silver was down 0.2% at $16.97 per ounce, while platinum slipped 0.5% to $930.75. (Reporting by Eileen Soreng in Bengaluru; editing by David Evans and Alexandra Hudson)
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6a6cdeeb40d0786c8b10cd07166b9e89 | https://www.reuters.com/article/global-precious/precious-gold-edges-down-as-trade-progress-supports-riskier-assets-idINL4N28U16C?edition-redirect=in | PRECIOUS-Gold edges down as trade progress supports riskier assets | PRECIOUS-Gold edges down as trade progress supports riskier assets
By Asha Sistla0 Min Read
(Adds comment, updates prices) * Mnuchin: U.S.-China to sign trade pact in January * Palladium set to gain for a fifth straight week * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Asha Sistla Dec 20 (Reuters) - Gold edged lower in range-bound trade on Friday, pressured by increased risk appetite on hopes of an interim Sino-U.S. deal being signed soon, while investors awaited U.S. GDP data for fresh cues on the state of economy. U.S. Treasury Secretary Steven Mnuchin said on Thursday the United States and China would sign their so-called Phase one trade pact at the beginning of January, adding that it would not be subject to any renegotiation. Spot gold fell 0.1% to $1,477.95 per ounce by 0808 GMT. U.S. gold futures were down 0.2% to $1,481.90 per ounce. "The real driver for gold markets has been trade-war risk and with its de-escalation in phase one on the back of Mnuchin's comments is not bullish for gold," said Stephen Innes, a market strategist at AxiTrader. China's finance ministry unveiled a new list of import tariff exemptions for a duration of one year starting Dec. 26 for six chemical and oil products from the United States. The easing of the trade dispute boosted share markets, with Asian stocks holding close to 18-month peaks. The dollar was steady, even as it was set to gain for the first week in four, supported by better-than-expected U.S. economic data. The initial U.S. jobless claims report was strong with applications for unemployment benefits slipping from a more than two-year high. Investors now await U.S. gross domestic product data due out later on Friday. "Gold is consolidating at the top of its recent range with the dollar a bit stronger and a positive risk environment," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA. "Doesn't look like anyone wants to take the market higher, the market seems really well-balanced at these levels for now." Meanwhile, in Britain, Prime Minister Boris Johnson promised to "get the Brexit vote wrapped up for Christmas", following his landslide election victory. "Key factors to watch for gold next year will be the second phase of the U.S.-China trade negotiations, the U.S. election, global monetary policy, and the investor response to these developments," Standard Chartered Bank analyst Suki Cooper said in a note. Elsewhere, palladium rose 0.4% to $1,943.21 per ounce and was on track for a fifth straight week of gains. Prices of the autocatalyst metal had hit an all-time peak of $1,998.43 on Tuesday on a sustained supply crunch. Silver was flat at $17.06 per ounce, while platinum fell 0.2% to $931.91. (Reporting by Asha Sistla in Bengaluru Editing by Rashmi Aich, Robert Birsel)
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88dfe04137d9b49ee49ef641dcd58065 | https://www.reuters.com/article/global-precious/precious-gold-edges-up-ahead-of-g7-dollar-recovery-caps-gains-idUSL3N1TA36I | PRECIOUS-Gold edges up ahead of G7, dollar recovery caps gains | PRECIOUS-Gold edges up ahead of G7, dollar recovery caps gains
By 0 Min Read
* Gold holds within narrowest weekly range in 11 years * Silver eyes biggest weekly rise in seven weeks * GRAPHIC-2018 metals price performance: tmsnrt.rs/2jvdmXl (Updates prices; adds comment, byline; NEW YORK to dateline) By Renita D. Young and Jan Harvey NEW YORK/LONDON, June 8 (Reuters) - Gold firmed on Friday as a rise in risk aversion ahead of G7 talks this weekend lent support, but the yellow metal remained hemmed within its narrowest weekly range in over a decade as a recovery by the dollar capped gains. Expectations that the Federal Reserve will announce another U.S. interest rate hike next week also pressured gold. Higher rates lift the opportunity cost of investing in non-yielding assets, such as bullion. Spot gold inched up 0.1 percent to $1,298.11 per ounce by 1:35 p.m. EDT (1735 GMT), while U.S. gold futures for August delivery settled down 30 cents, or 0.02 percent, at $1,302.70 per ounce. Gold has hardly budged since last Friday's close, with the spread between its highs and lows at just $13.70 an ounce - the narrowest of any week since August 2007. Bullion headed for a weekly rise of 0.4 percent. World stocks fell as expectations of trade tensions dominating this weekend's G7 summit weighed on risk sentiment. The dollar edged off a three-week low rising against the euro. Ahead of the G7 summit in Canada, leaders of the seven rich countries were seen as more divided than at any time in the group's 42-year history, as Trump's "America First" policies risk causing a global trade war and deep diplomatic schisms. "Gold is up today, but not doing much. The G7 talks are a bit disconcerting with tariffs. We have the Fed meeting coming on Wednesday keeping a lid on gold," said Patrick Magilligan, director of metals marketing for Key Metal Refining. "The June 12 meeting with (North) Korea, probably underneath the gold price, keeping it buoyant," he added. U.S. President Donald Trump is set to meet North Korean leader Kim Jong Un in Singapore on June 12, the same day as the Federal Open Market Committee starts its two-day meeting on U.S. monetary policy. "It'll be important what the direction from the Fed is ... We are still expecting two more hikes after next week," said ABN Amro analyst Georgette Boele. A European Central Bank meeting on rates on Thursday is also in focus for traders next week. Silver increased 0.2 percent at $16.70 an ounce, after hitting its highest in more than six weeks on Thursday. It was on track for a 2.3 percent rise for the week, its biggest in seven weeks. It is poised for a rally before the end of the year, traders said. Palladium dropped 0.3 percent at $1,008.75 an ounce, on track for a 0.8 percent weekly increase. Platinum gained 0.3 percent at $899.50 an ounce, headed for a 0.4 percent weekly rise. (Additional reporting by Karen Rodrigues in Bengaluru; editing by Susan Fenton and G Crosse)
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dd6b9b36bf2cfa09c68a4d666b36c1bb | https://www.reuters.com/article/global-precious/precious-gold-edges-up-as-dollar-holds-steady-idINL4N1OE08E?edition-redirect=in | PRECIOUS-Gold edges up as dollar holds steady | PRECIOUS-Gold edges up as dollar holds steady
By Reuters Staff0 Min Read
Dec 14 (Reuters) - Gold inched up in early trade on Thursday as the dollar was nearly unchanged after tumbling in the previous session following the U.S. Federal Reserve's widely expected decision to raise interest rates, although it left the outlook on rates unchanged. FUNDAMENTALS * Spot gold was up 0.15 percent at $1,257.11 an ounce as of 0123 GMT, after rising nearly 1 percent in the previous session. * U.S. gold futures were up nearly 1 percent at $1,260.60. * The dollar index , which tracks the greenback against a basket of six major currencies, was little changed, after falling 0.7 percent on Wednesday. * The Federal Reserve raised interest rates by a quarter of a percentage point to a range of 1.25 percent to 1.50 percent on Wednesday, with policymakers projecting a short-term jump in U.S. economic growth from the Trump administration's proposed tax cuts. * Underlying U.S. consumer inflation slowed in November, held down by weak healthcare costs and the biggest drop in apparel prices in nearly two decades, which could impact the pace at which the Federal Reserve raises interest rates next year. * The European Central Bank is likely to bump up some of its economic forecasts on Thursday and may debate tweaking its pledge to keep money at its current, ultra-easy level, but will ultimately reaffirm is policy stance. * Congressional Republicans reached a deal on final tax legislation on Wednesday, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans. * U.S. Deputy Attorney General Rod Rosenstein on Wednesday dismissed Republican lawmakers' charges that government attorneys and agents investigating allegations of Russian interference in the 2016 election are biased against President Donald Trump. * No negotiations can be held with North Korea until it improves its behaviour, a White House official said on Wednesday, raising questions about U.S. Secretary of State Rex Tillerson's offer to begin talks with Pyongyang any time and without pre-conditions. * UK Prime Minister Theresa May's government was defeated on Wednesday, when lawmakers forced through changes to its Brexit blueprint that ministers said could endanger Britain's departure from the European Union. DATA/EVENT AHEAD (GMT) 0200 China Industrial output Nov 0200 China Retail sales Nov 0200 China Urban investment Nov 0800 France Markit manufacturing PMI flash Nov 0830 Germany Markit manufacturing PMI flash Nov 0900 Euro zone Markit manufacturing PMI flash Nov 0930 Britain Retail sales Nov 1245 European Central Bank announces interest rate decision 1330 ECB President Mario Draghi holds news conference 1330 U.S. Import prices Nov 1330 U.S. Export prices Nov 1330 U.S. Weekly jobless claims 1330 U.S. Retail sales Nov 1445 U.S. Markit manufacturing PMI flash Nov 1500 U.S. Business inventories Oct (Reporting by Apeksha Nair in Bengaluru; Editing by Biju Dwarakanath)
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db1dca8da2322235ce5c8169822096ce | https://www.reuters.com/article/global-precious/precious-gold-edges-up-as-recovery-hopes-ebb-on-u-s-jobs-data-virus-concerns-idUKL4N2IC028?edition-redirect=uk | PRECIOUS-Gold edges up as recovery hopes ebb on U.S. jobs data, virus concerns | PRECIOUS-Gold edges up as recovery hopes ebb on U.S. jobs data, virus concerns
By Reuters Staff0 Min Read
Nov 26 (Reuters) - Gold prices ticked up on Thursday as disappointing U.S. jobs data and a resurgence of COVID-19 cases worldwide cast doubts over a swift economic recovery and paused a rally in traditional risk assets. FUNDAMENTALS * Spot gold rose 0.3% to $1,810.06 per ounce by 0052 GMT. U.S. gold futures were steady at $1,805.50. * Asian shares dipped slightly on Thursday as the hot run-up in global markets took a breather. * The number of Americans filing first-time claims for jobless benefits increased to a seasonally adjusted 778,000 last week amid surging coronavirus cases and business restrictions, U.S. Labor Department data showed on Wednesday. * Deaths from COVID-19 in the United States surpassed 2,000 in a single day for the first time since May on Tuesday and hospitalizations reached a record of more than 89,000 on Wednesday. * U.S. central bankers agreed asset purchases supported the economy, according to the minutes of the Nov. 4-5 meeting released on Wednesday. Some Federal Open Market Committee participants said they expected the Fed to eventually lengthen the maturity of the bonds purchased. * British Prime Minister Boris Johnson said on Wednesday he would not be asking for more time to negotiate a post-Brexit trade deal with the European Union, beyond the current transition period of Dec. 31. * While some analysts believe bullion's rally has peaked alongside the recent progress on a COVID-19 vaccine, others say prices may still have some room to rise. * Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.4% to 1,194.78 tonnes on Wednesday from 1,199.74 tonnes on Tuesday. * Silver rose 0.2% to $23.35 per ounce. Platinum gained 0.2% to $965.52 and palladium was 0.6% higher at $2,342.16. DATA AHEAD (GMT) 0700 Germany Dec. GfK Consumer Sentiment 0745 France Nov. Consumer Confidence (Reporting by Nakul Iyer in Bengaluru; Editing by Ramakrishnan M.)
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6372eb10a7ea1fe6fa87914fb9477fc6 | https://www.reuters.com/article/global-precious/precious-gold-edges-up-holds-near-2-month-peak-in-thin-volume-trade-idUKL4N294072?edition-redirect=uk | PRECIOUS-Gold edges up, holds near 2-month peak in thin-volume trade | PRECIOUS-Gold edges up, holds near 2-month peak in thin-volume trade
By Reuters Staff0 Min Read
Dec 30 (Reuters) - Gold prices inched up on Monday, holding below a near two-month peak hit in the previous session, as investors hedged against risks in thin year-end trading after U.S. military strikes in the Middle East. FUNDAMENTALS * Spot gold rose 0.3% to $1,514.56 per ounce by 0112 GMT. Prices hit their highest since Nov. 1 at $1,515.09 on Friday. U.S. gold futures were unchanged at $1,517.50. * Gold prices have risen about 18% this year, mainly due to the 17-month-long Sino-U.S. tariff war and its impact on global economic growth. * U.S. officials said on Sunday that air strikes in Iraq and Syria against an Iran-backed militia group were successful, but warned that "additional actions" might still be taken in the region to defend U.S. interests. * President Donald Trump was briefed by his top national security advisers on the air strikes against what U.S. officials said was an Iran-sponsored group in Iraq and Syria, Secretary of State Mike Pompeo said. * Investors also kept a close eye on developments regarding a trade agreement between Washington and Beijing after Trump last week said there would be a signing ceremony for the first phase of the deal. * Indicative of investor sentiment, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.1% to 893.25 tonnes on Friday from 892.37 tonnes on Thursday. * Gold prices flipped to a premium last week in India due to limited supplies even as demand remained subdued, while other Asian regions barely saw any holiday purchasing. * Among other precious metals, silver rose 0.9% to$17.91 per ounce, while platinum climbed 0.8% to $952. Palladium edged 0.2% higher to $1,909.19 per ounce. DATA AHEAD (GMT) 0600 Russia Markit Mfg Nov 0800 Spain GDP Q3 0800 Spain HICP Flash YY Dec 0800 Switzerland KOF Indicator Dec 1230* Brazil Primary Budget Surplus Nov 1445* U.S. Chicago PMI Dec 1500 U.S. Pending Home Sales Change MM Nov 1530 U.S. Texas Manufacturing Outlook Survey Dec *approximate release time (Reporting by Sumita Layek in Bengaluru; Editing by Kim Coghill and Subhranshu Sahu)
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5885a4fc9bc40faf3b9001daf55502d1 | https://www.reuters.com/article/global-precious/precious-gold-falls-ahead-of-us-china-trade-deal-on-improved-risk-appetite-idINL4N29J095?edition-redirect=in | PRECIOUS-Gold falls ahead of U.S.-China trade deal on improved risk appetite | PRECIOUS-Gold falls ahead of U.S.-China trade deal on improved risk appetite
By Reuters Staff0 Min Read
Jan 14 (Reuters) - Gold fell on Tuesday, as investors opted for riskier assets after the United States dropped China's designation as a currency manipulator ahead of an interim deal between the two sides to ease their trade dispute. FUNDAMENTALS * Spot gold dipped 0.7% to $1,537.67 per ounce by 0126 GMT. U.S. gold futures fell 0.9% to $1,537.10. * Global equities rallied to reach fresh record highs as the world's two biggest economies prepare to formalise a truce. * U.S. Trade Representative Robert Lighthizer said that the Chinese translation of the deal was almost completed and would be made public on Wednesday, just prior to a signing ceremony. * The U.S. Treasury on Monday said China should no longer be designated a currency manipulator in a long-delayed semi-annual currency report, reversing its August finding; the decision coincided with the arrival of a high-level Chinese delegation for a trade deal signing. * However, a senior U.S. Chamber of Commerce official said, the deal "stops the bleeding" but is not an end to the trade war as significant challenges remain. * Meanwhile, the dollar index held steady against a basket of rivals, making gold expensive for holders of other currencies. * U.S. Federal Reserve officials may broadly agree that interest rates are unlikely to change soon, but they differed Monday on how concerned they are about developing financial risks in assessing when a rate hike might be appropriate. * Resolute Mining Ltd said on Monday it entered into talks with private equity fund EMR Capital Management Ltd to sell its Ravenswood gold mine in Australia for up to A$300 million ($207 million). * Elsewhere, palladium fell 0.3% to $2,126.26 an ounce. Silver was down 1% to $17.79 per ounce, while platinum slipped 0.6% to $967.78. DATA/EVENTS (GMT) 0630 India WPI Inflation YY Dec 1330 US CPI MM, SA Dec n/a China Exports, Imports YY Dec n/a China Trade Balance Dec (Reporting by Asha Sistla in Bengaluru; Editing by Shailesh Kuber)
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adb98c71e1bfd08fbd1c01d0766d41c7 | https://www.reuters.com/article/global-precious/precious-gold-falls-as-dollar-recovers-fed-chair-in-focus-idUSL8N1N62N2 | PRECIOUS-Gold falls ahead of U.S. data-heavy week, Fed chair decision | PRECIOUS-Gold falls ahead of U.S. data-heavy week, Fed chair decision
By 0 Min Read
* Dollar headed toward second straight monthly gain * Spot gold on track for second monthly decline * GRAPHIC-2017 asset returns: tmsnrt.rs/2jvdmXl (New throughout, updates prices, market activity and comment; adds second byline and NEW YORK dateline) By Renita D. Young and Maytaal Angel NEW YORK/LONDON, Oct 31 (Reuters) - Gold prices fell on Tuesday as the U.S. dollar was firm for much of the session and precious metals investors turned cautious ahead of central bank meetings this week, U.S. payrolls data and the announcement of the next U.S. Federal Reserve chair. Spot gold slipped 0.4 percent to $1,270.40 an ounce by 2:40 p.m. EDT (1840 GMT), headed for a second-straight monthly decline. U.S. gold futures for December delivery settled down $7.20, or 0.6 percent, at $1,270.50 per ounce, a 1 percent monthly decline. The dollar was flat, initially underpinned by solid U.S. data, but on track for its second straight monthly increase. The Fed started a two-day policy meeting during Tuesday's session with speculation mounting that Trump will pick Fed Governor Jerome Powell as the next head of the U.S. central bank on Thursday. Powell is seen as more dovish than other contenders for the post, such as Stanford University economist John Taylor. "Somebody from within the Fed, even if they’re more dovish, might be less bullish for gold, because they would be seen as being better suited to manage monetary policy," said Jeffrey Christian, managing partner of CPM Group in New York. That could result in a stronger U.S. dollar, he added, which typically makes dollar-priced gold more expensive for holders of other currencies. The Fed is scheduled to release its statement following its meeting on Wednesday at 2 p.m. EDT. Market participants were awaiting the Bank of England policy meeting on Thursday and more data, including U.S. payrolls figures on Friday. Meanwhile, global equities were heading for a record 12th month of gains as a 5-1/2-month high in European stocks and records elsewhere underscored one of the most robust bull markets on record. Rising equity markets usually indicate confidence in economic growth, which reduces gold's appeal as a safe-haven asset. "The market is catching its breath for what will be a very data-heavy second half of the week," said Jeffrey Halley, a senior market analyst with OANDA. "Gold itself appears to have lost any risk-aversion premium for now and is thus completely at the mercy of the nuances of the U.S. bond and stock market, and by default the U.S. dollar." Among other precious metals, silver fell 0.7 percent to $16.71 an ounce, but headed toward a 0.5 monthly increase. Platinum dipped 0.1 percent to $915.24 an ounce, though poised for a nearly 0.8 percent monthly increase. Palladium climbed 1.6 percent to $980 an ounce, on track for a 4.8 percent monthly gain. (Additional reporting by Vijaykumar Vedala in Bengaluru; editing by David Goodman and David Gregorio)
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f84b52dd2be969a1936be2fd35aa954c | https://www.reuters.com/article/global-precious/precious-gold-falls-on-hopes-for-vaccine-smooth-biden-transition-idUKL4N2IA117?edition-redirect=uk | PRECIOUS-Gold falls on hopes for vaccine, smooth Biden transition | PRECIOUS-Gold falls on hopes for vaccine, smooth Biden transition
By Nakul Iyer0 Min Read
(Updates prices) * Gold's break below $1,840/oz points to further downside -analyst * European shares set to gain on vaccine optimism * Interactive graphic tracking global spread of coronavirus: open * tmsnrt.rs/3aIRuz7 in an external browser By Nakul Iyer Nov 24 (Reuters) - Gold hit a four-month low on Tuesday as investors deserted the safe-haven metal following a U.S. federal agency's transition approval for Joe Biden and growing prospects for the swift release of an inexpensive COVID-19 vaccine. Spot gold fell 0.2% to $1,831.90 per ounce by 717 GMT, having earlier slid to its lowest since July 21 at $1,820.45. It slumped as much as 2.2% on Monday. U.S. gold futures were down 0.6% to $1,826.30. "Investors are clearly rallying around the narrative of a vaccine-fuelled economic reopening, to the point they're willing to look past the economic realities and potential downside risks that may lie ahead," said FXTM market analyst Han Tan. European stock futures rose, extending optimism in Asian equities spurred by news AstraZeneca's COVID-19 vaccine could be up to 90% effective. In another boost to risk sentiment, U.S. president-elect Biden received the transition go-ahead on Monday. On Twitter, President Donald Trump said he was recommending that his team "do what needs to be done with regard to initial protocols". "The fact that we have a smoother transition between President-elect Biden and Trump is just another reason to think that the recovery as it is currently playing out has one less risk to it," said IG Markets analyst Kyle Rodda. The breakdown of support around $1,840 suggests further downside into the $1,700s before buyers return, he added. But analysts noted the likely appointment of former Federal Reserve chair Janet Yellen as U.S. Treasury Secretary could boost bets for further fiscal and monetary stimulus and benefit bullion. Gold is considered a hedge against inflation and currency debasement, likely to result from the unprecedented stimulus unleashed globally this year to ease the pandemic's economic blow. Silver fell 0.4% to $23.48 an ounce. Platinum rose 0.9% to $934.73, while palladium dropped 0.7% to $2,338.36. (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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2e7f8d7a5771611a65a50e43eedad527 | https://www.reuters.com/article/global-precious/precious-gold-falls-over-1-on-dollar-rebound-economic-recovery-hopes-idUSL4N2FZ36B | PRECIOUS-Gold slumps over 1.5% on dollar rebound, economic recovery hopes | PRECIOUS-Gold slumps over 1.5% on dollar rebound, economic recovery hopes
By K. Sathya Narayanan3 Min Read
* Dollar recovers from multi-year low
* Platinum slips over 4% to near two-week low
* Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Adds comments, updates prices)
Sept 2 (Reuters) - Gold fell more than 1.5% on Wednesday as the dollar firmed and a strong rebound in U.S. manufacturing sector fuelled hopes of a rapid recovery in the coronavirus-hit economy.
