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Gold down a third day on dollar strength, with inflation risk in focus

Gold futures marked a third session decline on Wednesday, deepening their retreat from the key $1,300 level on the heels of recent strength in the U.S. dollar, as investors deal with uncertainty over who will become the next Federal Reserve chief and how that will influence the outlook for interest rates. December gold gave up $3.20, or 0.3%, to settle at $1,283 an ounce, with prices logging their lowest finish since Oct. 6, according to FactSet data. The exchange-traded SPDR Gold Trust shed...

Gold Holds Losses as Equity Gains, Fed Chair Weighed

Gold holds declines from near 3-week high as investors assess magnitude of recent gains in global equities, speculation the next Fed chairman will be more hawkish. Bullion for immediate delivery as much as -0.4% to $1,280.14/oz before trading at $1,286.25 at 8:13am in Singapore, according to Bloomberg generic pricing Prices -1.4% in previous two days Bloomberg Dollar Spot Index -0.1% after climbing to a week-high on Tues In other precious metals: Silver +0.1% to $17.0609/oz after two...

Gold Holds Drop as Investors Watch Fed, China Congress

Gold little changed after sliding the previous two days as investors assess likelihood the next Fed chairman will be more hawkish; also waiting for signals on China™s economic policy amid the opening of the Communist Party Congress. Bullion for immediate delivery flat at $1,284.58/oz at 2:32pm in Singapore, after -1.4% in previous two days, according to Bloomberg generic pricing Bloomberg Dollar Spot Index steady after climbing to a week-high on Tues In other precious metals: Silver...

Gold Perks up as Geopolitical Tensions in Europe Resurface

Gold futures were trading higher on Thursday and on track to snap a three-session skid as political drama in the eurozone rattled investor confidence, providing the haven asset a path to climb. December gold rose $5.50, or 0.4%, at $1,288.50 an ounce, after marking its third straight decline on Wednesday as the Dow Jones Industrial Average closed above 23,000 for the first time and as all three main U.S. benchmarks marked all-time highs, underlining Wall Street™s appetite for assets...

Dollar dips into the red, as euro climbs higher

The U.S. dollar dipped into negative territory against its major rivals Wednesday, eclipsing gains from earlier in the session and snapping a four-day winning streak. The ICE U.S. Dollar Index which gauges the dollar against six other currencies, slipped 0.1% to 93.395, and the WSJ Dollar Index, a measure of the greenback against 16 rivals, added 0.1% at 86.68. The euro moved to pare its losses in the second half of the European session and rose to $1.1799, compared with $1.1766 late...

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Gold to move in a narrow range in 2017 but could move to $1450/oz in 2018
Monday, 24 July 2017 21:47 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold prices have been on the defensive despite a weak US dollar, quite bizarre given that other commodities have benefitted from the currency induced movement. Relatively hawkish remarks from various central bankers and rising sovereign bond yields seem to be a sore point for the gold bugs.

After the series of Fed rate hikes, ECB President Mario Draghi has hinted towards a possibility of tapering the bond buying programme, while BOE Governor conceded that a rate hike is needed somewhere down the line. Meanwhile, Bank of Canada has already embarked on the path of policy normalization, delivering a rate hike after seven years.

Conversely, BOJ continues to remain dovish, indicating that there is no need to hike interest rates anytime soon, as the economy still survives on monetary stimulus. With inflation well below 2 percent, BOJ™s bond purchase program also needs to be maintained.

On speculative front, funds and non-commercials have been trimming their net long positions on COMEX gold over the past few weeks.

On short term outlook, it is an onerous task to gauge how the yellow metal will respond to the counterbalancing forces of rising sovereign yields, buoyant global equities amid weak greenback and aggravating legislative & political uncertainty in the US.

It seems to us that gold prices will drift in an in uneventful fashion over the next few months given the prevalent landscape. Although equity valuations look frothy, surplus liquidity across the globe will avert any significant or long-lasting correction.

Nevertheless, murkier US legislative backdrop will provide an element of support to the yellow metal over the long term.