Spot gold fell 1.6% to $1,939.66 per ounce at 1:50 p.m. EDT (1750 GMT). U.S. gold futures settled down 1.7% at 1,944.70.
“The main factor is the stronger dollar. (Gold) is moving in a completely inverse direction to dollar today,” Edward Meir, an analyst at ED&F Man Capital Markets said, adding good U.S. factory order number for July was also weighing on the metal.
The dollar rose 0.5%, further recovering from a more-than two-year low hit in the last session.
New orders for U.S.-made goods increased more than expected in July, while Tuesday’s U.S. manufacturing data showed activity accelerated to a near two-year high in August, increasing optimism about a steady recovery.
U.S. private payrolls, on the other hand, increased less than expected in August, pointing to a slowing labor market recovery.
“As far as the economy is concerned, you are going to get this small bounces in economic data but you are not going to get any significant change in the economy what so ever, not for a long time,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
Investors are now focusing on Thursday’s initial U.S. jobless claims report and Friday’s non-farm payroll data.
Gold should remain supported as buyers tend to step in on big dips on continued concerns of the pandemic and lower interest rate environment, George Gero, managing director at RBC Wealth Management, said in a note.
The safe-haven metal has gained about 27% so far this year.
Elsewhere, silver fell 3.2% to $27.27 per ounce and palladium declined 1.3% to $2,243.19.
Platinum dropped 4.2% to $901.62, having touched a near two-week low earlier. (Reporting by K. Sathya Narayanan in Bengaluru Editing by Alistair Bell and Marguerita Choy)
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1ba905f13479992d3a2de28707c8134b | https://www.reuters.com/article/global-precious/precious-gold-falls-over-2-as-strong-u-s-jobs-data-boosts-recovery-bets-idINL4N2DI34H?edition-redirect=in | Gold falls over 2% as strong U.S. jobs data boosts recovery bets | Gold falls over 2% as strong U.S. jobs data boosts recovery bets
By Asha Sistla2 Min Read
(Reuters) - Gold prices dipped more than 2% on Friday as investors’ hopes of a rebound in the global economy got a boost from stronger-than-expected U.S. non-farm payrolls data, reducing demand for safe havens.
FILE PHOTO: Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. REUTERS/Michael Dalder/File Photo
Spot gold slid 2% to $1,675.70 per ounce at 11:08 a.m. ET (1508 GMT). U.S. gold futures fell 2.8% to $1,678.40.
Bullion has declined about 3% so far this week, on track for its biggest fall since the week ending March 13.
“We had significantly stronger-than-expected U.S. payroll numbers - an increase of 2.5 million versus an expectation of a decline of 7.5 million - that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
Wall Street jumped as the latest data from the United States showed a drastic fall in the unemployment rate to 13.3% in May from 14.7% in April as layoffs abated.
The data comes ahead of a two-day policy meeting of the U.S. Federal Reserve next week. The central bank has injected massive stimulus and cut interest rates to near zero to cushion the blow from the coronavirus pandemic.
However, “we’ve still got economic uncertainty, trade tensions, problems in the (United) States ... for the longer term, the influences are definitely more positive (for gold) than negative,” said INTL FCStone analyst Rhona O’Connell.
Elsewhere, palladium edged higher by 0.2% to $1,937.20 per ounce, while platinum dropped 3.6% to $806.45.
Silver slipped 2.4% to $17.29 per ounce, and was set for its first weekly decline in five.
Reporting by Asha Sistla and Eileen Soreng in Bengaluru; Editing by Nick Zieminski and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.
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6be8b2cf9e94333781c53441d3baddb7 | https://www.reuters.com/article/global-precious/precious-gold-firms-as-dollar-eases-set-for-third-week-of-gains-idUSL3N1WZ546 | PRECIOUS-Gold firms as dollar eases, set for third week of gains | PRECIOUS-Gold firms as dollar eases, set for third week of gains
By Swati Verma3 Min Read
* Gold has risen by 0.7 pct so far this week
* SPDR Gold holdings up 2.5 pct in past two weeks
* Palladium posts first weekly gain in three weeks (New throughout, updates prices, market activity and comments)
BENGALURU, Oct 19 (Reuters) - Gold prices edged up on Friday and were on course for a third straight week of gains, supported by robust technical momentum and a softer dollar.
Spot gold was up 0.1 percent to $1,225.75 an ounce by 3:14 p.m. EDT (1914 GMT). U.S. gold futures settled down $1.4, or 0.11 percent, at $1,228.7.
The yellow metal was headed for a 0.7 percent rise this week.
“The technical posture of gold in near term basis has improved remarkably in the past two weeks,” said Kitco Metals senior analyst Jim Wyckoff, adding that the volatility seen in the stocks markets worldwide recently has also been favoring the bullion.
A recent sell-off in global stocks had prompted investors to seek refuge in gold, pushing prices of the bullion to a 2-1/2-month high, at $1,233.26 earlier this week.
However, equity markets recovered on Friday, capping gains in the bullion.
Also supporting gold was a slightly weaker dollar, said David Meger, director of metals trading at High Ridge Futures.
“We have seen a bit of a pick up in safe haven buying over the last couple of weeks based on the concerns we see in economy and equity markets weakening,” Meger said.
Gold, which is priced in dollars, is seen as a safe store of value during political and economic uncertainty.
The dollar index against a basket of currencies was down 0.2 percent, retreating from a one-week peak scaled earlier in the session.
On the technical front, a rise above the 100-day moving average, around $1,225, was also supporting gold, with some analysts saying a clear break above that level could trigger further gains and put further pressure on short-sellers.
Further resistance for gold stood at about $1,236.90 an ounce and then at $1,240.00, Wyckoff said in a note.
Indicative of an improvement in investor sentiment, holdings of the SPDR Gold Trust, the largest gold-backed ETF, have gained 2.5 percent in the past two weeks.
In other precious metals, silver gained 0.3 percent to $14.60.
Platinum rose 0.7 percent to $831.60 an ounce, but was on track to post a weekly decline of 0.6 percent.
Palladium was up 0.9 percent at $1,080.25. The metal was set to post a weekly gain of 1.6 percent after falling for previous two weeks.
Reporting by Nallur Sethuraman, Sumita Layek, Swati Verma and Arpan Varghese in Bengaluru; Editing by David Gregorio and Alistair BellOur Standards: The Thomson Reuters Trust Principles.
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07c0f125ded6cd0e5d6420ed5dd81e76 | https://www.reuters.com/article/global-precious/precious-gold-firms-as-investors-bet-on-more-stimulus-led-inflation-idUSL4N2JO376 | PRECIOUS-Gold steady as investors bet on more stimulus-led inflation | PRECIOUS-Gold steady as investors bet on more stimulus-led inflation
By Shreyansi Singh0 Min Read
* U.S. Fed's Beige Book due at 1900 GMT * Fed officials expect U.S. economy rebound on vaccinations * Interactive graphic tracking global coronavirus spread: tmsnrt.rs/3mvcUoa (Updates prices) By Shreyansi Singh Jan 13 (Reuters) - Gold prices held steady on Wednesday, underpinned by data showing a rise in consumer prices in the United States and expectations that more fiscal stimulus from a Joe Biden administration could trigger higher inflation. Spot gold was little changed at $1,854.84 an ounce by 1.44 p.m. EST (1844 GMT). U.S. gold futures settled up 0.6% at $1,854.90. Bob Haberkorn, senior market strategist at RJO Futures, said expectations for more stimulus, higher-than-expected inflation and safe-haven buying driven by the political environment in the United States were keeping gold supported. The Labor Department on Wednesday said its consumer price index increased 0.4% last month after gaining 0.2% in November. "It shows that there's a slight uptick in inflation, which is always supportive of gold," Haberkorn said. But capping bullion's gains, the dollar firmed and benchmark 10-year Treasury yields hovered close to their highest level in nearly 10 months. Gold is generally considered a hedge against the inflation and currency debasement that can result from widespread stimulus. However, higher bond yields have challenged that status recently as they increase the opportunity cost of holding non-yielding bullion. "Complacent positioning in gold is being shaken up, that's a direct result of the blue sweep which forced the markets to price in a substantial increase in treasury supply," said Daniel Ghali, commodity strategist at TD Securities. U.S. President-elect Biden said he would unveil a plan on Thursday to provide trillions of dollars of support for the American economy as it grapples with the coronavirus crisis. Meanwhile, exchange-traded funds storing gold for investors shrank for a second month in December, but nevertheless grew more than ever before in 2020, the World Gold Council said. Among other precious metals, silver fell 0.5% to $25.45 an ounce, platinum rose 2.2% to $1,099.55 and palladium edged 0.2% higher to $2,396.71. (Reporting by Shreyansi Singh in Bengaluru Editing by David Goodman and Matthew Lewis)
Our Standards: The Thomson Reuters Trust Principles.
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500294f41d30e716dce7b45347ff297a | https://www.reuters.com/article/global-precious/precious-gold-firms-as-markets-await-more-details-on-trade-deal-idUKL4N28T3RB?edition-redirect=uk | PRECIOUS-Gold firms as markets await more details on trade deal | PRECIOUS-Gold firms as markets await more details on trade deal
By Karthika Suresh Namboothiri0 Min Read
(Updates prices) * Palladium eases; far from record high of $1,998.43/oz * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 19 (Reuters) - Gold prices held firm on Thursday as investors awaited further developments on U.S.-China trade, while political uncertainty in Washington failed to move markets across the board. Spot gold was up 0.3% at $1,479.87 per ounce by 2:29 p.m. EST (1929 GMT). U.S. gold futures settled 0.4% higher at $1,484.40 per ounce. "The market is on hold waiting for the next piece of impetus," said David Meger, director of metals trading at High Ridge Futures. "There is an acceptance by the market that this trade deal is officially signed and also that there isn't going to be any quick jump (from either side) ... Changes in that expectation will see changes in the market." China on Thursday announced a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced an interim trade deal. The 17-month-long trade dispute has triggered a 15% rise in gold prices in the year, and fanned global recessionary fears. Gold is often used by investors as a hedge against political and economic uncertainties. "The safe-haven metal bulls have shown resilience recently, amid the keener risk appetite that has been prevalent in the market place the past few weeks - evidenced by U.S. stock indexes near record highs," said Kitco Metals senior analyst Jim Wyckoff in a note. Investors also kept a close eye on political proceedings in Washington, where the Democratic-led House of Representatives formally charged President Donald Trump with abuse of power and obstruction of Congress in a historic step that will inflame partisan tensions across a deeply divided America. However, the Republican-controlled Senate is widely expected not to convict Trump and remove him from office. If the U.S. Senate convicts Trump, "which would be unexpected, that throws next year's election into a very uncertain place," Ilya Spivak, a senior currency strategist at DailyFx, said, adding the resultant aversion toward riskier assets could benefit gold. Among other precious metals, palladium gained 0.6% to $1,934 an ounce, but was far from Tuesday's all-time peak of $1,998.43. Platinum was steady at $935.43 an ounce, while silver rose 0.6% to $17.10. (Reporting by Karthika Suresh Namboothiri and Eileen Soreng in Bengaluru Editing by Matthew Lewis)
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8bae78eeb6d8b88c0a95f78395ef9ec0 | https://www.reuters.com/article/global-precious/precious-gold-firms-as-us-china-trade-deal-details-fail-to-allay-uncertainty-idUKL4N29K3FG?edition-redirect=uk | PRECIOUS-Gold firms as U.S.-China trade deal details fail to allay uncertainty | PRECIOUS-Gold firms as U.S.-China trade deal details fail to allay uncertainty
By Harshith Aranya3 Min Read
(Adds comments, updates prices)
* Palladium hits record high of $2,261.45/oz
* Platinum surpasses $1,000 for first time in nearly 2 years
Jan 15 (Reuters) - Gold rose on Wednesday as details of the U.S.-China Phase 1 trade deal failed to soothe investors’ concerns about trade differences, as Washington retained tariffs on some Chinese goods.
In other precious metals, palladium climbed to a record high and platinum surged to its highest in nearly two years.
The United States and China signed the interim trade deal that will roll back some tariffs and boost Chinese purchases of U.S. goods and services.
The deal will, however, leave in place 25% tariffs on a $250 billion array of Chinese industrial goods and components used by U.S. manufacturers.
Spot gold rose 0.7% to $1,557.02 per ounce at 2:36 p.m. EST (1936 GMT). U.S. gold futures settled up 0.6% at $1,554.
“There are expectations that trade concerns are going to continue to linger as we are not going to see a complete rollback on tariffs,” said Edward Moya, a senior market analyst at OANDA.
“The risks will keep gold prices supported here in the short term and we might see prices target $1,580 in the next few weeks, but right now $1,540 should hold.”
Focus will now shift to the Phase 2 deal. This is likely to focus on technology and cybersecurity issues, U.S. Treasury Secretary Steven Mnuchin said, which has long been a sore point between the two giant economies.
Key world stock market indexes climbed to new records, while the U.S. dollar weakened against a basket of key rivals.
Platinum climbed 3.7% to $1,019.20, having risen to its highest since January 2018 at $1,024.80 an ounce.
“Platinum is being largely driven by technical moves as we broke through the highs established in September 2019, forcing some shorts to cover,” said Daniel Ghali, commodity strategist at TD Securities.
The market may be driven into a deficit this year after a long time; and power outages in South Africa might translate into a lower supply growth, which could help platinum prices to rally, Ghali added.
The auto-catalyst palladium notched a record high of $2,261.45 an ounce earlier in the session, and was last up 2.8% at $2,256.13, bolstered by a prolonged supply deficit.
Silver rose 1.3% to $18.02 per ounce.
Reporting by Harshith Aranya and Eileen Soreng in Bengaluru; Editing by Lisa Shumaker and Richard ChangOur Standards: The Thomson Reuters Trust Principles.
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106dbe6c10ca4a239ce7739db8502015 | https://www.reuters.com/article/global-precious/precious-gold-firms-on-renewed-us-iran-tensions-eyes-fifth-weekly-gain-idUKL4N29F31F?edition-redirect=uk | PRECIOUS-Gold firms on renewed U.S.-Iran tensions, eyes fifth weekly gain | PRECIOUS-Gold firms on renewed U.S.-Iran tensions, eyes fifth weekly gain
By Eileen Soreng0 Min Read
(Adds analyst comments, market details, updates prices) * U.S. payrolls weaker than expected in December * SPDR Gold holdings fell 0.5% on Thursday * Palladium set to register best week since mid-June By Eileen Soreng Jan 10 (Reuters) - Gold edged higher on Friday, and was on track to post a weekly gain for fifth straight week, as fresh sanctions on Iran by the United States stoked uncertainty supporting demand for the bullion. The targets of the sanctions included Iran's manufacturing, mining and textile sectors as well as senior Iranian officials who Washington said were involved in the Jan. 8 attack on military bases housing U.S. troops. Spot gold rose 0.4% to $1,557.86 per ounce by 2:12 p.m. EST (1912 GMT) and was up about 0.4% for the week. U.S. gold futures settled up 0.4% at $1,560.1 per ounce. "The main catalyst for gold prices is the dialogue that's taking place over Iran and weather or not we are going to see an acceleration of the conflict... The instability over that is causing all the volatility," said Jeffrey Sica, founder of Circle Squared Alternative Investments. With the sanctions its becoming obvious that there is going to be even economic consequences, Sica added. Gold, often considered a safe investment during political and economic turmoil, surged above $1,600 on Wednesday after Iran launched missile strikes on U.S. forces in retaliation for the killing of its top commander in a drone attack. However, prices retreated 4% after the two sides softened their stance. "The pullback that we saw the last couple of days gave people an opportunity to buy today," said Michael Matousek, head trader at U.S. Global Investors. "There's some resistance at $1,562 but if it trades up through there, that's going to be a key level to where short-term traders are going to be involved." Meanwhile, data from the U.S. Labor Department showed job growth slowed more than expected in December helping prop up the bullion further. The U.S. dollar also fell from four-week highs against the safe-haven yen and slid versus the Swiss franc on the possibility of renewed tensions in the Middle East. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , fell for the second straight session on Thursday. Elsewhere, palladium was up 0.4% at $2,115.88 per ounce, having hit a record peak of $2,149.50 in the previous session on supply constraints. The metal was still on track for its biggest weekly rise since mid-June, up more than 6% so far. Silver was up 0.9% at $18.06 per ounce. Platinum gained 1.3% to $978.48 per ounce but was down 0.2% for the week so far. (Reporting by Eileen Soreng in Bengaluru Editing by Matthew Lewis and Marguerita Choy)
Our Standards: The Thomson Reuters Trust Principles.
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18d8f78f1ead74511c4289a4d879aa23 | https://www.reuters.com/article/global-precious/precious-gold-firms-on-sparse-trade-as-economic-concerns-support-idINL4N28X36N?edition-redirect=in | PRECIOUS-Gold firms on sparse trade as economic concerns support | PRECIOUS-Gold firms on sparse trade as economic concerns support
By Karthika Suresh Namboothiri0 Min Read
(Updates prices) * New orders for U.S.-made capital goods barely rise * Gold hits more than one-week high; platinum rises 3% * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 23 (Reuters) - Gold prices gained on Monday on sparse trade ahead of the holiday season, with lingering concerns about the health of major global economies supporting demand for safe-haven bullion. Spot gold was up 0.5% to $1,484.97 per ounce as of 01:33 p.m. ET (1833 GMT). Prices notched $1,485.71 earlier in the session, the highest since Dec. 12. U.S. gold futures settled 0.5% higher at $1,488.70 per ounce. "Investors are looking at political risks in the longer term ... There are potential economic risks still in the majority of economies. That's not going to go away in a hurry," said INTL FCStone analyst Rhona O'Connell. The United States and China have still not signed a so-called Phase 1 trade deal and tensions in the Middle East are contributing to gold's appeal, she added. U.S. President Donald Trump said on Saturday the United States and China would "very shortly" sign the trade agreement. China said on Monday it would lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year. While the world's two largest economies have exchanged banter about the conditions of the trade deal, there is much room for uncertainty. Any hints of a fall-through in talks could propel gold higher, analysts say. The 17-month trade war has rocked markets and fanned global recessionary fears. China's economy is expanding at its weakest rate in nearly 30 years and could face more downward pressure next year. Canada's economy unexpectedly shrank by 0.1% in October, the first monthly decline since February. Fresh data from the United States provided little respite, with new orders for U.S.-made capital goods barely rising in November and shipments declining, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. "Despite the upbeat tenor of the overall marketplace, the safe-haven metals are showing keen resilience and even a bit of bullishness as global stock markets rally," Kitco Metals senior analyst Jim Wyckoff said in a note. The S&P 500 and the Nasdaq hit record highs on Monday. Palladium was up 1.2% at $1,877.60 an ounce, but still far from the previous week's record high of $1,998.43. Platinum climbed 2.9% to $935.02 an ounce, while silver rose 1.3% to $17.41. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Dan Grebler and Grant McCool)
Our Standards: The Thomson Reuters Trust Principles.
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80806452ec9ab8a23fc8a8e0a613777a | https://www.reuters.com/article/global-precious/precious-gold-flat-as-growth-risks-offset-trade-hopes-powell-speech-in-focus-idUSL4N2FS0IJ | PRECIOUS-Gold retreats as dollar gains; all eyes on Powell speech | PRECIOUS-Gold retreats as dollar gains; all eyes on Powell speech
By Brijesh Patel0 Min Read
* Dollar gains, global stocks steady * U.S. consumer confidence hits six-year low * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Recasts, adds comments, updates prices) By Brijesh Patel Aug 26 (Reuters) - Gold fell on Wednesday as the dollar strengthened, with investors awaiting U.S. Federal Reserve Chairman Jerome Powell's speech for monetary strategy cues, but worries over the pandemic-ravaged global economy kept prices above the $1,900 mark. Spot gold was down 0.5% at $1,918.77 per ounce by 0651 GMT. U.S. gold futures edged 0.1% higher to $1,925.30. Gold's retreat toward a key support level of $1,910 "is partly attributed to the U.S. dollar's intra-day rebound, as traders await Powell's speech", said DailyFx strategist Margaret Yang. The dollar index rose 0.2% against rivals, making gold expensive for other currency holders, with focus on Powell's speech at Jackson Hole on Thursday, expected to provide further clarity on the U.S. central bank's view on inflation and monetary policy. Safe-haven inflows into gold also curbed after top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal between the world's top two economies. "The U.S.-China trade news overnight that the tensions have eased slightly has dulled investors appetite for safe-havens a bit but obviously there is a lot of water to go under that bridge," ANZ analyst Daniel Hynes said. Gold's overall trajectory remained positive, analysts said, with the metal gaining 27% so far this year as investors seek a hedge against possible inflation and currency debasement due to unprecedented money printing by central banks and near-zero interest rates globally. "There are still a lot of concerns about the economy and they continue to indicate that rates are going be low and stimulus measures will continue, which should boost gold," Hynes added. Adding to doubts over an economic rebound from the coronavirus crisis, a survey from the Conference Board showed U.S. consumer confidence unexpectedly hit a six-year low in August. Silver fell 0.3% to $26.33 per ounce, platinum dropped 0.4% to $922.99, while palladium gained 0.6% to $2,178.14. (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich)
Our Standards: The Thomson Reuters Trust Principles.