There is uncertainty over legislative agenda given the difficulty in passing a new healthcare bill through US Senate.

It still remains unclear whether Republicans will garner the required majority to navigate it through a stubborn opposition, where several members of the Senate are neither endorsing the new measures nor supporting the vote to repeal Affordable Care Act altogether.

The million dollar question remains that when will Trump administration start working on other important legislative agenda (much awaited by the markets) like tax reforms and infrastructure spending. There is a risk that the entire reflation trade (post-Trump win) can go for a toss, effectively augmenting the safe haven appetite for gold.

Moreover, geopolitical developments pertaining to North Korea can prove to be a wildcard. Pyongyang recently tested an intercontinental ballistic missile, which has the potential to hit American shores.

This has prompted the US to call for a unified global action against North Korea. Recent efforts by US President Trump to dissuade North Korea from the nuclear proliferation programme has failed, which can intensify the levy of sanctions and other punitive measures against the isolated nation.

The US and South Korea has already retaliated by launching missiles, however, we sense that Pyongyang remains indifferent to such threat and the situation will remain tense for some time to come.

This also evolves the power equation in the region given that China remains an ally of North Korea, while South Korea and Japan are inclined towards the United States.

On the price front, we see gold trading within the range of USD 1,185-1,300/oz over next 2-3 months. As far as the broader call is concerned, we see values moving towards USD 1,450/oz by the first half of next year (June 2018).

Source: moneycontrol.com

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POPULAR NEWS
Gold down a third day on dollar strength, with inflation risk in focus

Gold futures marked a third session decline on Wednesday, deepening their retreat from the key $1,300 level on the heels of recent strength in the U.S. dollar, as investors deal with uncertainty over who will become the next Federal Reserve chief and how that will influence the outlook for interest rates. December gold gave up $3.20, or 0.3%, to settle at $1,283 an ounce, with prices logging their lowest finish since Oct. 6, according to FactSet data. The exchange-traded SPDR Gold Trust shed...

Gold Holds Losses as Equity Gains, Fed Chair Weighed

Gold holds declines from near 3-week high as investors assess magnitude of recent gains in global equities, speculation the next Fed chairman will be more hawkish. Bullion for immediate delivery as much as -0.4% to $1,280.14/oz before trading at $1,286.25 at 8:13am in Singapore, according to Bloomberg generic pricing Prices -1.4% in previous two days Bloomberg Dollar Spot Index -0.1% after climbing to a week-high on Tues In other precious metals: Silver +0.1% to $17.0609/oz after two...

Gold Holds Drop as Investors Watch Fed, China Congress

Gold little changed after sliding the previous two days as investors assess likelihood the next Fed chairman will be more hawkish; also waiting for signals on China™s economic policy amid the opening of the Communist Party Congress. Bullion for immediate delivery flat at $1,284.58/oz at 2:32pm in Singapore, after -1.4% in previous two days, according to Bloomberg generic pricing Bloomberg Dollar Spot Index steady after climbing to a week-high on Tues In other precious metals: Silver...

Gold Perks up as Geopolitical Tensions in Europe Resurface

Gold futures were trading higher on Thursday and on track to snap a three-session skid as political drama in the eurozone rattled investor confidence, providing the haven asset a path to climb. December gold rose $5.50, or 0.4%, at $1,288.50 an ounce, after marking its third straight decline on Wednesday as the Dow Jones Industrial Average closed above 23,000 for the first time and as all three main U.S. benchmarks marked all-time highs, underlining Wall Street™s appetite for assets...

Dollar dips into the red, as euro climbs higher

The U.S. dollar dipped into negative territory against its major rivals Wednesday, eclipsing gains from earlier in the session and snapping a four-day winning streak. The ICE U.S. Dollar Index which gauges the dollar against six other currencies, slipped 0.1% to 93.395, and the WSJ Dollar Index, a measure of the greenback against 16 rivals, added 0.1% at 86.68. The euro moved to pare its losses in the second half of the European session and rose to $1.1799, compared with $1.1766 late...

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