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3795712402270c8a9fee145e634b8ddd | https://www.reuters.com/article/global-precious/precious-gold-flat-but-under-pressure-as-u-s-treasury-yields-rise-idUKL3N1PD3NO?edition-redirect=uk | PRECIOUS-Gold flat but under pressure as U.S. Treasury yields rise | PRECIOUS-Gold flat but under pressure as U.S. Treasury yields rise
By 0 Min Read
* Spot gold could fall to $1,250 by mid year -Julius Baer * Falling digital currencies could support gold -analysts * Spot gold vs bitcoin: reut.rs/2DgiRiK * 10-year U.S. Treasury yields at highest since March (New throughout, updates prices, market activity and comments, adds second byline and NEW YORK dateline) By Renita D. Young NEW YORK/LONDON, Jan 18 (Reuters) - Gold was flat in a narrow range on Thursday, first dipping as the dollar rose and then rising as the dollar moved lower, but bullion's gains were limited by higher U.S. Treasury yields. Financial market players were concerned about a possible U.S. government shutdown, but this did not move gold very much. Spot gold was unchanged at $1,327.61 an ounce by 1:49 p.m. EST (1849 GMT). Earlier in the session, it touched its lowest since Jan. 12 at $1,323.70. U.S. gold futures for February delivery settled down $12, or 0.9 percent, at $1,327.20 per ounce. In the previous session, spot gold fell 0.8 percent, its biggest daily percentage decline since Dec. 7 as the U.S. dollar bounced from three-year lows. "We’ve seen the relationship between dollar and gold hold pretty steady," said Chris Gaffney president of world markets at St. Louis-based EverBank. In early trade, the U.S. dollar index fell on worries over a possible U.S. government shutdown as global investors sought to diversify their holdings into other currencies. Shortly after, the greenback recovered some of the losses. The 10-year U.S. Treasury yield hit its highest since March 2017 at 2.61 percent in European trade, pushing euro zone counterparts higher. Gold is a non-yielding asset so rising yields on the bond market pressure its price. "I think you'll also see yields rising with interest rates," pressuring gold, added Mike O’Donnell, market strategist RJO Futures in Chicago. Spot gold is expected to fall to $1,311 per ounce, as it has broken a support at $1,329, according to Reuters technical analyst Wang Tao. Some analysts said gold could draw some support from the current correction in digital currencies. "Brokers in Europe report investors have increasingly been asking about switching from cryptocurrencies into gold," ANZ analysts said in a research note. Bitcoin fell as much as 20 percent on Wednesday, dropping below $10,000 due to investor fears that regulators could clamp down. In other precious metals, silver gained 0.3 percent at $16.96 per ounce and palladium shed 1.2 percent at $1,101.99. Platinum added 0.57 percent at $1,002.40 per ounce, after touching its highest since Sept. 8 at $1,007.60 in the previous session. Over the past 15 years, platinum has largely moved higher in January and February due to seasonally weaker supply from top producer South Africa, Menke said. "This seasonal rebound is playing out. And there is also some more room from short covering from the futures market." (Additional reporting by Nallur Sethuraman and Nithin Prasad in Bengaluru; Editing by David Gregorio and Jane Merriman)
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897f4228b37f00ceb2c9e3c85082d89e | https://www.reuters.com/article/global-precious/precious-gold-gains-after-biggest-daily-decline-in-a-month-idINL4N2DH0X3?edition-redirect=in | PRECIOUS-Gold gains after biggest daily decline in a month | PRECIOUS-Gold gains after biggest daily decline in a month
By Harshith Aranya3 Min Read
* ECB policy decision at 1145 GMT
* U.S. dollar down about 1% so far this week
* For an interactive graphic tracking the global coronavirus spread, open tmsnrt.rs/3aIRuz7 in an external browser (Adds comment, updates prices)
June 4 (Reuters) - Gold prices ticked up on Thursday, after a rally in equity markets in the previous session on tentative signs of economic recovery as mandated shutdowns ease sparked the biggest daily fall in the metal since April 30.
Spot gold rose 0.2% to $1,701.02 per ounce by 0715 GMT after a 1.7% drop on Wednesday. U.S. gold futures fell 0.1% to $1,703.70.
The market is seeing some “corrective action” after Wednesday’s steep decline, said DailyFx currency strategist Ilya Spivak.
Optimism over the prospect of an economic recovery as coronavirus-related lockdown restrictions ease has dampened demand for the safe-haven metal recently, sending prices down 1.5% so far this week.
Data on Wednesday showed U.S. private payrolls fell less than expected in May, while China’s services sector returned to growth for the first time since January.
Asian shares hit a two-month high on Thursday as government stimulus expectations lifted sentiment, curbing the appeal of gold.
“The consensus is finding it difficult to be too bullish on the yellow metal at the moment, with equity markets soaring higher by the day,” said Stephen Innes, chief market strategist at financial services firm AxiCorp, in a note
Despite improving risk sentiment, gold prices are holding above the key $1,700 an ounce level on simmering Sino-U.S. tensions, protests in U.S. cities and a weaker dollar.
The dollar index has fallen about 1% this week, with optimism over the reopening of economies around the world reducing demand for the greenback.
Market participants are now awaiting the European Central Bank’s policy decision at 1145 GMT.
The ECB is certain to give more stimulus, but there are questions over whether the bank will announce a move on Thursday or hold out until July.
Among other metals, palladium was down 0.6% to $1,937.55 per ounce, while platinum rose 0.5% to $830.04.
Silver eased for a third straight session, down 1% to $17.49. (Reporting by Harshith Aranya and Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu and Jan Harvey)
Our Standards: The Thomson Reuters Trust Principles.
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28e675e24070ad91925e68ac859856e5 | https://www.reuters.com/article/global-precious/precious-gold-gains-amid-renewed-north-korea-fears-idUSL4N1MK007 | PRECIOUS-Gold gains amid renewed North Korea fears | PRECIOUS-Gold gains amid renewed North Korea fears
By Reuters Staff0 Min Read
Oct 9 (Reuters) - Gold prices rose early on Monday, pulling further away from a two-month low, as fresh concerns over North Korea's nuclear ambitions stoked safe-haven demand for the precious metal and weighed on the dollar. FUNDAMENTALS * Spot gold was up 0.3 percent to $1,278.81 an ounce at 0105 GMT. It slipped to its lowest since early August on Friday. * U.S. gold futures for December delivery gained 0.5 percent to $1,281.50 per ounce. * The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to a renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test. * Asian share markets inched higher on Monday as the flow of economic news remained generally supportive for global growth, while political uncertainty caused some early ructions in currencies. * North Korea's leader Kim Jong Un said his nuclear weapons were a "powerful deterrent" that guaranteed its sovereignty, state media reported on Sunday, hours after U.S. President Donald Trump said "only one thing will work" in dealing with the isolated country. * Pyongyang is preparing to test a long-range missile which it believes can reach the west coast of the United States, a Russian lawmaker just returned from a visit to North Korea was quoted as saying on Friday. * U.S. employment fell in September for the first time in seven years as Hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring, the latest indication that the storms undercut economic activity in the third quarter. * Chalking up employment losses last month to the temporary hit of a severe hurricane season and reiterating expectations that inflation will strengthen, Federal Reserve policymakers on Friday signalled they continue to see gradual U.S. interest-rate hikes ahead. * The Federal Reserve must respond to "very tight" U.S. labour markets by gradually raising interest rates or risk halting the economic recovery, a hawkish Fed official said on Saturday. * Hedge funds and money managers reduced their net long positions in COMEX gold and silver contracts for the third straight week, in the week to Oct. 3, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. DATA/EVENT AHEAD (GMT) 0145 China Caixin services PMI Sep 0600 Germany Industrial output Aug 0830 Euro zone Sentix index Oct 1400 U.S. Employment trends Sep (Reporting by Apeksha Nair in Bengaluru; Editing by Kenneth Maxwell)
Our Standards: The Thomson Reuters Trust Principles.
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11b743dc94dacac09407fb0f05b4405f | https://www.reuters.com/article/global-precious/precious-gold-gains-as-dollar-weakens-after-feds-interest-rate-cut-idUSL3N27G0XZ | PRECIOUS-Gold gains as dollar weakens after Fed's interest rate cut | PRECIOUS-Gold gains as dollar weakens after Fed's interest rate cut
By Diptendu Lahiri3 Min Read
* Dollar index declines to over one-week low
* U.S. Fed cuts interest rates, signals it is on hold
* Palladium rises for the third consecutive month (Updates prices)
Oct 31 (Reuters) - Gold prices climbed on Thursday as the U.S. dollar weakened after the Federal Reserve cut interest rates for the third time this year, but signalled the monetary-easing cycle would be paused.
Hopes that the United States and China will sign a preliminary agreement and call a truce to their 16-month trade war was also a factor behind the Fed’s decision to signal that further rate cuts are on hold.
Spot gold was up 0.3% at $1,500.30 per ounce as of 0854 GMT. Prices have risen nearly 2% this month.
U.S. gold futures rose 0.2% to $1,502.50 per ounce.
“We took this step to help keep the economy strong in the face of global developments and to provide some insurance against ongoing risks,” Fed Chair Jerome Powell said.
Powell ticked off an extensive list of reasons why he feels the economy is doing well, and likely to continue to do so under the current stance of monetary policy - from robust consumer spending, strengthening home sales, and asset prices he considered healthy but not to a level of excess.
“Gold might not hold its current upside in the short run as it is likely to suffer a little as some recent economic data showed modest growth in the economy,” said Michael McCarthy, chief market strategist at CMC Markets, attributing the present rise in gold prices to a weaker dollar after Fed’s rate cut.
The dollar index against a basket of six major currencies dipped 0.3% to 97.36, making gold cheaper for holders of other currencies.
“A rise in inflation might be the next catalyst for gold buying in the short run, as the Fed is more likely to tighten with a higher inflation rate, making some investors hedge against it (inflation),” McCarthy added.
Asian shares cheered the rate cut and U.S. stock futures edged higher, with MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.2%.
“While buoyed by a weaker dollar, if equities continue to outperform, it’s challenging to see gold move above the $1,510 critical primary resistance level,” AxiTrader market strategist Stephen Innes said in a note.
Among other metals, palladium gained slightly to $1,807.68, after jumping nearly 2% in the previous session, and was set to climb for a third consecutive month.
Silver edged up 0.8% to $18.01 an ounce, while platinum advanced 0.2% to $928.36 an ounce. (Reporting by Diptendu Lahiri and Karthika Suresh Namboothiri in Bengaluru, Editing by Sherry Jacob-Phillips and Amy Caren Daniel)
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9ddf5292c832ed3277c5047d0a95df62 | https://www.reuters.com/article/global-precious/precious-gold-gains-as-hong-kong-tensions-fuel-trade-deal-doubts-idUSL4N28816I | PRECIOUS-Gold gains as Hong Kong tensions fuel trade deal doubts | PRECIOUS-Gold gains as Hong Kong tensions fuel trade deal doubts
By Sumita Layek0 Min Read
(Updates prices, adds comment and details) * China condemns U.S. move, warns of "firm counter measures" * Palladium hits all-time high of $1,836.61 * Yen gains versus dollar By Sumita Layek Nov 28 (Reuters) - Gold prices rose on Thursday as investors bought the safe-haven metal on doubts about whether the United States and China will seal a trade deal after President Donald Trump signed a legislation supporting Hong Kong protesters. Palladium retreated slightly after hitting an all-time peak of $1,836.61 earlier in the session. Spot gold was up 0.1% at $1,455.63 per ounce by 0659 GMT. U.S. gold futures rose 0.1% to $1,454.80. Trump on Wednesday signed a legislation into law that requires the State Department to certify, at least annually, that Hong Kong retains enough autonomy to justify favourable U.S. trading terms. Beijing condemned the move and said it would take "firm counter measures." "With the latest developments of Trump signing the Hong Kong bill, there are doubts that there will be any deal, even a first phase," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. "Even though they've said they will sign a deal by year-end, they've not talked about the venue, or who will go to whom. So, I don't think the trade deal will be signed so easily and gold will be supported." Asian shares fell, while the safe-haven yen rose against the dollar on concerns that the protracted tariff dispute between the world's two biggest economies could become more complicated. Gold eased 0.5% in the last session on a raft of upbeat economic data from the United States. Economic growth picked up slightly in the third quarter, weekly jobless claims fell, while new orders for key U.S.-made capital goods increased. "Global growth concerns have definitely eased, but not gone," said John Sharma, an economist at National Australia Bank, adding gold would remain supported even if an interim deal is passed since the most complex issues, such as intellectual property, have been pushed down the road. Gold, considered a safe store of value during economic or political uncertainties, has gained more than 13% this year, mainly due to the tariff dispute. Among other precious metals, palladium shed 0.1% to $1,831.69 per ounce. The autocatalyst metal used in vehicle exhaust systems to reduce harmful emissions has risen about 45% this year on a supply crunch. "Strong demand from China and sluggish supply growth have tightened palladium's physical market this year...," ANZ said in a note. Platinum was flat at $892.95 per ounce and silver rose 0.1% to $16.96 per ounce. (Reporting by Sumita Layek in Bengaluru; Editing by Aditya Soni)
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a959d2f5b65574c1835247a0bc6d6294 | https://www.reuters.com/article/global-precious/precious-gold-gains-as-weak-us-jobs-data-virus-worries-dim-recovery-hopes-idUSL4N2IC0UO | PRECIOUS-Gold gains as U.S. jobs data, virus fears fuel stimulus hopes | PRECIOUS-Gold gains as U.S. jobs data, virus fears fuel stimulus hopes
By Nakul Iyer0 Min Read
(Updates prices, adds European futures) * ANZ maintains 12-month gold price target of $2,100/oz * European stock futures rise on vaccine, stimulus optimism * Interactive graphic tracking global spread of coronavirus: open * tmsnrt.rs/3aIRuz7 in an external browser By Nakul Iyer Nov 26 (Reuters) - Gold prices rose on Thursday, aided by a weaker dollar, as investors bet that grim U.S. jobs data and surging COVID-19 cases worldwide would spur authorities to announce further stimulus measures. Spot gold rose 0.5% to $1,815.30 per ounce by 0748 GMT. U.S. gold futures were up 0.4% at $1,812.70. "We've seen risk sentiment improve because of the optimism over vaccines and those were the headwinds for gold," said Harshal Barot, a senior research consultant for South Asia at Metals Focus. "But since the dollar continues to weaken, gold prices are finding a little bit of support." The dollar index edged down 0.1%, strengthening gold's appeal to other currency holders. Barot said gold would find support at $1,795 per ounce and likely trade sideways in the near-term, until a "convincing" break above $1,850. European stock futures rose as the market's euphoric mood over COVID-19 vaccines and on the prospects for stimulus under incoming President Joe Biden outweighed concerns around an uptick in weekly U.S. jobless claims. "The vaccine narrative has watered down gold's appeal immensely and it will continue too until we finally move into an inflationary world," said Stephen Innes, chief global market strategist at financial services firm Axi. U.S. Federal Reserve policymakers discussed how the central bank's asset purchases could be adjusted to provide more support to markets in the minutes to its Nov. 4 to 5 meeting. Continued accommodative central bank policy, given the widespread unavailability of a vaccine until the second half of 2021 and dollar weakness means gold is well supported, ANZ said in a note, adding it maintains its 12-month price target of $2,100 per ounce. Gold is seen as a hedge against inflation likely to result from large stimulus. Silver rose 0.6% to $23.44 an ounce. Platinum gained 0.3% to $966.74 and palladium was rose 1.9% at $2,372.15. (Reporting by Nakul Iyer in Bengaluru; Editing by Ramakrishnan M. and Vinay Dwivedi)
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6d21f992ef0318130a27239359c3cd28 | https://www.reuters.com/article/global-precious/precious-gold-gains-in-pre-holiday-trade-on-doubts-over-china-us-deal-idUKL4N28X0ZC?edition-redirect=uk | PRECIOUS-Gold gains in pre-holiday trade on doubts over China-U.S. deal | PRECIOUS-Gold gains in pre-holiday trade on doubts over China-U.S. deal
By Sumita Layek0 Min Read
(Updates prices, adds comment) * Gold specs raise bullish positions in week to Dec. 17 * SPDR Gold holdings rose 0.3% on Friday * Silver hits highest since Nov. 7 By Sumita Layek Dec 23 (Reuters) - Gold prices rose to more than a one-week peak on Monday in low-volume trading ahead of the Christmas and New Year holidays, as the dollar eased slightly and uncertainties over the Sino-U.S. interim trade deal lingered. Spot gold rose 0.3% to $1,482.61 per ounce by 0800 GMT. Prices had earlier risen to their highest since Dec. 12. U.S. gold futures rose 0.4% to $1,486.10 per ounce. "There are some cosmetic improvements (in trade), but there is no comprehensive deal. Secondly, everyone knows that the Federal Reserve is not going to raise interest rates any time soon, that makes gold really affordable," said John Sharma, an economist at National Australia Bank. Gold, considered a safe investment in times of political and economic uncertainty, is set to register its best year since 2010. Bullion was supported by key central banks cutting interest rates on the backdrop of the 17-month long tariff war and its impact on economy. The dollar eased 0.1% against a basket of rivals, making gold cheaper for holders of other currencies. "A subdued dollar, thin volumes because of Christmas holidays and uncertainty related to phase 1 trade deal, are supporting gold prices," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. U.S. President Donald Trump said on Saturday Washington and Beijing would "very shortly" sign their so-called phase one trade pact, but markets are waiting for more details about the deal they announced earlier this month. "Trump and trade representatives from U.S. and China have very frequently sent the same messages to the market, because of that people have ignored the weekend news. The major focus is when and where and which terms will be included in the trade agreement," Trivedi added. Traders were also concerned after China's top lawmaking body on Saturday criticized the defense bill that Washington passed last week as "interference." Indicative of sentiment towards bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.3% to 885.93 tonnes on Friday. Speculators also increased their bullish positions on COMEX gold and silver contracts in the week to Dec. 17, data showed on Friday. Elsewhere, palladium rose 0.7% to $1,868.77 per ounce. The metal declined as much as 5% on Friday as investors booked profits after it hit record highs. Silver rose 1% to $17.36 per ounce, having earlier risen to its highest since Nov. 7, while platinum gained 1.1% to $918.59. (Reporting by Sumita Layek in Bengaluru; Editing by Aditya Soni and Louise Heavens)
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1c7427a0f296afbbd7dde2a5b95023b8 | https://www.reuters.com/article/global-precious/precious-gold-gains-on-fresh-virus-wave-fears-gloomy-fed-outlook-idUKL4N2DP38O?edition-redirect=uk | PRECIOUS-Gold gains on fresh virus wave fears, gloomy Fed outlook | PRECIOUS-Gold gains on fresh virus wave fears, gloomy Fed outlook
By Asha Sistla0 Min Read
* Gold up about 2.7% so far this week * SPDR Gold Trust Holdings hit over 7-year high * U.S. stock indexes rebound * Platinum set for biggest weekly fall since end-March (Updates prices) By Asha Sistla June 12 (Reuters) - Gold prices gained on Friday as investors bought the safe-haven metal as fears of a fresh wave of coronavirus cases added to the gloomy economic outlook from the U.S. Federal Reserve. Spot gold rose 0.2% to $1,730.57 per ounce by 2:10 p.m. ET (1810 GMT) and has jumped about 2.7% so far this week, heading for its biggest gain since the week of April 10. U.S. gold futures settled down 0.1% at $1,737.30. "Despite the tentative stock market rebound this morning, we're seeing gold prices climb because there's still steady safe-haven demand by institutional traders," said Edward Moya, senior market analyst at broker OANDA. A recent spike in COVID-19 cases in about a dozen U.S. states partially reflects increased testing, but many of those states are also seeing rising hospitalizations. "This is not a second wave. This is just the virus working its way throughout the country and you're going to see that derail a lot of the reopening plans across the country, which means slower economic activity - that should support gold prices," Moya added. Major U.S. stock indexes bounced back from the previous session's rout on Thursday arising from Fed expectations of a long road to economic recovery that cast a shadow over investor bets on a quick economic rebound. Reflecting investor appetite, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.5% to 1,135.05 tonnes on Thursday, its highest in over seven years. Elsewhere, palladium rose 0.4% to $1,929.12 per ounce, while silver declined 1.5% to $17.43. Platinum eased 0.4% to $808.18 an ounce and was set for its biggest weekly fall since end-March. (Reporting by Asha Sistla in Bengaluru; Editing by Steve Orlofsky and Richard Chang)
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2b34f00e81cbec3d4dc08bbfae4ce221 | https://www.reuters.com/article/global-precious/precious-gold-gains-on-weaker-dollar-idUSL4N1MM099 | PRECIOUS-Gold gains on weaker dollar | PRECIOUS-Gold gains on weaker dollar
By Reuters Staff0 Min Read
Oct 11 (Reuters) - Gold rose for a fourth day on Wednesday, after hitting a near two-week high in the previous session, supported by weakness in the U.S. dollar. FUNDAMENTALS * Spot gold was up 0.2 percent at $1,290.56 an ounce by 0053 GMT. It touched its highest level since Sept. 27 in the previous session. * U.S. gold futures for December delivery were nearly unchanged at $1,293 per ounce. * The dollar wobbled against its peers on Wednesday and edged further away from a 10-week high scaled recently amid speculation that the U.S. tax overhaul plan introduced by President Donald Trump would stall, with a buoyant euro adding further pressure on the greenback. * Asian shares rose on Wednesday, tracking Wall Street's rally to all-time highs, while the euro hovered near a 10-day peak after Catalonia's leader talked down immediate plans to secede from Spain, easing near-term concerns about euro zone instability. * North Korean hackers may have stolen a large amount of classified military documents, including the latest South Korea-U.S. wartime operational plan, a South Korean ruling party lawmaker said, Yonhap News reported on Tuesday. * Catalonia's leader balked at making a formal declaration of independence from Spain on Tuesday, calling for talks with Madrid over the region's future in a gesture that eased fears of immediate unrest in the heart of the euro zone. * The German government will raise its 2017 growth forecast for Europe's biggest economy to 2 percent, a sharp increase from its earlier estimate of 1.5 percent and the strongest rate since 2011, a source told Reuters on Tuesday. * Short-term inflation expectations among U.S. consumers were stuck near their lowest level since early 2016 in September as the one-year outlook on wages and family finances deteriorated, a New York Federal Reserve survey released on Tuesday showed. * Spanish banks stocked up on European Central Bank money at a weekly auction on Tuesday, fearing jitters on the funding market if Catalonia breaks away from Spain. * Britain's Brexit-bound economy remains stuck in a low gear but is probably not weak enough to dissuade the Bank of England from raising interest rates next month, economic data showed. * China will have no problem meeting its economic growth target of around 6.5 percent this year, and may even beat it, the head of the Statistics Bureau said on Tuesday, confirming widespread market expectations. (Reporting by Apeksha Nair in Bengaluru; Editing by Vyas Mohan)
Our Standards: The Thomson Reuters Trust Principles.
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c8a46fd6e2b10801d002e7bedc13eb5b | https://www.reuters.com/article/global-precious/precious-gold-gains-set-for-biggest-yearly-rise-since-2010-idUKL4N2951ZZ?edition-redirect=uk | PRECIOUS-Gold gains, set for biggest yearly rise since 2010 | PRECIOUS-Gold gains, set for biggest yearly rise since 2010
By Karthika Suresh Namboothiri0 Min Read
(New throughout, updates prices, market activity and comments) * Dollar dips for fourth session, lifts bullion * Gold rally likely to pour into 2020 -analyst * Platinum set for best year since 2009 * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 31 (Reuters) - Gold prices rose on Tuesday to a three-month high as the dollar weakened, with the precious metal set for its biggest annual rise in nearly a decade in 2019, when the U.S.-China trade war had investors seeking safe harbors from a possible recession. Gold was up 4% for December, on track for its biggest monthly rise since August. Spot gold rose 0.3% to $1,519.41 per ounce as of 1:37 p.m. ET (1837 GMT), having earlier hit a three-month high of $1,525.20. U.S. gold futures settled up 0.3% at $1,523.10 an ounce. "With gold starting to break out, you have a lot of traders coming in. They think this is the next leg up," said Michael Matousek, head trader at U.S. Global Investors. "This rally in gold and gold-related equities is just starting to ramp up ... It consolidated for six years and it's just starting to break out again." Gold prices have risen over 18% in 2019, set for their biggest yearly rise since 2010. The long-running U.S.-China trade war caused fears of a global economic slowdown, prompting major central banks to resort to quantitative easing, an environment supportive of gold. U.S. President Donald Trump said on Tuesday that Phase 1 of the trade deal would be signed on Jan. 15 , though investors remain cautious, awaiting details of the agreement. "The explosive (gold) rally witnessed in recent weeks will most likely extend into 2020 despite easing trade tensions between the world's two largest economies," said FXTM analyst Lukman Otunuga "A lingering sense of caution over trade developments and lack of details on the Phase 1 deal may also stimulate appetite for gold during Q1 of 2020." Supporting gold in the session was a weaker U.S. dollar , which dipped for a fourth session. Elsewhere, palladium has soared more than 53% in 2019, marking it one of the top performers in commodity assets for the year. The metal rose 1.6% this session to $1,938 an ounce and has gained about 5% in December. Palladium's rally was triggered by concerns that its supply is limited as demand mounts, lifting it to nearly $2,000 an ounce. Platinum was up 0.5% at $962.50, having added almost 7% in the month. The metal was en route to its best years since 2009. Silver fell 0.4% to $17.85 an ounce, but added 15% in 2019. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Steve Orlofsky and David Gregorio)
Our Standards: The Thomson Reuters Trust Principles.
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8b5de6a1ac907998051f417a32e78abb | https://www.reuters.com/article/global-precious/precious-gold-hits-1-week-low-as-positive-u-s-data-buoys-dollar-idUSL4N2FN2VV | PRECIOUS-Gold hits 1-week low as positive U.S. data buoys dollar | PRECIOUS-Gold hits 1-week low as positive U.S. data buoys dollar
By Sumita Layek0 Min Read
* Gold falls over 1% to $1,910.99/oz * Longer-term uptrend in gold prices still intact -analyst * U.S. business activity hits highest since early 2019 * Gold down 0.3% for the week * Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Sumita Layek Aug 21 (Reuters) - Gold dropped to its lowest in over a week and was en route to its second straight weekly decline on Friday, as a strong rebound in the dollar and a resurgence in U.S. business activity dented bullion's allure. Spot gold fell 0.2% to $1,939.64 per ounce by 1:43 p.m. EDT (1543 GMT), after declining over 1% to $1,910.99. U.S. gold futures settled unchanged at $1,947. For the week, gold is down 0.3% and prices have retreated sharply from above $2,000 hit earlier this week. "Prices have endured a roller-coaster week amid weak positioning, delayed stimulus package agreement, a bounce in the U.S. dollar and real rates," said Standard Chartered analyst Suki Cooper. The dollar was up 0.6% against rivals, making gold more expensive for holders of other currencies. U.S. stock indexes rose, while U.S. Treasury yields inched higher after data showed an uptick this month in business activity to the highest since early 2019. "We're seeing some better than expected economic data in some facets, yet there clearly are still concerns in regards to the pandemic, in regards to the employment situation," said David Meger, director of metals trading at High Ridge Futures. Investors also kept a close eye on the developments surrounding U.S. coronavirus relief bill after U.S. House of Representatives Speaker Nancy Pelosi on Thursday said she opposed a smaller coronavirus relief bill. "Barring further profit-taking, we think the longer-term uptrend (for gold) is intact given our expectations for further U.S. dollar weakness and the scale of stimulus, and as we expect interest rates to remain low or negative," Standard Chartered's Cooper said. Elsewhere, silver fell 1.9% to $26.71 per ounce but was poised for a weekly rise of 1%. Platinum was flat at $917.61 per ounce, while palladium eased 0.2% to $2,177.32 per ounce. (Reporting by Sumita Layek in Bengaluru Editing by Alistair Bell and Steve Orlofsky)
Our Standards: The Thomson Reuters Trust Principles.
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4452dfe8bea6c09b9d86da14e1522d65 | https://www.reuters.com/article/global-precious/precious-gold-hits-1-year-low-as-dollar-firms-on-u-s-fed-rate-outlook-idUSL4N1UE1FV | PRECIOUS-Gold hits 1-year low as dollar firms on U.S. Fed rate outlook | PRECIOUS-Gold hits 1-year low as dollar firms on U.S. Fed rate outlook
By 0 Min Read
* Dollar at 6-month high vs yen after outlook from Fed's Powell * Spot gold to hover above $1,226 an ounce - technicals * Silver slips to its weakest since July 2017 (Adds comment, detail, and updates prices) By Karen Rodrigues BENGALURU, July 18 (Reuters) - Gold prices slipped to their lowest in a year on Wednesday, as the dollar firmed after Federal Reserve Chairman Jerome Powell's U.S. economic outlook reinforced views that the central bank is on track to steadily hike interest rates. Spot gold was down 0.2 percent at $1,224.16 an ounce, as of 0657 GMT. Earlier in the session, the yellow metal hit its weakest since mid-July 2017 at $1,221.74 an ounce. U.S. gold futures for August delivery were 0.2 percent lower at $1,224.30 an ounce. The stronger dollar following Powell's comments weighed on gold prices, said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank. "People are selling (instruments of) emerging markets, commodities and buying the dollar as it seems to be the most stable investment. As long as this trend continues ... it's a pretty tough situation for commodities," Ikemizu said. The dollar rose across the board on Wednesday, climbing to a six-month high against the yen, after U.S. Federal Reserve Chairman Jerome Powell gave an upbeat outlook for the economy and reinforced views that the Fed was on track to steadily hike interest rates. Meanwhile, another central banker on Tuesday said that with the U.S. economy firing on all cylinders, the Fed should ease away from monetary policy accommodation and move interest rates up far enough to prevent unwanted inflation but not so fast that a recession ensues. Higher interest rates tend to boost the dollar and push up bond yields, making greenback-denominated gold more expensive for holders of other currencies and denting its appeal. "With the USD on a solid footing, gold prices should stay pressured lower for the foreseeable future as gold has wholly lost its glittering appeal in this enduringly bullish equity and USD environment," said Stephen Innes, APAC trading head, OANDA. However, Reuters technicals analyst Wang Tao said spot gold has found support at $1,226 per ounce and may hover above this level or bounce towards resistance at $1,237. Among other precious metals, silver slipped 0.5 percent to $15.47 an ounce, after touching $15.39 per ounce, its lowest since July last year. Platinum lost 0.6 percent to $807.50 an ounce, and hit a two-week low of $804.75 an ounce earlier in the session. Palladium climbed 0.1 percent to $911.90 per ounce. (Reporting by Karen Rodrigues in Bengaluru, Editing by Joseph Radford and Sherry Jacob-Phillips)
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2d9b23f619236fb2fa617854bbe4b939 | https://www.reuters.com/article/global-precious/precious-gold-hits-10-mth-high-in-wake-of-n-korea-nuclear-test-idINL4N1LL07W?edition-redirect=in | PRECIOUS-Gold hits 10-mth high in wake of N.Korea nuclear test | PRECIOUS-Gold hits 10-mth high in wake of N.Korea nuclear test
By Reuters Staff0 Min Read
Sept 4 (Reuters) - Gold prices hit their highest in nearly 10 months early on Monday after North Korea's latest and most powerful nuclear test drove investors towards safe-haven assets. FUNDAMENTALS * Spot gold was up 0.8 percent at $1,335.31 per ounce by 0041 GMT, after earlier touching its strongest since Nov. 9 at $1,336.79. * U.S. gold futures for December delivery were up 0.8 percent at $1,340.90. * The Japanese yen and sovereign bonds also climbed on Monday as North Korea's nuclear test provoked the usual knee-jerk shift to safe havens, while futures pointed to a difficult day for global equities. * North Korea on Sunday conducted its sixth nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, prompting the threat of a "massive" military response from the United States if it or its allies were threatened. * South Korea's military said on Monday its air forces and the army carried out a missile drill early in the day in response to North Korea's nuclear test, adding the drills targeted the area where the test had been carried out. * Trade negotiators from Canada, the United States and Mexico presented more proposals for a renewed North American Free Trade Agreement on Friday and tried to put behind them threats from U.S. President Donald Trump to pull out of the treaty. * The European Central Bank is likely to announce a reduction of its monthly asset purchases in October, according to a majority of economists in a Reuters poll, who also said they expect the central bank to shut down the programme by the end of next year. * The European Central Bank will discuss how to initiate a careful withdrawal from its asset purchase programme, rate-setter Ewald Nowotny said on Friday. * Traders held to expectations Friday that the Federal Reserve would probably wait until the middle of 2018 before raising rates, after a government report showed employers added fewer jobs last month than expected. DATA/EVENT AHEAD (GMT) 0830 U.K. Construction PMI Aug 0830 Euro Zone Investor sentiment index Sep 0900 Euro Zone PPI Jul (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph Radford)
Our Standards: The Thomson Reuters Trust Principles.
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f3472673dcbb4159c84c3343c7ab8e66 | https://www.reuters.com/article/global-precious/precious-gold-hits-3-week-low-as-easing-growth-woes-lift-equities-idUKL3N21K0QC?edition-redirect=uk | PRECIOUS-Gold hits 3-week low as easing growth worries lift equities | PRECIOUS-Gold hits 3-week low as easing growth worries lift equities
By K. Sathya Narayanan3 Min Read
* SPDR gold holdings post biggest fall in a month on Monday
* Dollar hovering near three-week highs
* Asian shares rise to 7-month peak
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates prices)
April 2 (Reuters) - Gold prices slipped on Tuesday to their lowest in more than three weeks as waning concerns about a global economic slowdown lifted equities to multi-month highs, denting the precious metal’s safe-haven appeal.
Spot gold was down 0.1 percent at $1,286.41 per ounce by 0732 GMT, after touching its lowest since March 7 at $1,284.76 earlier in the session. U.S. gold futures fell about 0.2 percent to $1,291.40 an ounce.
“Concerns we saw emerge in the past few weeks around economic growth has certainly eased and that shift (in sentiment) in the past day or two resulted in little bit of selling in gold market,” ANZ analyst Daniel Hynes said.
“Most of the global growth is coming from China and the (Chinese) data over the weekend eased those concerns.”
Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market on Monday, which in turn lifted Asian equities to seven-month highs.
Market participants are now looking ahead to the U.S. nonfarm payroll data, due this Friday, for details on the economy’s performance.
Investors are also keeping a close watch on the Sino-U.S. trade negotiations, set to resume later this week in Washington with a Chinese delegation led by Vice Premier Liu He.
Strong payroll data tends to boost the dollar, while any positive developments from the trade talks would further increase investors’ appetite for riskier assets, both negative for gold.
The dollar index, which tracks the greenback against key rivals, was trading close to a three-week high posted on Monday. A stronger dollar makes gold expensive for holders of other currencies.
Indicating investor sentiment for bullion, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 1.5 percent on Monday, its biggest one-day percentage decline in a month.
On the technical front, $1,275 to $1,280 an ounce level remains the key longer-term support for gold, according to an OANDA note.
The metal is currently trading above the 100-day moving average of around $1,281 per ounce. Speculators who trade on technical signals regard a break below key moving averages as a bearish sign.
Among other precious metals, spot palladium was down 0.1 percent at $1,417.94 an ounce, after rising the most since late February in the previous session.
Silver slipped 0.5 percent to $15.03 per ounce, while platinum dipped 0.2 percent to $845.53. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Subhranshu Sahu and Gopakumar Warrier)
Our Standards: The Thomson Reuters Trust Principles.
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09d2b52a8deac67e5a6ca1a03f877bec | https://www.reuters.com/article/global-precious/precious-gold-hits-5-week-high-on-global-trade-war-fears-idUSL3N1R8171 | PRECIOUS-Gold hits 5-week high on global trade war fears | PRECIOUS-Gold hits 5-week high on global trade war fears
By Reuters Staff0 Min Read
March 26 (Reuters) - Gold prices rose early Monday to a five-week high as the threat of a trade war between the United States and China drove investors to seek refuge in safe assets. FUNDAMENTALS * Spot gold edged up 0.3 percent in early trade to hit $1,350.76 per ounce, its highest since Feb. 19, before easing back to be flat at $1,346.62 at 0113 GMT. * Gold rose 2.6 percent last week, its biggest weekly gain since September 2017. * U.S. gold futures for April delivery fell 0.2 percent to $1,346.70 per ounce. * Fears of a full-blown trade war between the U.S. and China battered Asian shares again on Monday, keeping the safe haven yen near a 16-month peak. Against a basket of currencies, the dollar index was flat at 89.432. * The U.S. has violated international trade rules with an inquiry into intellectual property and China is ready to defend its interests, Vice Premier Liu He told U.S. Treasury Secretary Steven Mnuchin, state media said on Saturday. * Federal Reserve officials on Friday said they want to see more details about new tariff policies before deciding whether any policy response is warranted, holding to their view that more interest rate hikes are needed. * European Union leaders called on U.S. President Donald Trump on Friday to make permanent an EU exemption from U.S. metal import duties, saying they reserved the right to respond "in a proportionate manner" to protect the bloc's interests. * Trump's choice of John Bolton as national security adviser provoked strong reactions worldwide on Friday - and few stronger than in the bitterly-divided Middle East. * A senior Iranian official said on Sunday it was "shameful" that Trump had named Bolton as national security adviser because of his ties with rebels whom Iran sees as "terrorists", the state news agency IRNA reported. * Gold speculators cut their net long position by 23,822 contracts to 121,838 contracts, U.S. Commodity Futures Trading Commission data showed. * Physical gold demand in Asian hot spots slouched this week as higher global prices made buyers hold off on purchases and as discounts in India widened to their highest in 6-1/2 months. * Democratic Republic of Congo's mines minister rejected a proposal by mining companies on Friday to soften some provisions in a new mining code in exchange for higher royalties. (Reporting by Eileen Soreng in Bengaluru; editing by Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.
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1501a14cb1951bcf116ff014c841d1f4 | https://www.reuters.com/article/global-precious/precious-gold-hits-over-3-wk-low-strong-dollar-fed-rate-hike-view-weigh-idUKL4N1M217V?edition-redirect=uk | PRECIOUS-Gold hits over 3-wk low; strong dollar, Fed rate hike view weigh | PRECIOUS-Gold hits over 3-wk low; strong dollar, Fed rate hike view weigh
By 0 Min Read
* Spot gold may fall more towards next support at $1,281/oz -technicals * Fed signals one more rate hike this year (Updates prices) By Apeksha Nair Sept 21 (Reuters) - Gold slipped to its lowest in over three weeks on Thursday as a stronger dollar and increasing prospects of a December rate hike by the Federal Reserve curbed appetite for the metal. Spot gold was down 0.2 percent at $1,298.06 an ounce by 0634 GMT, after earlier touching its lowest since late August at $1,294.41. U.S. gold futures for December delivery dropped nearly 1.2 percent to $1,301.20 an ounce. The U.S. dollar rose and bond yields jumped to their highest levels in six weeks on Wednesday after the Federal Reserve announced a plan to start shrinking its balance sheet in October and signalled one more rate hike later this year. The dollar on Thursday extended gains and rose 0.2 percent versus the yen . It was steady against a basket of currencies . "The Federal Open Market Committee (FOMC) was surprisingly upbeat and (held) the line on rate hikes in 2017 and 2018 which has caught traders by surprise," said Jeffrey Halley, a senior market analyst at OANDA. The Fed's announcement on another interest rate hike this year took markets by surprise as a series of poor inflation readings had dampened expectations for such a step. Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on greenback-denominated, non-yielding bullion. Elsewhere, the Bank of Japan kept monetary policy steady on Thursday and maintained its upbeat view of the economy, signalling its conviction a solid recovery will gradually accelerate inflation towards its 2 percent goal without additional stimulus. "In the bigger picture, I still see the price action as corrective. It should base in this $1,280-$1,296 region. I see global uncertainty, diversification as continuing to underpin gold for now," Halley said. U.S. allies on Wednesday said that enforcing international sanctions on North Korea, and not mere dialogue, was key to getting Pyongyang to give up its nuclear weapons after President Donald Trump on Tuesday said he would "totally destroy" the country if threatened and mocked its leader as a "rocket man". Geopolitical risks can boost demand for safe-haven assets such as gold. Spot gold may break support at $1,299 per ounce and fall more towards the next support level at $1,281, said Reuters technicals analyst Wang Tao. In other precious metals, silver was down 0.5 percent at $17.04 an ounce, after falling to its lowest since Aug. 25 in the previous session. Platinum eased 0.3 percent to $938.49 an ounce, after hitting its lowest since late July on Wednesday. Palladium rose 0.2 pct to $911.50 an ounce, and was moving away from its previous session's five-week low. (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph Radford and Subhranshu Sahu)
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e02cd671ff79eaeb2aa09e72ce912282 | https://www.reuters.com/article/global-precious/precious-gold-holds-near-4-mth-peak-buoyed-by-weaker-dollar-idUKL3N1PB1BE?edition-redirect=uk | PRECIOUS-Gold holds near 4-mth peak, buoyed by weaker dollar | PRECIOUS-Gold holds near 4-mth peak, buoyed by weaker dollar
By 0 Min Read
* Spot gold may test $1,357.54/oz - technicals * Palladium slips below Monday's record high * Silver off 3-mth top, platinum off 4-mth high (Adds comment, updates prices) By Sethuraman N R Jan 16 (Reuters) - Gold prices edged higher on Tuesday to hold just below a four-month high touched in the previous session, supported by a weaker U.S. dollar languishing near three-year lows. Spot gold was up 0.1 percent at $1,340.98 an ounce by 0650 GMT, after touching its strongest since Sept. 8 at $1,344.44 on Monday. U.S. gold futures rose 0.4 percent to $1,340.80 an ounce. "Gold seems to be moving higher on account of rising inflationary expectations and a steep drop in the dollar," said INTL FCStone analyst Edward Meir. "We are not sure if gold could withstand the higher yield environment going into 2018, especially if the dollar eventually reverses course. In addition, we don't see the recent spike in U.S. inflation lasting." The dollar index , which measures the greenback against a basket of currencies, fell on Monday to its lowest since December, 2014 at 90.279. It was last down 0.6 percent at 90.417. The euro stood near a 3-year peak on rising expectations that the European Central Bank could pare its monetary stimulus. ECB rate-setter Ardo Hansson on Monday said the central bank could end its bond purchase scheme in one go after September if the economy and inflation develop as expected. The dollar has weakened as markets grow increasingly confident that a global recovery would outpace U.S. growth and prompt other major central banks, led by the ECB, to unwind their easy money strategy faster than has been expected. "We are likely to see further short squeezes over the near-term as the metal (gold) edges toward $1,350 and above this the September 2017 high around $1,357 will be the ultimate target for bulls," MKS PAMP Group trader Sam Laughlin said. "Supportive interest around $1,330 should restrict any further declines. However, should we see a period of weakness, support broadly around $1,305 - $1,310 will act as a pivot point for the metal and will need to hold to continue the recent upward momentum." Spot gold may revisit its Sept. 8, 2017 high of $1,357.54 per ounce, as suggested by a retracement analysis, Reuters technical analyst Wang Tao said. Palladium , which marked a record high of $1,138 an ounce on Monday, was last down 0.3 percent at $1,123.10 on Tuesday. The metal has seen a sustained rally from high demand in the auto industry amid a supply deficit, analysts said. Spot silver was down 0.6 percent to $17.24 an ounce. It hit a three-month high of $17.42 on Monday. Platinum dropped 0.3 percent to $993.20, after touching its strongest since Sept. 11 at $1,001.40 on Monday. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Richard Pullin and Sunil Nair)
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7853ab79d0c19499a648522681c88b64 | https://www.reuters.com/article/global-precious/precious-gold-holds-steady-near-two-month-peak-in-slow-year-end-trading-idINL4N2911WN?edition-redirect=in | PRECIOUS-Gold holds steady near two-month peak in slow year-end trading | PRECIOUS-Gold holds steady near two-month peak in slow year-end trading
By Diptendu Lahiri0 Min Read
(Updates prices) * Bullion on track for best week in over four months * SPDR Gold holdings rise to highest since Nov. 29 * Silver poised for best week since late August By Diptendu Lahiri Dec 27 (Reuters) - Gold steadied after rising to its highest in nearly two months earlier on Friday, as investors cautiously adjusted their positions in thin year-end trading, but the metal was still on path for its best week in more than four months. Spot gold was little changed at $1,511.48 per ounce by 1252 GMT. U.S. gold futures rose 0.1% to $1,516.10 per ounce. Gold rose to its highest since early November at $1,513.88 earlier in the session, but pared gains as traders took profits. It has gained over 2% so far this week, the most since the week of Aug. 9. "At the end of this year and beginning of the next, a lot of investors will take and quit their positions in gold, keeping it kind of steady," said Frederic Panizzutti, managing director at MKS Dubai. "We expect gold prices to be supported by ongoing U.S.-China trade war, geo-political tensions and very low interest rate environment. Central banks are on the buying side and that is not expected to change next year as well." Gold has rallied this year on the back of the long-drawn U.S.-China trade war that triggered fears of a global economic slowdown and helped the safe-haven metal gain over 17% so far this year. As 2020 approaches, uncertainty is expected to remain high with unresolved U.S.-China trade issues, Brexit and upcoming U.S. Presidential elections. "With the given uncertainties, $1,500 is quite a good pivot level for gold. If and when the phase one (trade) deal goes through, we might see gold breaking that level and trade in the $1,400s, but only for a short period of time," MKS' Panizzutti said. Meanwhile, news that Russia could consider a part-investment of its National Wealth Fund in gold provided some further support to the yellow-metal. "If Russia starts holding gold, being one of the biggest suppliers to the market, that would significantly dampen supplies. This is a significant macro driver," said Stephen Innes, a market strategist at AxiTrader. Indicative of investor interest in bullion, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.4% to 892.37 tonnes, its highest since Nov. 29. Elsewhere, silver fell 0.2% to $17.85 per ounce, but was on track for its best week since late August. Palladium edged up 0.1% to $1,902.66 per ounce, while platinum was up 0.2% at $948.88 per ounce. (Reporting by Diptendu Lahiri and Asha Sistla in Bengaluru, editing by Louise Heavens and Emelia Sithole-Matarise)
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ba55a00a0dc0dbb41807ebe8aba438fa | https://www.reuters.com/article/global-precious/precious-gold-holds-tight-range-as-vaccine-progress-offsets-rising-cases-idUSL4N2I43M1 | PRECIOUS-Gold dips as vaccine progress offset worries over rising cases | PRECIOUS-Gold dips as vaccine progress offset worries over rising cases
By Sumita Layek0 Min Read
* Pfizer to apply for emergency U.S. OK for vaccine * Platinum market seen in deficit this year and next -WPIC * Graphic tracking world spread of coronavirus: tmsnrt.rs/3mvcUoa (Updates prices) By Sumita Layek Nov 18 (Reuters) - Gold prices eased on Wednesday as optimism about Pfizer's successful vaccine trials countered concerns over rising coronavirus infections and bets for further economic support. Spot gold was down 0.3% to $1,872.38 per ounce by 01:57 p.m. EST (1857 GMT). U.S. gold futures settled down 0.6% at $1,873.90. "The rollout of positive vaccine developments is reducing gold's lure as a safe haven. (Although) it still seems to be in a trading range, the big moves up seem to be finished for now," said ED&F Man Capital Markets analyst Edward Meir. U.S. drugmaker Pfizer Inc said it was set to apply for emergency U.S. authorization after final results from its vaccine trial showed a 95% success rate with two months of safety data. "(Vaccines) seem to be progressing quickly and there are several others also in the pipeline ... that should help the global economy recover and be net bearish for gold. But in the meantime, the fact that we're not out of the woods yet and need more stimulus seems to be offering some support," Meir said. Gold, considered a hedge against inflation and currency debasement, has gained 24% this year, benefiting from massive global stimulus and near zero-interest rates. "It is worth recalling that the driver of investment flows into precious metals has ultimately been sourced from a powerful impulse lower in real rates," TD Securities said in a note. "The U.S. Federal Reserve's continued attempt to spark higher inflation expectations should suppress real rates deeper into negative territory. This will continue to drive investment appetite for precious metals, as capital seeks to shelter itself from increasingly negative real rates." Silver fell 0.5% to $24.34 per ounce, palladium gained 1.3% to $2,348.78. Platinum climbed 1.9% to $942.53. The World Platinum Investment Council projected a market deficit in 2020 and 2021. (Reporting by Sumita Layek in Bengaluru; Editing by Marguerita Choy and David Gregorio)
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6bc48183dd74dc313de647f53ae4f048 | https://www.reuters.com/article/global-precious/precious-gold-inches-down-as-easing-us-iran-tensions-whet-risk-appetite-idUKL4N29F064?edition-redirect=uk | PRECIOUS-Gold inches down as easing U.S.-Iran tensions whet risk appetite | PRECIOUS-Gold inches down as easing U.S.-Iran tensions whet risk appetite
By Reuters Staff0 Min Read
Jan 10 (Reuters) - Gold prices edged lower on Friday, having declined as much as 1% in the previous session, as de-escalation in U.S.-Iran tensions brought relief to markets and boosted investors' appetite for riskier assets. FUNDAMENTALS * Spot gold fell 0.1% to $1,551.02 per ounce by 0045 GMT. Prices hit their lowest since Jan. 3 at $1,539.78 in the previous session. U.S. gold futures eased 0.2% to $1,551.40. * Markets received a respite after U.S. President Donald Trump responded to Iran's missile attacks with sanctions instead of military action. * World's shares hit a record high on relief as Mideast tensions subsided. * The U.S. House of Representatives passed a resolution on Thursday to stop Trump from further military action against Iran, days after he ordered a drone strike that killed a top Iranian commander and raised fears of war. * Investors are now focused on a 'Phase 1' trade deal signing between Washington and Beijing next week. * However, large Chinese purchases of Brazilian soybeans and a pair of unexpected policy moves by Beijing have dimmed U.S. hopes that China would double its imports of American farm products this year. * Trump said his administration will start negotiating the 'Phase 2' agreement soon but that he might wait to complete any deal until after November's U.S. presidential election. * The global trade wars may not be over, but U.S. Federal Reserve officials on Thursday said the economy may have weathered the worst of it as risks begin to ease and businesses adjust to a new trade environment. * Sudan has begun allowing private traders to export gold, a measure designed to crack down on smuggling and attract foreign currency into the country's cash-strapped treasury. * Reflecting investor sentiment, holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust , fell 0.5% to 882.12 tonnes on Thursday. * Elsewhere, palladium gained 0.4% to $2,114.94 an ounce, having hit a record peak of $2,149.50 in the previous session on supply woes. For the week, the metal was set to register its best week since mid-June. * Silver was flat at $17.89 per ounce, and was on track to post its worst week in five, while platinum inched up 0.2% to $968.41. DATA/EVENTS (GMT) 1200 India Industrial Output YY Nov 1330 US Non-Farm Payrolls Dec 1330 US Unemployment Rate Dec 1330 US Average Earnings YY Dec (Reporting by Sumita Layek in Bengaluru; Editing by Shailesh Kuber)
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7ce789b903974dd0ab890433ae9d8c98 | https://www.reuters.com/article/global-precious/precious-gold-inches-higher-from-over-4-month-low-as-dollar-weakens-idUKL4N2IB039?edition-redirect=uk | PRECIOUS-Gold inches higher from over 4-month low as dollar weakens | PRECIOUS-Gold inches higher from over 4-month low as dollar weakens
By Reuters Staff0 Min Read
Nov 25 (Reuters) - Gold prices edged up on Wednesday helped by a weaker dollar, though a robust appetite for riskier assets kept the safe-haven metal near a more than four-month low hit in the previous session. FUNDAMENTALS * Spot gold rose 0.1% to $1,809.41 per ounce by 0124 GMT. Prices hit $1,800.01 on Tuesday, its lowest level since July 17. * U.S. gold futures were up 0.2% at $1,807.60. * The dollar index eased 0.1% against a basket of currencies, making bullion cheaper to other currency holders. * U.S. president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings, a sign he has all but accepted the result. * Biden's formally approved transition and positive developments around a possible COVID-19 vaccine sparked a rally in U.S. equities with the Dow piercing the 30,000 level for the first time on Tuesday. * Investors now await the FOMC's minutes from its last meeting due at 1900 GMT for clues on the direction of monetary policy. * China's net gold imports via Hong Kong plunged about 84% in October from September's six-month peak, marking their steepest month-on-month decline since June, Hong Kong Census and Statistics Department data showed on Tuesday. * Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 1.1% to 1,199.74 tonnes on Tuesday from 1,213.17 tonnes on Monday. * Silver rose 0.2% to $23.29 per ounce. Platinum fell 0.2% to $959.64, while palladium eased 0.3% to $2,340.61. DATA AHEAD (GMT) 1330 US Oct. Durable Goods 1330 US Weekly Initial Jobless Clm 1500 US Nov. Consumption Adjusted MM 1500 US Nov. U Mich Sentiment Final 1500 US Oct. New Home Sales-Units 1900 US Federal Open Market Committee will release minutes from its November 4-5 policy meeting (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)
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c963996e4150f09220e8f70c9120d5e3 | https://www.reuters.com/article/global-precious/precious-gold-inches-higher-on-u-s-stimulus-talks-jobs-data-awaited-idUKL4N2CW07B?edition-redirect=uk | PRECIOUS-Gold inches higher on U.S. stimulus talks; jobs data awaited | PRECIOUS-Gold inches higher on U.S. stimulus talks; jobs data awaited
By Reuters Staff0 Min Read
May 14 (Reuters) - Gold rose slightly on Thursday as U.S. stimulus talks and Federal Reserve Chair Jerome Powell's downbeat economic assessments supported the safe-haven metal, while investors awaited U.S. initial jobless claims data due later in the day. FUNDAMENTALS * Spot gold climbed 0.1% to $1,716.66 per ounce by 0037 GMT. U.S. gold futures rose 0.6% to $1,726.20. * Asian equities were set to slump after Powell warned of a "significantly worse" U.S. recession than any downturn since World War Two because of coronavirus pandemic fallout. * Powell signalled bets that the U.S. central bank will pursue a negative interest-rate policy are off-base, but vowed to use its power as needed and called for additional fiscal spending to prop up the virus-hit economy. * Governors from both major political parties urged lawmakers in Washington, D.C., to cast aside partisanship and deliver relief to U.S. cities and states facing economic ruin as they fight what they called a "red, white and blue pandemic." * Gold tends to benefit from widespread stimulus measures as it is often seen as a hedge against inflation and currency debasement. * Underscoring the economic impact of the epidemic, U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years. * British house prices are likely to fall as the market slowly begins to reopen, after a collapse in activity due to COVID-19 restrictions last month, a survey showed. * The virus that causes COVID-19 could become endemic like HIV, the World Health Organization said, warning against any attempt to predict how long it would keep circulating and calling for a "massive effort" to counter it. * Highlighting investor appetite for bullion, SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, rose 0.78% to 1,092.14 tonnes on Wednesday. * HSBC Holdings Plc suffered mark-to-market losses of about $200 million in a single day in March after gold prices in London and New York diverged dramatically, the bank said. * Palladium rose 0.8% to $1,832.72 an ounce and platinum gained 0.2% to $758.35, while silver fell 0.6% to $15.55. DATA/EVENTS (GMT) 0600 Germany HICP Final YY April 1230 U.S. Initial Jobless Claims Weekly (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Subhranshu Sahu)
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04b4d357070c991905778747a279cd78 | https://www.reuters.com/article/global-precious/precious-gold-inches-lower-amid-rising-equities-as-mideast-tensions-fade-idINL4N29F0TM?edition-redirect=in | PRECIOUS-Gold inches lower amid rising equities as Mideast tensions fade | PRECIOUS-Gold inches lower amid rising equities as Mideast tensions fade
By Sumita Layek0 Min Read
(Updates prices) * U.S. non-farm payrolls due at 1330 GMT * Dollar index on track to post best week in 2 months * SPDR Gold holdings fell 0.5% on Thursday * Palladium set to register best week since mid-June By Sumita Layek Jan 10 (Reuters) - Gold prices edged down on Friday, after declining as much as 1% in the previous session, as easing tensions in the Middle East prompted investors to move back to riskier bets. Spot gold fell 0.1% to $1,550.66 per ounce by 0732 GMT. Prices fell to their lowest since Jan. 3 at $1,539.78 on Thursday. U.S. gold futures eased 0.2% to $1,551.60. Meanwhile, global stocks rallied to hit record highs after comments from U.S. President Donald Trump and Iran pointed to a de-escalation in military tensions, even as the U.S. increased sanctions on Iran. "We are looking at the risk-on sentiment, a stronger dollar, and surging equities," Stephen Innes, a market strategist at AxiTrader said. "Besides the U.S. president suggesting that Iran is standing down, House Speaker Nancy Pelosi's legislation to limit Trump's executive powers against Iran is reducing the pressure in the Mideast." The U.S. House of Representatives on Thursday passed a resolution to stop Trump from further military action against Iran. Gold, a safe asset during political and economic uncertainties, had surged over $1,600 on Wednesday after Iran launched missile strikes on U.S. forces in retaliation to the killing of its top commander in a drone attack. Further weighing on gold, the dollar looked set to post its best week in two months. On the trade front, a 'Phase 1' trade deal between Washington and Beijing could be signed shortly after Jan. 15, Trump said on Thursday. Investors now await U.S. non-farm payrolls due at 1330 GMT. "Gold remains on the back foot in Asia ... as traders price out the geopolitical risk in precious metals," Jeffrey Halley, a senior market analyst for the Asia-Pacific region at OANDA said in a note. "A break of $1,540 implies that a deeper correction to $1,520 could occur." Indicative of sentiment, holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust , fell 0.5% to 882.12 tonnes on Thursday. Elsewhere, palladium fell 0.3% to $2,101.81 an ounce, having hit a record peak of $2,149.50 in the previous session on supply woes. For the week, the metal was set to post its best week since mid-June, rising nearly 6% so far. Silver rose 0.2% at $17.93 per ounce, but was on track for its worst week in five, while platinum edged up 0.2% to $968.49. (Reporting by Sumita Layek in Bengaluru; Editing by Arun Koyyur and Rashmi Aich)
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9f64efb607439dbdf5f796e6c79f0ff8 | https://www.reuters.com/article/global-precious/precious-gold-inches-lower-as-new-coronavirus-cases-dip-idINL4N2AB273?edition-redirect=in | PRECIOUS-Gold inches lower as new coronavirus cases dip | PRECIOUS-Gold inches lower as new coronavirus cases dip
By Sumita Layek3 Min Read
(Updates prices)
* Dollar index at four-month high
* Markets focus on U.S. Fed Chair’s testimony before Congress
* Gold denominated in euros slips from record highs
Feb 11 (Reuters) - Gold edged lower on Tuesday as European stocks surged to record highs and the dollar hit a four-month peak, after a fall in the number of new confirmed cases of coronavirus limited the appetite for lower risk assets and drove buying elsewhere.
Spot gold was down 0.1% at $1,569.80 per ounce by 1301 GMT, having touched its highest since Feb. 4 at $1,576.76 on Monday. U.S. gold futures shed 0.4% to $1,573.40.
“Equities are recovering and the Chinese economy is trying to come back to normal... so it’s not surprising to see risk-averse investments like gold coming under pressure,” said Commerzbank analyst Eugen Weinberg.
With expectations of virus risks diminishing, “the impact to the Chinese economy and to some extent the world economy is likely to be only temporary,” he said.
European shares hit a record high, while Asian share markets followed Wall Street higher on Tuesday as the number of new coronavirus cases slowed in China and the country’s factories slowly returned to work.
China’s virus epidemic may peak in February and then plateau before easing, the government’s top medical adviser on the outbreak said.
The virus in the world’s second-largest economy has killed more than 1,000 so far and threatened the country’s economic growth as companies struggled to return to work after an extended Lunar New Year holiday.
Further weighing on gold, the dollar rose to its highest since early October against a basket of rivals, making assets priced in the U.S. unit more expensive for holders of other currencies.
Meanwhile, gold in euros eased from a record peak of 1,444.76 euros per ounce hit in the previous session.
“We’ve this ad-hoc, completely unexpected (virus) factor driving demand for gold, but ultimately the growth prospects are being revised down (and) central banks are still continuing to ease their monetary policy, so the drivers for higher gold prices are there,” said SP Angel analyst Sergey Raevskiy.
Market participants were focused on Federal Reserve Chair Jerome Powell’s testimony before Congress, after two Fed policymakers played down the impact of the virus on the domestic economy.
Last month, Powell flagged the virus outbreak as significant, with effects on the Chinese economy at least in the short term.
Among other precious metals, palladium fell 1.1% to $2,327.05 an ounce, silver eased 0.1% to $17.74 and platinum edged 0.1% higher to $967.09. (Reporting by Sumita Layek in Bengaluru; Editing by Jan Harvey and Barbara Lewis)
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809b0bdcc0dc708e4b9f683c32add2f9 | https://www.reuters.com/article/global-precious/precious-gold-inches-up-as-us-says-china-tariffs-in-place-till-phase-2-deal-idINL4N29K04A?edition-redirect=in | PRECIOUS-Gold inches up as U.S. says China tariffs in place till Phase 2 deal | PRECIOUS-Gold inches up as U.S. says China tariffs in place till Phase 2 deal
By Reuters Staff0 Min Read
Jan 14 (Reuters) - Gold edged up on Wednesday, after a top U.S. official said tariffs on China would stay until a Phase 2 deal is completed, ahead of the signing of an interim trade deal between the two countries, while palladium scaled a record peak. FUNDAMENTALS * Spot gold rose 0.1% to $1,547.23 per ounce by 0117 GMT; prices had touched their lowest since Jan. 3 at $1,535.63 on Tuesday. U.S. gold futures rose 0.2% to $1,547.80. * Palladium was flat at $2,193.58 an ounce after hitting a record peak of $2,204.29 earlier in the session. * U.S. Treasury Secretary Steven Mnuchin said on Tuesday the United States would keep in place tariffs on Chinese goods until the completion of a Phase 2 trade deal. * Mnuchin also said, the first phase of a trade agreement will be fully enforceable, including a pledge by China to refrain from manipulating its currency. * China has pledged to buy almost $80 billion of additional manufactured goods from the United States over the next two years as part of a tariff war truce, according to a source, though some U.S. trade experts call it an unrealistic target. * Asian stocks trod water as investors awaited signing of the Phase 1 deal, although comments from Mnuchin on tariffs somewhat cooled investor sentiment and triggered profit-taking. * U.S. consumer prices rose slightly in December even as households paid more for healthcare, and monthly underlying inflation slowed. * The Federal Reserve Bank of New York said on Tuesday it will continue to inject liquidity into the overnight lending markets for cash until at least mid-February while slightly reducing offerings on longer term loans. * Resolute Mining Ltd said on Wednesday it will sell its Ravenswood Gold mine for up to A$300 million ($207 million) to a consortium led by resource-focused private equity firm EMR Capital. * Elsewhere, silver shed 0.1% to $17.78 per ounce, while platinum advanced 0.2% to $985.00. DATA/EVENTS (GMT) 0745 France CPI (EU Norm) Final MM, YY Dec 0930 UK CPI YY Dec 1100 EU Reserve Assets Total Dec 1900 US Federal Reserve issues the Beige Book (Reporting by Asha Sistla in Bengaluru; Editing by Shailesh Kuber)
Our Standards: The Thomson Reuters Trust Principles.
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2a49bcc74bc422bc9cff301eff06e25e | https://www.reuters.com/article/global-precious/precious-gold-inches-up-on-track-for-best-week-in-four-months-idUKL4N2912FX?edition-redirect=uk | PRECIOUS-Gold inches up, on track for best week in four months | PRECIOUS-Gold inches up, on track for best week in four months
By Karthika Suresh Namboothiri, Diptendu Lahiri0 Min Read
(Updates prices) * Silver extends gains into third consecutive week * Wall Street opens at record high * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri and Diptendu Lahiri Dec 27 (Reuters) - Gold edged higher on Friday and was set for its best week in more than four months, as volumes remained thin in cautious holiday trade, supported by global economic growth concerns and U.S.-China trade uncertainties. Spot gold was up 0.1% at $1,513.36 per ounce as of 01:30 p.m. ET (1830 GMT), having risen to a near two-month high of $1.515.09 in the session. It has gained over 2% so far this week, the most since the week ended Aug. 9. U.S. gold futures settled 0.2% higher at $1,518.10 per ounce. "The U.S.-China trade deal, although it has a lot of positive news flowing in, has nothing yet on paper under a seal. That is keeping investors a little cautious," said Chris Gaffney, president of world markets at TIAA Bank. Beijing said on Wednesday it was in close touch with Washington on a trade deal signing ceremony, a day after U.S. President Donald Trump said he and Chinese President Xi Jinping would have such an event. However, with expectations that the Phase 1 deal would have been stamped much before the end of the year, investors are wary with every passing headline. The 17-month long trade spat between the world's two largest economies has compelled numerous central banks to resort to monetary easing. Gold benefits from an environment of lower interest rates as it yields no interest. "On the other hand a positive note on the global economic environment is boosting equities and weighing on gold prices. The volumes are also pretty low," Gaffney added. Wall Street opened at a record high on Friday, and world stocks hovered near an all-time peak. Profits at industrial companies in China in November grew at the fastest pace in eight months, breaking a three-month declining streak, as production and sales quickened. Investors are optimistic that gold prices will go up in the near future, and are buying when prices go down, said Michael Matousek, head trader at U.S. Global Investors. Economic and geopolitical uncertainties and a debt environment are also providing support to gold prices, he added. Elsewhere, silver eased 0.3% to $17.84 an ounce. It was up nearly 4% for the week, extending gains into a third week. Platinum edged 0.1% higher to $947.58 an ounce, while palladium gained 0.3% to $1,905.57 an ounce, up nearly 3% in the week. (Reporting by Karthika Suresh Namboothiri and Diptendu Lahiri in Bengaluru; Editing by Richard Chang)
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5d58cde9a8ace6bb7807f7eac9f42da5 | https://www.reuters.com/article/global-precious/precious-gold-inches-up-on-weaker-dollar-equities-idUKL4N1P603Q?edition-redirect=uk | PRECIOUS-Gold inches up on weaker dollar, equities | PRECIOUS-Gold inches up on weaker dollar, equities
By Reuters Staff0 Min Read
Jan 11 (Reuters) - Gold prices edged up early on Thursday after hitting a near four-month high in the previous session, on a weaker dollar and as a rally in equities ran out of steam. FUNDAMENTALS * Spot gold was up 0.1 percent at $1,318.49 an ounce by 0048 GMT. Prices hit a near four-month high at $1,326.56 an ounce on Wednesday. * U.S. gold futures were little changed at $1,319 an ounce. * Gold prices on Wednesday reversed their losses and rose over 1 percent as the dollar swooned after a report that Chinese officials had recommended slowing or halting purchases of U.S. Treasury securities. * Officials reviewing China's foreign-exchange holdings have recommended slowing or halting purchases of U.S. Treasuries, Bloomberg News reported on Wednesday, citing people familiar with the matter. * The U.S. dollar fell to a more than six-week low against the Japanese yen and weakened against a basket of major currencies on Wednesday after the report. It was mostly unchanged at 92.320 on Thursday. * The yen has been buoyed this week after a cut in the Bank of Japan's bond buying on Tuesday fuelled speculation that the central bank could eventually seek to exit from its stimulus later this year, following the footsteps of other major central banks. * The New Year rally in Asian shares paused on Thursday as concerns about the U.S. administration's protectionist stance hit Wall Street while U.S. bonds were dented by speculation China may curtail buying. * Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.35 percent to 828.96 tonnes on Wednesday from Tuesday. * UBS on Wednesday said that its gold forecast for 2018 year-end stands at $1,325 per ounce. * The class action brought by thousands of mineworkers who contracted lung diseases while working for South African gold miners has been postponed because the parties are close to a settlement, lawyers for the companies said on Wednesday. DATA AHEAD (IN GMT) 0900 Germany Full Year GDP 2017 1000 Euro Zone Industrial Production Nov (Reporting by Nallur Sethuraman in Bengaluru; Editing by Biju Dwarakanath)
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556c0943252a1e50ce841add6ac39a9e | https://www.reuters.com/article/global-precious/precious-gold-jumps-1-as-mideast-tensions-spur-safe-haven-bid-idINL4N2980A4?edition-redirect=in | PRECIOUS-Gold jumps 1% as Mideast tensions spur safe-haven bid | PRECIOUS-Gold jumps 1% as Mideast tensions spur safe-haven bid
By Diptendu Lahiri0 Min Read
* Minutes of Fed's Dec. 10-11 policy meeting due at 1900 GMT * SPDR Gold holdings rise to highest since Nov. 29 * Dollar hits 9-week low against safe-haven yen (Adds comments, updates prices) By Diptendu Lahiri Jan 3 (Reuters) - Gold prices jumped 1% to a four-month high on Friday as tensions flared in the Middle East after a senior Iranian military official was killed in a U.S. air strike, sparking safe-haven bids. Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and top Iraqi militia commander Abu Mahdi al-Muhandis were killed in the air strike on their convoy at Baghdad airport. "News from the Middle East along with some technical buying and a weaker dollar is supporting gold prices today," said Benjamin Lu, analyst at Phillip Futures. Spot gold hit its highest since Sept. 5 at $1,543.66, and was up 0.8% at $1,540.80 per ounce by 0733 GMT. U.S. gold futures gained about 1% to $1,543.30 per ounce. For the week, spot gold has gained about 2%, heading for a fourth consecutive weekly increase. Gold is considered to be a safe investment in times of political and economic uncertainties. Supporting the metal further, the dollar slipped to a nine-week low against the safe-haven yen on tensions in the Middle East. "After the recent escalations in geopolitical issues, we see a resistance level near the $1,575 level for the next week," said Jigar Trivedi, a commodities analyst at Anand Rathi Shares & Stock Brokers in Mumbai. "In case, there is profit-booking prices may fall to the $1,520 level but it is better to be long on gold, as there is a lot of potential for the metal to rise further." Asian shares slipped, erasing early gains on heightening geopolitical tensions, and boosting the metal's appeal. Investors now await the minutes of the Federal Reserve's Dec. 10-11 policy meeting, due at 1900 GMT. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. Indicative of investor sentiment, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.23% to 895.30 tonnes on Thursday, its highest since Nov. 29. Among other precious metals, silver hit a more than two-month high of $18.25 and was last up 0.8% at $18.17 per ounce, while platinum rose 0.4% to $982.66, heading for about 4% weekly gain. Palladium climbed 0.3% to $1,964.87, on track for a more than 3% weekly gain. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Subhranshu Sahu)
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aaee9f80133b19f05e2b8d4ef992497f | https://www.reuters.com/article/global-precious/precious-gold-jumps-as-dollar-sinks-on-weak-u-s-data-fed-minutes-idUKL8N1NS2OM?edition-redirect=uk | PRECIOUS-Gold jumps as dollar sinks on weak U.S. data, Fed minutes | PRECIOUS-Gold jumps as dollar sinks on weak U.S. data, Fed minutes
By 0 Min Read
* Gold extends gains, up more than 1 percent * Fed meeting minutes say "near term" rate hike * Weak U.S. data, technicals also push dollar lower (Recasts, updates headline, prices; adds new comment) By Renita D. Young and Peter Hobson NEW YORK/LONDON, Nov 22 (Reuters) - Gold prices rose on Wednesday as the dollar fell on technical factors and weak U.S. economic data, and gold jumped more after the U.S. Federal Reserve released minutes of its latest meeting, hinting at an interest rate increase in the near future. Gold's gains accelerated after the Fed minutes, as the dollar fell to a two-month low versus the Japanese yen, a one-month low against the Swiss franc and its lowest since Oct. 20 against a basket of currencies. Spot gold was up 1.1 percent at $1,293.92 ounce by 2:40 p.m. EST (1940 GMT). U.S. gold futures for December delivery settled up $10.50 an ounce, or 0.8 percent, at $1,292.20 per ounce. Weak U.S. data also pressured the dollar. New orders for U.S.-made capital goods unexpectedly fell in October after three straight months of strong gains and a measure of goods orders that strips out volatile components had its biggest drop since September 2016. The Fed minutes, published at 2 p.m. EST (1900 GMT), showed policymakers expect interest rates will have to be raised in the "near term." "There weren't any surprises within the Fed minutes," said Michael Matousek, head trader at U.S. Global Investors in San Antonio. He said he expected gold to come under pressure eventually when the Fed does raise interest rates. "You can expect to see the incremental seller of gold, who is walking the fine line between balancing the portfolio allocation and interest rate expectation." Rising rates tend to boost the dollar, making gold more expensive for holders of other currencies. Rising bond yields also reduce the appeal of non-yielding gold. "Firmer core inflation readings in the year ahead should push the 10-year Treasury yield higher," said Nick Exarhos, senior economist at CIBC World Markets in Toronto. Investors were keen to own gold to hedge against risks including a fall in global stock markets from current record highs, Saxo Bank analyst Ole Hansen said, predicting gold would rise to $1,325 by the end of the year. {MKTS/GLOB] However, rising U.S. interest rates through next year were likely to strengthen the dollar and put pressure on gold, said Julius Baer analyst Carsten Menke. On the technical side, gold broke through resistance at the 50-day moving average around $1,286, analysts at ScotiaMocatta said in a note. Silver was up 1.3 percent at $17.15 an ounce. Platinum was up 0.8 percent at $940.90 an ounce and palladium was up 0.8 percent at $1,005.20 an ounce, after touching $1,007.20, its highest since Nov. 10. (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Andrew Heavens, James Dalgleish and David Gregorio)
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c4699eb92382b1f10b2ea3dee59703fb | https://www.reuters.com/article/global-precious/precious-gold-marks-over-1-week-high-firm-dollar-curbs-gains-idUSL4N1ML0O8 | PRECIOUS-Gold marks over 1-week high; firm dollar curbs gains | PRECIOUS-Gold marks over 1-week high; firm dollar curbs gains
By Reuters Staff0 Min Read
Oct 10 (Reuters) - Gold prices inched up to their highest in more than a week on Tuesday, but the gains were capped as the dollar held firm bolstered by expectations of another Federal Reserve interest rate hike this year. FUNDAMENTALS * Spot gold inched up 0.2 percent to $1,286.42 an ounce at 0127 GMT, hitting its highest since Sept. 29. * U.S. gold futures for December delivery climbed 0.3 percent to $1,288.90 per ounce. * The dollar steadied on Tuesday after edging away from a 10-week high overnight, taking support from underlying expectations that improved prospects for the U.S. economy would prompt the Federal Reserve to raise interest rates later this year. * Asian shares gained on Tuesday, shrugging off modest losses on Wall Street. * The European Central Bank should reduce its asset buys from next year with the aim of ending them altogether, ECB Executive Board member Sabine Lautenschlaeger said on Monday, just weeks before policymakers decide whether to curb stimulus. * Investor sentiment in the euro zone rose more than expected in October, hitting a 10-year high in its first reading since Germany held national elections two weeks ago, a survey showed on Monday. * The International Monetary Fund is likely to nudge up its growth forecast for the global economy this week and this means it is high time for policymakers to dial back their ultra-loose monetary stimulus, German government officials said on Monday. * German industrial output posted its biggest monthly rise in more than six years in August, data showed on Monday. * British consumer spending jumped in September, but not by enough to halt a year-on-year decline that reflects rising living costs, a survey by payments company Visa showed on Monday. * Activity in China's services sector grew at its slowest pace in 21 months in September as new orders cooled, a private survey showed, blurring the picture of how the economy is performing heading into a key Communist Party Congress. * China should continue to open up its economy, reform its exchange rate system and ease capital account controls, Zhou Xiaochuan, governor of the country's central bank, told Chinese business magazine Caijing in an interview. * The oil market is rebalancing fast and has almost entirely erased the glut of refined products as OPEC sticks to its supply pact, OPEC's secretary general said on Monday. DATA/EVENT AHEAD (GMT) 0600 Germany Trade balance Aug 0645 France Industrial output Aug 0830 Britain Industrial output Aug 1000 U.S. NFIB business optimism Sep (Reporting by Apeksha Nair in Bengaluru; Editing by Sherry Jacob-Phillips)
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7ae53bc64ef9f5162658732abaaa1a1f | https://www.reuters.com/article/global-precious/precious-gold-muted-as-investors-await-trade-deal-details-palladium-falls-idINL4N28S0TO?edition-redirect=in | PRECIOUS-Gold muted as investors await trade deal details; palladium falls | PRECIOUS-Gold muted as investors await trade deal details; palladium falls
By Asha Sistla0 Min Read
(Updates prices, adds comments, details) * Dollar index near one-week high * SPDR Gold Trust Holdings fall 0.6% * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Asha Sistla Dec 18 (Reuters) - Gold prices were largely subdued on Wednesday, with investors awaiting more details on the U.S.-China trade deal, while palladium retreated from last session's record peak. Spot gold edged up 0.1% to $1,477.79 per ounce by 0824 GMT. U.S. gold futures rose 0.1% to $1,482.20. "Gold is in sort of a holding pattern and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson. "But the main issue is they are not saying anything significant on the back of this deal and details around the trade deal are still lacking, there's that element of uncertainty." U.S. Trade Representative Robert Lighthizer on Tuesday said details of Chinese purchases across various sectors in the United States in the "phase one" deal would be detailed in writing, but gave no further details about when the written agreement would be released. Bullion's upside remained capped by positive U.S. economic data that underpinned the dollar and stock markets. The dollar index hovered near a one-week high against a basket of rival currencies, while Asian shares camped out at 18-month peaks having climbed for five straight sessions. U.S. manufacturing production recovered in November and housing numbers rose beyond expectations with permits for future home construction soaring to a 12-1/2-year high on lower mortgage rates. Reflecting investor interest in bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , fell 0.6% on Tuesday. "The SPDR gold exchange-traded funds (ETF) witnessed liquidation. But gold is not falling because of demonstrations by New Yorkers for U.S. President Donald Trump's impeachment," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. "There is also fear of recession in Germany, and fear of no-deal Brexit," Trivedi said, adding that the outlook is still positive for gold next year. Britain on Tuesday set a hard deadline of December 2020 to reach a new trade deal with the European Union, reviving fears of a chaotic exit from the bloc. Palladium fell 0.6% to $1,943.53 an ounce, retreating from an all-time peak of $1,998.43 hit in the previous session. "The market set their sights on the key target, once we did that, we definitely did see some profit-taking - that's the reason we saw that price inflection," ING's Patterson said. Silver rose 0.3% to $17.05 per ounce, while platinum advanced 0.2% to $929.21. (Reporting by Asha Sistla in Bengaluru; Editing by Rashmi Aich and Uttaresh.V, editing by Louise Heavens)
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9dcfe00b7ae71cc56cdc7ed159c4bca7 | https://www.reuters.com/article/global-precious/precious-gold-pauses-as-investors-await-confirmation-on-fed-stance-idUKL3N2F00QS?edition-redirect=uk | PRECIOUS-Gold pauses as investors await confirmation on Fed stance | PRECIOUS-Gold pauses as investors await confirmation on Fed stance
By Brijesh Patel0 Min Read
* Silver eases from multi-year peak * Gold up more than 28% so far this year * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Recasts, updates prices) By Brijesh Patel July 29 (Reuters) - Gold was little changed on Wednesday, having retreated from an all-time high as investors booked profits, with caution setting in as focus turned to a U.S. Federal Reserve meeting widely expected to reinforce loose monetary policy. Spot gold was steady at $1,959.04 per ounce by 0723 GMT. Prices hit an all-time high of $1,980.57 on Tuesday. U.S. gold futures rose 0.1% to $1,958.20. "As we get closer to the Fed announcement and the event risk, the market will get a bit more wary," said DailyFx currency strategist Ilya Spivak. Gold is closely following moves in the dollar as well, Spivak added. The dollar index resumed its downtrend after a brief pause to hold near its lowest level since June 2018 touched this week . A weaker dollar, also considered a rival safe haven, makes gold cheaper for holders of others currencies. Coronavirus cases continued to surge in the United States and stood at over 16.6 million globally. Its intensifying spread and an escalation in U.S.-China tensions have dented hopes of quick economic recovery, and have been driving inflows to safe-haven assets like gold, which has risen more than 28% so far this year. The Fed will publish its interest rate decision at 1800 GMT, widely expected to keep rates unchanged, following which Chair Jerome Powell is scheduled to hold a press conference. "I expect the Fed to maintain its uber-dovish tone and this will support precious metals prices," said Jeffrey Halley, a senior market analyst at OANDA. Gold tends to gain when interest rates are low, which reduces the opportunity cost of holding non-yielding bullion. It's also considered a hedge against inflation and currency debasement as central bank pump out stimulus. Republicans in the White House and the U.S. Congress struggled to reach a deal over a $1 trillion aid plan. Elsewhere, silver dropped 1.1% to $24.31 per ounce, platinum fell 1.1% to $937.93 and palladium slipped 1.1% to $2,257.49. (Reporting by Brijesh Patel in Bengaluru; Editing by Vinay Dwivedi and Uttaresh.V)
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e948b1d217052868b272a547a06efebf | https://www.reuters.com/article/global-precious/precious-gold-pauses-as-markets-seek-confirmation-on-fed-policy-idUKL3N2F02P5?edition-redirect=uk | PRECIOUS-Gold pauses as markets seek confirmation on Fed policy | PRECIOUS-Gold pauses as markets seek confirmation on Fed policy
By Eileen Soreng0 Min Read
* Holdings in SPDR Gold Trust at seven-year peak * Silver eases from multi-year high * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Eileen Soreng July 29 (Reuters) - Gold eased on Wednesday as investors booked profits from a record run and caution set in as investors awaited the end of a U.S. Federal Reserve meeting expected to reinforce dovish policy to aid a virus-hit economy. Spot gold was down by 0.1% at $1,956.39 per ounce by 1153 GMT. Prices hit a record $1,980.57 on Tuesday. U.S. gold futures rose 0.4% to $1,953.20 per ounce. "When you're sitting on a very large profit, people want to take that," independent analyst Ross Norman said, adding the market was in a holding pattern ahead of the Fed's policy statement due at 2 pm EDT (1800 GMT). Investors were also monitoring a political deadlock in the U.S. Congress over a $1 trillion aid plan. "They're going to have to apply more stimulus in an economy struggling to get itself out of a hole and if they do increase monetary injection, it's going to be gold positive," Norman added. Gold, considered a refuge against inflation and currency debasement following widespread stimulus, tends to benefit from low interest rates, which reduces the opportunity cost of holding the non-yielding metal. Fed Chair Jerome Powell "may also comment on plans to anchor long-term interest rates at a low level by adjusting the forward guidance and possibly conducting yield curve control," Commerzbank said in a note. "This would cement the negative real interest rates, in which case new record highs for gold and an increase above $2,000 per troy ounce would only be a question of time." Investors continued to pile into gold-backed exchange-traded funds, with holdings in the SPDR Gold Trust at an over seven-year peak. Gold also tracked moves in rival safe-haven the dollar , which lingered near a two-year low. Silver fell 1.2% to $24.28 per ounce, platinum was little changed at $947.52 per ounce and palladium fell 1.4% to $2,250.75 per ounce. (Reporting by Eileen Soreng in Bengaluru; editing by Barbara Lewis and Louise Heavens)
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920e92c0f4bbfb5409952842070e8cb8 | https://www.reuters.com/article/global-precious/precious-gold-poised-for-5th-straight-weekly-rise-as-risk-appetite-wanes-idINL4N2EH0PV?edition-redirect=in | PRECIOUS-Gold poised for 5th straight weekly rise as risk appetite wanes | PRECIOUS-Gold poised for 5th straight weekly rise as risk appetite wanes
By Harshith Aranya3 Min Read
(Recasts with latest prices, adds comment)
* Asian equities fall on virus concerns
* GRAPHIC-2020 asset returns: tmsnrt.rs/2jvdmXl
* Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser
July 10 (Reuters) - Gold eased on Friday pressured by a stronger dollar and hovered near the key $1,800 milestone, but was set for a fifth straight weekly gain as a spike in U.S. COVID-19 infections underpinned safe-haven appetite.
Spot gold was down 0.4% at $1,796.03 per ounce by 0614 GMT, but was up about 1.2% for the week. U.S. gold futures fell 0.1% to $1,801.10.
“The risk-off backdrop drove haven demand for the U.S. dollar,” pushing gold lower, said DailyFx currency strategist Ilya Spivak.
“Nevertheless, the pullback looks corrective in the context of a rising trend.”
Gold has risen about 18% this year, with safe-haven demand fuelled by the surge in coronavirus cases driving the metal to a near nine-year peak of $1,817.71 on Wednesday.
More than 60,000 fresh COVID-19 cases were reported across the United States on Wednesday, the largest one-day increase by any country since the pandemic emerged in China last year.
Reflecting the resultant risk-off sentiment, Asian equities fell on concerns of fresh lockdowns in the U.S.; which also boosted the dollar, a rival safe-haven, making gold more expensive for holders of other currencies.
Data showed U.S. shoppers were staying out of stores in areas where cases are rising the most, dampening hopes of a quick recovery in the world’s biggest economy.
Americans filing for jobless benefits dropped to a near four-month low last week, but a record number were still collecting unemployment checks in the third week of June, supporting expectations the labour market would take years to recover.
For gold, longer-term technicals suggest a slowing in the price momentum, with positioning pointing to a market very long on gold and implying a short-term pullback is possible, IG Markets analyst Kyle Rodda said.
Palladium fell 0.2% to $1,938.83 per ounce, platinum declined 0.8% to $826.65, and silver slipped 0.6% to $18.54. (Reporting by Harshith Aranya in Bengaluru; Editing by Subhranshu Sahu and Shailesh Kuber)
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6b67d77f7a0be6cf6f73740973d56d3a | https://www.reuters.com/article/global-precious/precious-gold-powers-towards-7-year-peak-as-investors-rush-for-safety-idUKL4N29B28R?edition-redirect=uk | PRECIOUS-Gold powers towards 7-year peak as investors rush for safety | PRECIOUS-Gold powers towards 7-year peak as investors rush for safety
By K. Sathya Narayanan0 Min Read
(Adds comments, updates prices) * Gold on track for biggest daily gain since August 2019 * Palladium breaks key $2,000/oz level; hits record at $2,028.28 * Silver jumps to more than 3-month high By K. Sathya Narayanan Jan 6 (Reuters) - Gold prices were near a seven-year high on Monday as escalating tensions between United Stated and Iran attracted safe haven demand, while palladium rose past a key $2,000 level to hit a new record peak. Spot gold rose 1.6% to $1,575.70 per ounce as of 1320 GMT, putting it on course for its biggest one-day jump in more than four months. Earlier in the session it hit $1,579.72, its highest since April 2013. U.S. gold futures gained 1.7% to $1,578.20. "It is more of anticipation of what could happen or what might happen (between U.S. and Iran), which is now reflected in the market. Basically the uncertainty that we don't know what is going to happen," said Julius Baer analyst Carsten Menke. "If this issue is something which remains in the political area, like back and forth accusations and threats, then we should not have a lasting impact on gold." Bullion is often seen as an alternative investment during times of political and financial uncertainty. Gold prices have gained about 3% since the U.S. killing of a top Iranian military commander on Friday that has heightened fears of a wider Middle East conflict, prompting investors to flee from risky assets. In currency markets the safe-haven yen surged to a three-month high against the U.S. dollar - making dollar denominated gold cheaper for investors holding other currencies. U.S. President Donald Trump warned of a "major retaliation" if Iran hit back and also threatened sanctions against Iraq, which on Sunday called on for U.S. and other foreign troops to leave as a backlash grows. "We found that spikes in geopolitical tensions lead to higher gold prices when they are severe enough to cause currency debasement," Goldman Sachs said, adding an escalation in U.S.-Iranian tensions could further boost gold prices. Emissions reducing auto-catalyst palladium hit an all-time peak of $2,028.28 an ounce earlier, and was last up 1.6% to $2,018.64. "It (palladium) seems to be unstoppable. Many market players are of the opinion that the market will remain severely tight, and that's the main driving force for prices," Commerzbank analyst Daniel Briesemann said. "More and more electric vehicles are coming onto the streets which means less demand for palladium, which should prove to be a big issue for palladium in the next few years but not felt immediately." Following gold's lead, silver gained 2.2% to $18.44 an ounce, after touching a more than three month high of $18.50, while platinum advanced 0.4% to $984.10. (Reporting by K. Sathya Narayanan in Bengaluru. Editing by Jane Merriman and Chizu Nomiyama)
Our Standards: The Thomson Reuters Trust Principles.
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087902d6555047fdda0edd2a07e70483 | https://www.reuters.com/article/global-precious/precious-gold-prices-climb-as-dollar-weakens-on-eu-u-s-trade-woes-idUKL4N1TR16W?edition-redirect=uk | PRECIOUS-Gold prices climb as dollar weakens on EU-U.S. trade woes | PRECIOUS-Gold prices climb as dollar weakens on EU-U.S. trade woes
By Reuters Staff0 Min Read
BENGALURU, June 25 (Reuters) - Gold prices edged up on Monday as a buoyant euro kept the dollar off its 11-month highs, with trade issues between the United States and the European Union further supporting the bullion. FUNDAMENTALS * Spot gold was up 0.3 percent at $1,271.79 an ounce, as of 0059 GMT. * U.S. gold futures for August delivery were 0.2 percent higher at $1,273.60 per ounce. * U.S. President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20 percent tariff on all U.S. imports of European Union-assembled cars. * The euro on Monday kept the dollar away from an 11-month high, with trade issues between the United States and the European Union seen deciding the near-term direction for the currencies. The single currency was lifted after Friday's upbeat German and French business activity data and fresh assurances by Italian politicians that their nation would not leave the single currency. ** A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies. * The European Union will respond to any U.S. move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row. * The Bank for International Settlements (BIS) urged the world's top central banks to keep lifting interest rates on Sunday, but warned escalating trade tensions between the United States and China could turn into a dangerous downward spiral. * The European Central Bank will end its asset purchases by year-end as scheduled, according to a Reuters poll of economists who said the risk bond-buying will continue into next year was low, even with growth likely to slow and inflation stay tame. * Japan's core inflation remained subdued in May, yet again highlighting how far off the central bank is in hitting its 2 percent price goal despite over five years of massive stimulus. * U.S. protectionism is self-defeating and a "symptom of paranoid delusions" that must not distract China from its path to modernisation, Chinese media said on Friday as Beijing kept up with its war of words with Washington while markets wilted. * The Iranian rial plunged to a record low against the U.S. dollar on the unofficial market on Sunday, continuing its slide amid fears of returning U.S. sanctions after President Donald Trump in May withdrew from a deal on Tehran's nuclear programme. * Speculators trimmed their net long position in COMEX gold to the weakest position in 2-1/2 years in the week to June 19, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. DATA AHEAD (GMT) 0800 Germany Ifo business climate June 1230 U.S. National activity index May 1400 U.S. New home sales May (Reporting by Karen Rodrigues in Bengaluru, Editing by Sherry Jacob-Phillips)
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8dbcc47b79ffa2f730aa4c971c9c9a5f | https://www.reuters.com/article/global-precious/precious-gold-prices-climb-as-trade-deal-concerns-linger-idUKL4N29019Z?edition-redirect=uk | PRECIOUS-Gold prices climb as trade deal concerns linger | PRECIOUS-Gold prices climb as trade deal concerns linger
By Diptendu Lahiri0 Min Read
(Adds comments and updates prices) * Silver hits highest since Nov. 5 * Platinum climbs to more than 1-1/2-month high * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Diptendu Lahiri Dec 26 (Reuters) - Gold prices climbed to their highest in nearly two months on Thursday as lingering uncertainty around the signing of the "phase one" Sino-U.S. trade deal bolstered demand for safe-haven metal. The spot gold price rose 0.4% to $1,504.63 per ounce by 1308 GMT. Prices hit their highest since Nov. 5 earlier in the session at $1,507.13. U.S. gold futures was up 0.4% at$1,510.60 per ounce. "The U.S.-China trade tensions are very intense. Though recent news suggest a deal will go through, but until and unless something is on the paper, uncertainty will persist and gold will be riding on that," said Bernard Sin, group head of trading at MKS. China's Commerce Ministry said on Thursday that Beijing and Washington were still in the process of completing the necessary procedures while maintaining close communication to sign the deal. U.S. President Donald Trump said on Tuesday there would be a signing ceremony with the Chinese President Xi Jinping for the first phase of the agreement. A prolonged trade spat between the United States and China has weighed on financial markets and the global economy, helping gold gain more than 17% so far this year and putting it on track for its best year since 2010. For the week, gold has already gained 1.9% in a trade thinned by the holiday season. "The driver appears to be mostly technical following the breakup of the trading range between $1,450 and $1,475 in which the price was trapped for a few weeks," Carlo Alberto De Casa, Chief analyst at ActivTrades said in a note. "The first target is placed at $1,512 ... while the next key levels are at $1,530 and $1,550-$1,555," he said. Growth concerns over the U.S. economy lingered as data on Monday showed that new orders for key U.S.-made capital goods hardly rose in November and shipments fell, suggesting business investment will probably remain a drag on the economy in the fourth quarter. Monetary policies of the Federal Reserve and other central banks heavily depend on economic data from the United States. Higher interest rates raise the opportunity cost for holding the non-yielding metal. Among other precious metals, silver rose 0.8% to $17.94 per ounce, after having hit its highest since Nov. 5 earlier in the session at $18.01. Platinum rose 1.4% to $952.49 per ounce, after having touched its highest since Nov. 4 earlier in the session at $954.03 per ounce. Palladium was up 0.7% at $1,895.41 per ounce. (Reporting by Diptendu Lahiri and Asha Sistla in Bengaluru; Editing by Uttaresh.V and David Clarke)
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aa9d8dda5ca4c8c6a0270922f1457b43 | https://www.reuters.com/article/global-precious/precious-gold-prices-dip-on-outlook-for-u-s-rate-hikes-idINL4N1P4165?edition-redirect=in | PRECIOUS-Gold prices dip on outlook for U.S. rate hikes | PRECIOUS-Gold prices dip on outlook for U.S. rate hikes
By Reuters Staff0 Min Read
Jan 9 (Reuters) - Gold prices inched down early on Tuesday as the dollar held steady amid expectations of more U.S. interest rate hikes this year. FUNDAMENTALS * Spot gold had slipped 0.3 percent to $1,317.06 an ounce by 0110 GMT. Last week, prices touched their highest since Sept. 15 at $1,325.86. * U.S. gold futures were down 0.2 percent at $1,318.10 an ounce. * The dollar index, which tracks the greenback against a basket of six major rival currencies, was steady on the day at 92.337 . * Underpinning the dollar, investors bet on further U.S. interest rate hikes after Friday's payrolls data did nothing to challenge the outlook for monetary policy tightening by the U.S. Federal Reserve. While job growth slowed more than expected, a pickup in monthly wages pointed to labour market strength. * Atlanta Fed President Raphael Bostic, who is a voting member of the central bank's policy board, said on Monday that two hikes might be needed in 2018, in light of weak price pressures. * However, San Francisco Fed President John Williams said the Fed could better fight a recession by committing to keep interest rates lower for longer to keep average inflation on a steady upward path over the years, a framework known as price level targeting. * Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. * CME on Monday lowered its margins for COMEX 100 gold futures margins and COMEX 5000 silver futures. * Colombia raised gold holdings by 2.240 tonnes to 8.933 tonnes in Nov, 2017, IMF data showed. * BofA Merrill on Monday kept its third quarter 2018 average gold price forecast at $1,350 an ounce. * Asian shares edged higher on Tuesday, approaching record highs after the S&P 500 extended its winning streak. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford)
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2d71c6bf007231f11b70558801f9828f | https://www.reuters.com/article/global-precious/precious-gold-prices-drop-as-u-s-china-trade-tensions-ease-idUSL5N1RI2IB | PRECIOUS-Gold prices drop as U.S.-China trade tensions ease | PRECIOUS-Gold prices drop as U.S.-China trade tensions ease
By 0 Min Read
* U.S. and China say they are willing to negotiate on tariffs * Rising global stocks, stronger dollar dampen gold demand * China markets closed on Thursday and Friday (New throughout, updates prices, market activity and comments; adds second byline and NEW YORK dateline) By Renita D. Young and Peter Hobson NEW YORK/LONDON, April 5 (Reuters) - Gold prices dropped on Thursday as safe-haven demand eased for bullion after the United States and China signaled willingness to negotiate a trade dispute instead of hitting each other with tariffs that might slow economic activity in both countries. Investors put money back into equities, sending global stock markets higher, while the dollar strengthened, making gold more expensive for users of other currencies. "Trade tensions have moderated overnight a little bit and equities are higher, and that puts pressures on the precious metals," said Chris Gaffney, president of world markets at Everbank. The slide in gold prices created a negative technical picture that encouraged further selling, FOREX.com's Fawad Razaqzada added. Spot gold declined 0.5 percent at $1,325.81 by 1:38 p.m. EDT (1738 GMT). During the session, gold hit a one-week low of $1,322.40. U.S. gold futures for June delivery settled down $11.70, or 0.9 percent, at $1,328.50 per ounce. On Wednesday, gold had surged to $1,348.06 after Beijing threatened to retaliate against proposed U.S. tariffs on Chinese imports worth around $50 billion with its own duties on U.S. products including soybeans, planes, cars, whiskey and chemicals. Both Washington and Beijing later said they were willing to negotiate a resolution. President Donald Trump's top economic adviser called the announcements by the two countries mere opening proposals and suggested the U.S. tariffs may never go into effect, while China's ambassador in Washington said Beijing's preference was to resolve the dispute through talks. "That $1,350-$1,360 has been a pretty stubborn resistance level and there hasn’t been enough of a catalyst to push it through there,” said Tyler Richey, co-editor of the Sevens Report. Investors were looking to U.S. jobs data on Friday for new direction on prices. Strong employment and wage growth would encourage the U.S. Federal Reserve to raise U.S. interest rates more aggressively and push gold prices lower. Gold is sensitive to rising rates because they push up bond yields, reducing the attractiveness of non-yielding bullion, and tend to boost the dollar, in which gold is priced. Trading volumes were likely to be lower however with markets in mainland China, the world's largest gold consumer, closed on Thursday and Friday for the Tomb Sweeping Day holiday. Meanwhile, spot silver increased 0.4 percent at $16.35 an ounce earlier hitting $16.17, a two-week low. Platinum lost 0.4 percent at $908.50 an ounce after touching $901.50, its lowest since December. Palladium dropped 2.3 percent at $903 an ounce after hitting a new 6-1/2-month low at $899.50. (Additional reporting by Swati Verma in Bengaluru; editing by David Gregorio and David Stamp)
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a0f84e38b5ec77fb6c9632d10b282eb4 | https://www.reuters.com/article/global-precious/precious-gold-prices-ease-despite-slightly-weaker-dollar-idUSL3N1O6151 | PRECIOUS-Gold prices ease despite slightly weaker dollar | PRECIOUS-Gold prices ease despite slightly weaker dollar
By Reuters Staff0 Min Read
Dec 6 (Reuters) - Gold prices nudged down early on Wednesday after touching a two-month low in the previous session, despite a slightly weaker dollar. FUNDAMENTALS * Spot gold was down 0.1 percent at $1,264.42 an ounce by 0104 GMT. The session before, it hit its lowest since Oct. 6 at $1260.71. * U.S. gold futures were up 0.2 percent at $1,266.80. * The dollar edged down on Wednesday, as concerns about a possible U.S. government shutdown offset optimism about progress on tax reform legislation. * Democrats have a rare chance to win major concessions in a U.S. Congress they do not control by taking advantage of a battle within the Republican Party over keeping the government open. * The Republican-controlled U.S. House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill. * A U.S. Senate committee advanced legislation Tuesday that would ease financial rules for banks for the first time since the 2007-2009 financial crisis. * The U.S. Senate Banking Committee on Tuesday voted to approve Fed Governor Jerome Powell to lead the Federal Reserve, sending his nomination to the full Senate for a vote. * The U.S. trade deficit increased to a nine-month high in October due to rising oil prices and the widening of America's long-standing deficits with China and Mexico. * Business activity across the euro zone looks set to end 2017 on a high note after a busy November, according to a survey giving the latest evidence the bloc's economy was a star performer this year. * Britain's economy is ending 2017 lagging the euro zone's strong recovery as the effects of last year's Brexit vote weigh on shoppers and on businesses, according to a range of data released on Tuesday. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.17 percent to 845.47 tonnes on Tuesday from 846.93 tonnes on Monday. DATA/EVENT AHEAD (GMT) 0700 Germany Industrial orders Oct 1315 U.S. ADP national employment Nov (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph Radford)
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39bb3d4e0dade0d2adfe279b3574fe52 | https://www.reuters.com/article/global-precious/precious-gold-prices-edge-higher-on-soft-dollar-idINL4N29703Z?edition-redirect=in | PRECIOUS-Gold prices edge higher on soft dollar | PRECIOUS-Gold prices edge higher on soft dollar
By Reuters Staff0 Min Read
Jan 2 (Reuters) - Gold prices rose slightly on Thursday as the dollar remained on the back foot on signs of progress in trade ties between the United States and China. FUNDAMENTALS * Spot gold gained 0.1% to $1,518.60 per ounce by 0043 GMT. Prices hit their highest since Sept. 25 at $1,525.20 on Dec. 31. U.S. gold futures were down 0.1% to $1,521.60. * The dollar started the new year under pressure as investors wagered U.S. economic outperformance could be coming to an end as optimism on trade brightens the outlook for growth globally. * A weaker greenback makes commodities priced in dollars, such as precious metals, cheaper for holders of other currencies. * On the trade front, U.S. President Donald Trump said on Tuesday the Phase 1 trade deal with China would be signed on Jan. 15 at the White House, although investors still awaited details of the agreement. * Bullion ended 2019 with its strongest annual increase since 2010, as worries over global economic health triggered a surge of interest in precious metals, while palladium soared more than 50% to record highs due to supply shortages. * China's central bank said on Wednesday it was cutting the amount of cash that all banks must hold as reserves, releasing around 800 billion yuan in funds to shore up the slowing economy. * The U.S. Federal Reserve averted a year-end funding squeeze on Tuesday as large banks took only a small portion of $150 billion on offer in its last overnight repo operation of 2019, and the cost of borrowing fell to its lowest level since March 2018. * Among other precious metals, silver rose 0.3% to$17.88 per ounce, while platinum gained 0.6% to $968.54 and palladium edged up 0.3% to $1,944.87 per ounce. DATA AHEAD (GMT) 0145 China Caixin Mfg PMI Final Dec 0500 India Markit Mfg PMI 0845 Italy Markit/IHS Mfg PMI Dec 0850 France Markit Mfg PMI 0855 Germany Markit/BME Mfg PMI 0900 EU Markit Mfg Final PMI Dec 0930 UK Markfit/CIPS Mfg PMI Final Dec 1100 Brazil Markit Mfg PMI Dec 1330 US Initial Jobless Claims w/e Dec 28 1330 US Continued Jobless Claims w/e Dec. 21 1430 Canada Markit Mfg PMI SA Dec 1445 US Markit Mfg PMI Final Dec (Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu Sahu)
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2f0f8cd35fe0bda96b73374c31635bbb | https://www.reuters.com/article/global-precious/precious-gold-prices-edge-up-on-softer-dollar-idUKL4N1UL15V?edition-redirect=uk | PRECIOUS-Gold prices edge up on softer dollar | PRECIOUS-Gold prices edge up on softer dollar
By Reuters Staff0 Min Read
BENGALURU, July 25 (Reuters) - Gold prices inched higher early on Wednesday as the greenback softened while investors awaited U.S. economic growth data due later this week. FUNDAMENTALS * Spot gold was 0.2 percent higher at $1,226.13 an ounce at 0051 GMT. * U.S. gold futures for August delivery were up 0.1 percent at $1,226.10 an ounce. * The dollar index , which measures the greenback against a basket of six major currencies, was trading 0.1 percent lower at 94.547. * The second-quarter U.S. economic growth data is due on Friday. Market watchers largely expect growth to top current forecasts of 4.1 percent. * A now-robust U.S. economy will soon lose momentum on rising interest rates and escalating trade disputes, according to economists polled by Reuters who nonetheless gave just a one-in-three chance of a recession over the next two years. * The Trump administration on Tuesday said it will use a Great Depression-era programme to pay up to $12 billion to help U.S. farmers weather a growing trade war with China, the European Union and others that the president began. * The revamp of the North American Free Trade Agreement (NAFTA) between the United States, Mexico and Canada ought to be concluded in the next few months, a top adviser in the incoming Mexican administration said on Tuesday. * Republicans who control the U.S. Congress are hesitating to advance tough new Russia sanctions legislation as fears of damage to American companies slow efforts to quickly send Moscow a message against meddling in the next U.S. election. * Euro zone business growth slowed more than expected this month as fears over a trade war with the United States and a weaker global expansion put another dent in optimism, a survey showed on Tuesday. * German Foreign Minister Heiko Maas said in a media interview published on Wednesday that the British government needs to get moving in Brexit negotiations, including on the Northern Ireland border issue. * China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus, state radio said on Monday, citing the cabinet. * Japanese government bond prices reversed earlier gains on Tuesday, with investors unable to shake concerns the central bank might be a step closer to unwinding its aggressive monetary stimulus. * Russia's largest gold producer Polyus said on Tuesday its gold sales in the second quarter were up 12 percent from the previous quarter and stood at $683 million. (Reporting by Karen Rodrigues in Bengaluru; Editing by Subhranshu Sahu)
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bb6f29b1224d39e4f2abf067e9a00d6d | https://www.reuters.com/article/global-precious/precious-gold-prices-flat-feds-rate-hike-outlook-weighs-idUSL4N1QI0Z6 | PRECIOUS-Gold prices flat, Fed's rate hike outlook weighs | PRECIOUS-Gold prices flat, Fed's rate hike outlook weighs
By Reuters Staff0 Min Read
Feb 28 (Reuters) - Gold prices were unchanged near a more than two-week low early on Wednesday, as the dollar held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises. FUNDAMENTALS * Spot gold was flat at $1,317.81 an ounce at 0116 GMT. Prices fell 1.1 percent and had touched an over two-week session low of $1,313.26 in the previous session. * U.S. gold futures were up 0.1 percent at $1,319 per ounce. * The dollar index , which measures the greenback against a basket of major currencies, was steady at 90.354. * The dollar held near an over two-week high hit in the last session, while Asian shares faltered and bonds were sold off, after Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year. * The Fed is expected to approve its first rate increase of 2018 at its next policy meeting in March, when it will also provide fresh economic projections and Powell will hold his first news conference. * The European Central Bank could end bond purchases this year while an interest rate hike in 2019 is not unrealistic if the euro zone's economic upswing continues, Bundesbank President Jens Weidmann said on Tuesday. * China's net gold imports via main conduit Hong Kong surged 65.2 percent in January from the previous month, data showed on Tuesday. * Gold prices could break above $1,400 an ounce for the first time since 2013 this year as an uncertain outlook for stocks, bonds and currencies tempts investors to use the precious metal as a safe haven, according to a Reuters survey of analysts. * Ghana will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said on Tuesday. * A company owned by Nirav Modi, the billionaire jeweller at the heart of a $2 billion fraud case in India, has filed for bankruptcy in a New York court, as investigators stepped up their investigation into a case that has stunned the country. DATA AHEAD (IN GMT) 0100 China Official manufacturing PMI Feb 0100 China Official non-manufacturing PMI Feb 0700 Germany GFK consumer sentiment Mar 0745 France Consumer spending Jan 0745 France Detailed GDP Q4 0900 Germany Unemployment rate Feb 1000 Euro zone Inflation flash Feb 1330 U.S. GDP second estimate Q4 1445 U.S. Chicago PMI Feb 1500 U.S. Pending home sales Jan (Reporting by Eileen Soreng in Bengaluru; editing by Richard Pullin)
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e6cdf9f3ef06c8a7693a75f1012ed1cd | https://www.reuters.com/article/global-precious/precious-gold-prices-inch-higher-on-us-dollar-weakness-idUKL4N2970MB?edition-redirect=uk | PRECIOUS-Gold prices inch higher on U.S. dollar weakness | PRECIOUS-Gold prices inch higher on U.S. dollar weakness
By Sumita Layek0 Min Read
(Updates prices, adds comment) * Phase 1 trade deal will be signed on Jan. 15 - Trump * Gold prices could test $1,540/oz next - analyst By Sumita Layek Jan 2 (Reuters) - Gold prices edged higher on Thursday as the dollar hovered near a six-month low hit on New Year's Eve amid bets that U.S. economic outperformance could be coming to an end. Spot gold rose 0.2% to $1,520.38 per ounce by 0713 GMT, after having touched their highest since Sept. 25 at $1,525.20 on Tuesday. Bullion ended 2019 with its biggest annual gain since 2010. U.S. gold futures were unchanged at $1,523.20. "Dollar weakness is the main reason, also the volumes are on the lower side so gold prices are supported," said Hareesh V, head of commodity research at Geojit Financial Services. The dollar started the New Year under pressure as investors wagered U.S. economic outperformance could be coming to an end as optimism on trade brightens the outlook for growth globally. The dollar index against a basket of currencies fell 1.9% last month, having hit its lowest level since July. A weaker dollar makes gold cheaper for holders of other currencies. U.S. President Donald Trump said on Tuesday the Phase 1 trade deal with China would be signed on Jan. 15 at the White House, although investors still awaited details of the agreement. Limiting bullion's advance, Asian shares rose on China's policy easing and news that the world's two top economies would sign a trade pact soon. "A key thing to lookout for is stock markets, which have been setting new highs and in case there is some correction, we can see some capital flows into gold," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. Brexit, U.S. elections, Hong Kong protests and North Korea tensions will be the other key factors for the market this year, he said. Investors also took stock of a private survey that showed China's factory activity expanded at a slower clip last month, but production continued to grow at a solid pace and business confidence shot up. "(Gold) has continued to demonstrate bullish inclinations as prices breached $1,500 last week despite new highs in the U.S. stock market. Bullish technical posturing will likely support prices as trading activities remain soft for the near term," Benjamin Lu, analyst at Phillip Futures, said in a note. "A continuation of the positive trend scenario will see gold prices test the next main station of $1,540." Among other precious metals, silver rose 0.2% to$17.86 per ounce, while platinum gained 0.4% to $966.37 and palladium edged up 0.4% to $1,946.74 per ounce. (Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)
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49dc101604ba7294560394f5123c5eed | https://www.reuters.com/article/global-precious/precious-gold-prices-rise-on-soft-us-data-and-trade-concerns-idINL4N28Y0SN?edition-redirect=in | PRECIOUS-Gold prices rise on soft U.S. data and trade concerns | PRECIOUS-Gold prices rise on soft U.S. data and trade concerns
By Sumita Layek0 Min Read
(Updates prices, adds comment) * Trading volume low ahead of Christmas break * Silver also hits highest since Nov. 7 * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Sumita Layek Dec 24 (Reuters) - Gold prices rose to their highest in over a month and a half on Tuesday as weak U.S. economic data and concerns about an interim Sino-U.S. trade deal lent support to the safe-haven asset. The spot gold price was up 0.4% at $1,490.80 per ounce at 0825 GMT having earlier hit $1,491.78, its highest since Nov. 7. U.S. gold futures rose 0.4% to $1,494.00. Data on Monday showed new orders for key U.S.-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. "The weaker U.S. economic data is starting to show up ... there are still concerns that the current level of tariffs will continue to weigh on the U.S. economy as we enter into 2020," said Stephen Innes, a market strategist at AxiTrader. Adding to growth concerns, Canada's economy unexpectedly shrank by 0.1% in October, the first monthly decline since February, partly because of a U.S. auto strike that hit manufacturing. Gold is considered an alternative investment during times of political and financial uncertainty. On the trade front, investors awaited further developments on the Phase One deal between the United States and China, the world's two biggest economies. "We are still not 100% clear if the 'phase one' deal will go through or not, it has not been signed yet ... we then pivot to 'phase two' that suggests you need some gold, because we don't know what the next phase is all about, how contentious of a deal that is going to be," Innes said. Gold was on track for its best year since 2010 with a 16% gain, mainly due to the 17-month tariff dispute that has roiled global financial markets. Even as Beijing and Washington have taken steps to defuse their dispute, they still diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of China's Muslim Uighur minority. Asian shares and U.S. stock futures darted in and out of losses on Tuesday as the holiday lull offset optimism about a Sino-U.S. trade deal. "In 2020, we may see equity markets starting to slip because we have already seen multi-year highs and any correction in equities will help gold," said Ajay Kedia, director at Kedia Advisory in Mumbai. Elsewhere, silver rose 0.9% to $17.59 per ounce, having earlier hit its highest since Nov. 7 at $17.65. Palladium fell 0.2% to $1,871.83 per ounce while platinum inched up 0.1% to $937.04. Trading is expected to be subdued ahead of the Christmas holidays. (Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu Sahu, Aditya Soni and David Clarke)
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42f912e6f47213b3afc907402cee3cff | https://www.reuters.com/article/global-precious/precious-gold-prices-steady-as-dollar-holds-up-on-higher-u-s-bond-yields-idUSL3N1NK14P | PRECIOUS-Gold prices steady as dollar holds up on higher U.S. bond yields | PRECIOUS-Gold prices steady as dollar holds up on higher U.S. bond yields
By Reuters Staff0 Min Read
Nov 14 (Reuters) - Gold prices were little changed early on Tuesday, with the dollar supported by higher U.S. Treasury yields and Asian stocks down amid uncertainty over tax reforms in the United States. FUNDAMENTALS * Spot gold was nearly unchanged at $1,277.39 per ounce at 0001 GMT. * U.S. gold futures for December delivery slipped 0.1 percent to $1,277.60. * The dollar got support from higher U.S. Treasury yields in early Asian trading on Tuesday, with the dollar index , which tracks the U.S. currency against a basket of six major rivals, steady at 94.494. * U.S. Treasury two-year note yields hit a fresh nine-year high on Monday, as the yield curve resumed its flattening and investors priced in a 25-basis-point interest rate hike by the Federal Reserve in December. * U.S. inflation expectations edged up again in October, touching their highest level in six months, according to a Federal Reserve Bank of New York survey that could spell some relief for central bankers looking for hints of price pressure. * Asian stocks wobbled on Tuesday as investors awaited developments in U.S. tax reform efforts, while contemplating if a marked flattening in the U.S. yield curve might ultimately be a harbinger of an economic slowdown there. * Congressional Republicans pushed ahead on Monday on a U.S. tax code overhaul as a Senate panel considered the issue, but risks lay ahead with major intraparty disputes unsettled and President Donald Trump returning soon from Asia as the debate heats up. * Prime Minister Theresa May's blueprint for Britain's exit from the European Union faces a crucial test starting on Tuesday, when lawmakers try to win concessions from a weakened leader on the government's legislation to sever ties. * Harmony Gold's Kusasalethu mine west of Johannesburg has been hit by a wildcat strike triggered by the sacking of six leaders of the AMCU union for their role in a violent stoppage earlier this year, a spokeswoman said on Monday. * Hedge funds and money managers raised their net long positions in COMEX gold and silver contracts in the week to Nov. 7, U.S. Commodity Futures Trading Commission (CFTC) data showed on Monday. * Holdings in SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.04 percent to 843.39 tonnes on Monday. DATA/EVENT AHEAD (GMT) 0200 China Industrial Output Oct 0200 China Retail Sales Oct 1000 Euro Zone GDP Flash Estimate Q3 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Biju Dwarakanath)
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e9e35198eb7966a598e451d721729906 | https://www.reuters.com/article/global-precious/precious-gold-prices-subdued-as-dollar-extends-rally-idUSL4N1U909Z | PRECIOUS-Gold prices subdued as dollar extends rally | PRECIOUS-Gold prices subdued as dollar extends rally
By Reuters Staff0 Min Read
BENGALURU, July 13 (Reuters) - Gold prices were muted early Friday as the dollar extended gains from the previous session when strong U.S. inflation data and trade war concerns boosted demand for the greenback. FUNDAMENTALS * Spot gold was down about 0.1 percent at $1,246.11 an ounce at 0050 GMT. * U.S. gold futures for August delivery were little changed at $1,246.30 an ounce. * The U.S. dollar hit a six-month high against the Japanese yen on Friday. Against a basket of six major currencies , the dollar was up 0.1 percent at 94.899. * U.S. consumer prices recorded their largest increase in nearly 6-1/2 years in the year through June, while the monthly pace continued to suggest a steady buildup of inflation that could keep the Federal Reserve on a path of gradual interest rate increases. * Fed Chairman Jerome Powell said he believes the U.S. economy remains in a "good place," with recent government tax and spending programs likely to boost gross domestic product for perhaps three years. * Asian shares rose on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather. * The United States and China could reopen talks on trade but only if Beijing is willing to make significant changes, U.S. Treasury Secretary Steven Mnuchin said on Thursday. * Kim Jong Un told President Donald Trump he believed their efforts could open up a "new future" between North Korea and the United States and expressed hope for "practical actions" in the future, according to a letter from the North Korean leader released on Thursday. * The European Central Bank will keep rates at a record low for as long as needed to raise inflation, and its interest rate guidance should be seen as "open-ended", policymakers concluded in June, according to minutes of their meeting published on Thursday. * The European Commission on Thursday cut its forecasts for the euro zone's economic growth this year, citing among the top causes for its revision trade tensions with the United States and rising oil prices which push the bloc's inflation higher. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.48 percent to 795.19 tonnes on Thursday. DATA AHEAD (GMT) * China Trade data Jun 0600 Germany Wholesale price index Jun 1230 U.S. Import prices Jun 1230 U.S. Export prices Jun 1400 U.S. University of Michigan sentiment index Jul *No exact timing (Reporting by Apeksha Nair in Bengaluru; editing by Richard Pullin)
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e081177693a40368b2c31b83e043bb08 | https://www.reuters.com/article/global-precious/precious-gold-races-to-near-7-year-peak-after-iran-strike-on-us-forces-idUKL4N29D0OV?edition-redirect=uk | PRECIOUS-Gold races to near 7-year peak after Iran strike on U.S. forces | PRECIOUS-Gold races to near 7-year peak after Iran strike on U.S. forces
By Asha Sistla3 Min Read
(Adds comment, updates prices)
* Gold hits near seven-year peak at $1,610.90
* Palladium reaches record high of $2,079.50
* Gold is technically overbought - analyst
Jan 8 (Reuters) - Gold surged more than 2% on Wednesday to break the $1,600 level for the first time in nearly seven years as investors flocked to safe havens after Iran launched retaliatory missile strikes against U.S. forces in Iraq.
Prices later edged off their highs after tweets by U.S. President Donald Trump and Iran’s foreign minister eased concerns over an immediate further escalation in the conflict, but remained well supported.
Spot gold was 1% higher at $1,589.40 per ounce by 0758 GMT, having earlier hit its highest since March 2013 at $1,610.90, up 2.4%. U.S. gold futures rallied 1.1% to $1,590.90.
Iranian state television said that at least 80 “American terrorists” were killed in attacks involving 15 missiles Tehran launched on U.S. targets in Iraq on Wednesday morning.
The move by Iran came hours after the funeral of Tehran’s top military commander Qassem Soleimani, whose killing in a U.S. drone strike last week intensified fears of a war in the Middle East.
“Fears of uncertainty and further escalation in this military confrontation are dragging up gold prices,” said Margaret Yang Yan, a market analyst at CMC Markets.
“This (the Iran situation) is definitely fuelling demand for safe havens, not just gold but also yen, while equities are being heavily sold off.”
Risk aversion spiked as the attack threw financial markets into disarray, whipsawing Asian shares.
However, bullion gave up some gains after U.S. President Donald Trump said in a tweet late on Tuesday that “All is well!”, and that he would make a statement on Wednesday morning.
“Concerns should recede to an extent. The broader consensus prevails that this conflict should resolve going forward,” said Hitesh Jain, vice president of Mumbai-based Yes Securities. “No country can afford a war.”
Gold is considered a safe investment in times of political and economic turmoil.
CMC Markets’ Yan said that from a technical perspective gold is heavily overbought, and that a pullback could occur if Trump resolves the issue diplomatically without “triggering a full-blown war.”
The metal’s 14-day relative strength index (RSI) was around 88. An RSI above 70 indicates a commodity is overbought.
Elsewhere, palladium hit another all-time peak of $2,079.50 an ounce on a sustained supply deficit, and was last up 1.3% to $2,078.00.
“Palladium fundamentals remain quite strong and (the metal) faces significant upside risks,” UBS strategist Joni Teves said in a note. “Tight market conditions are well-reflected in record spot prices and persistent backwardation in forwards.”
Silver was 0.7% higher at $18.52 per ounce, after earlier hitting its highest since early September at $18.85, while platinum was down 0.2% at $969.46.
Reporting by Asha Sistla in Bengaluru; Additional reporting by Sumita Layek; Editing by Shri Navaratnam and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
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0649ba9ba759265037754d7056e8abe5 | https://www.reuters.com/article/global-precious/precious-gold-rallies-to-4-month-high-after-us-air-strike-in-baghdad-idINL4N2981JA?edition-redirect=in | PRECIOUS-Gold rallies to 4-month high after U.S. air strike in Baghdad | PRECIOUS-Gold rallies to 4-month high after U.S. air strike in Baghdad
By K. Sathya Narayanan0 Min Read
* U.S. air strike kills commander of Iran's elite Quds force * Silver climbs to over two-month high; platinum jumps 1% * Minutes of Fed's Dec. 10-11 policy meeting due at 1900 GMT (Adds comments, updates prices) By K. Sathya Narayanan Jan 3 (Reuters) - Gold rose over 1% on Friday and was within a striking distance of a more than 6-1/2 year high, as investors flocked to the safe-haven metal after a senior Iranian military official was killed in an air strike authorised by the United States. Tensions flared after Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and top Iraqi militia commander Abu Mahdi al-Muhandis were killed in the air strike on their convoy at Baghdad airport. Spot gold rose 1.3% to $1,548.70 per ounce as of 1159 GMT and touched it highest since early September, when bullion scaled a multi-year peak of $1,557. U.S. gold futures climbed 1.6% to $1,551.70. "We are seeing gold and silver continue to build on the gains we saw towards the end of December and there is no doubt that the latest developments with the attack in Iraq has taken us up to this level," Saxo Bank analyst Ole Hansen said. Iraq's prime minister condemned the strike and said it would "light the fuse of a destructive war in Iraq". "From a technical perspective, key level of support is just around $1,520 and as long as we stay above that level we are going to see further gains come into the market," Hansen said, adding the sell-off in equities was also supporting gold. Gold, a safe investment in times of political and economic uncertainties, has gained 2.6% so far this week. "The latest rally was entirely driven by geo-political tensions and this would be the main driver in the shorter term and to overcome the September high, further escalation is necessary," Commerzbank analyst Carsten Fritsch said. On the trade front, U.S. and China are due to sign an interim deal on Jan. 15, but investors await details regarding the fine print of the agreement. "Focus would turn to 'Phase 2' talks, which will be difficult since it would deal with most delicate issues. So we'll be back at square one and will be driven by progress and set backs in those talks," Fritsch said. Markets now await the minutes of the Federal Reserve's Dec. 10-11 policy meeting due at 1900 GMT. Mirroring gains in gold, silver rose 0.7% to $18.15 per ounce, having touched its best level in two months. Platinum rose 1% to $988.21 and was up 4.6% so far this week. Palladium was up 0.5% at $1,969.31, on track for a weekly gainof more than 3%. (Reporting by K. Sathya Narayanan in Bengaluru, editing by Louise Heavens)
Our Standards: The Thomson Reuters Trust Principles.
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b4e0ad6ff70355f0b5d414176f303553 | https://www.reuters.com/article/global-precious/precious-gold-rebounds-above-2-month-low-on-north-korean-concerns-idUSL4N1MH1LD | PRECIOUS-Gold rebounds above 2-month low on North Korean concerns | PRECIOUS-Gold rebounds above 2-month low on North Korean concerns
By 0 Min Read
* North Korea to test long-range missile -Russian report * Gold eyes longest run of weekly declines this year * GRAPHIC-2017 asset returns: tmsnrt.rs/2jvdmXl (Recasts, updates prices, adds comment) By Marcy Nicholson and Jan Harvey NEW YORK/LONDON, Oct 6 (Reuters) - Gold bounced up from a two-month low on Friday, on concerns stoked by a Russian report that North Korea is preparing to test a long-range missile and on support from the U.S. dollar's shift into negative territory. "The Russian report of a looming North Korean missile test that could reach the west coast of the United States combined with a weakening dollar goosed gold from two-month lows," said Tai Wong, head of base and precious metals trading at BMO Capital Markets in New York. "Gold has slumped 7 percent over the past month, which is making speculative shorts wary at current levels so we may see $1,300 before $1,250." Spot gold rose 0.4 percent at $1,273.06 an ounce by 2:40 p.m. EDT (1840 GMT). U.S. December gold futures settled up 0.1 percent at $1,274.90. The dollar index fell from a 2-1/2-month high. "The dollar's initial gains evaporated as market participants made a more sober assessment of the jobs report and realized that the sharp rise in average hourly earnings may have been driven by a sizeable drop in low-paid and hurricane-hit jobs rather than an actual rise in earnings," said Fawad Razaqzada, technical analyst for Forex.com. "As the dollar fell, buck-denominated precious metals went up in value." Earlier, bullion fell to a two-month low at $1,260.16 an ounce on an upbeat reading of the U.S. unemployment rate and wage growth last month that supported expectations for a further U.S. interest rate hike in December. This pushed the dollar and Treasury yields higher. Gold prices have fallen 0.5 percent this week and are facing their fourth straight week of decline, the metal's longest run of weekly losses this year. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares , have fallen 13.6 tonnes so far this week, their first weekly outflow in nine weeks and the largest since late July. Demand for physical gold in India improved slightly this week because of a correction in local prices, but restrictions on the industry and increased smuggling took the sheen off the bullion market. Silver was up 1.1 percent at $16.75 an ounce, after falling to a two-month low at $16.30. Platinum was down 0.03 percent at $910.75 an ounce, after falling to the lowest since July 12 at $899.50. Palladium was down 2 percent at $920.25 an ounce, maintaining its premium over platinum, which it moved into last week for the first time since 2001. The spread between the two reached more than $34 an ounce earlier on Friday. (Reporting by Marcy Nicholson and Jan Harvey Additional reporting by Apeksha Nair and Arpan Varghese in Bengaluru; Editing by Dale Hudson/Jeremy Gaunt)
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