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POPULAR NEWS
Gold prices down a third straight session to lowest finish in a year

Gold futures fell a third session in a row on Tuesday to mark another finish at their lowest level in a year. Strength in the U.S. dollar following testimony from U.S. Federal Reserve Chairman Jerome Powell that backed continued hikes in interest rates kept pressure on gold. August gold fell $12.40, or 1%, to settle at $1,227.30 an ounce, the lowest for a most-active contract since July 13, 2017, according to FactSet data. Source : Marketwatch

Gold settles with a slight gain, avoids correction territory

Gold prices settled slightly higher on Wednesday, ending a three-session streak of declines as a benchmark dollar index eased back toward session lows, allowing the yellow metal to avoid a finish in correction territory. August gold tacked on 60 cents, or less than 0.1%, to settle at $1,227.90 an ounce, giving up earlier declines that saw prices touch a low of $1,220.90. The precious commodity has thus far tumbled 9.9% since its peak on Jan. 15 at $1,362.90 an ounce, placing it near...

Gold prices steady as dollar firms after Fed comments

Gold prices on Wednesday held steady near a one-year low hit in the previous session, as the dollar firmed after Federal Reserve Chairman Jerome Powell's U.S. economic outlook reinforced views the central bank is on track to steadily hike interest rates. Spot gold was largely unchanged at $1,227.16 an ounce at 00:47 GMT. On Tuesday, it fell 1 percent and hit its lowest since last July at $1,225.58. U.S. gold futures for August delivery were little changed at $1,227 an...

Gold aims to snap 2-session skid as dollar gauge sees muted action

Gold prices on Tuesday edged higher, attempting to snap a two-session slide and halt a broader downturn that has taken the commodity to its lowest levels in about a year. August gold ticked up $1.30, or 0.1%, to $1,241 an ounce, after the most-active contract marked the lowest settlement since July 17, 2017 on Monday, according to FactSet data. Gold has ended lower in the past two sessions and has finished in the red in four of the past five trading days. A popular fund tracking gold, the...

Powell says more gradual interest-rate hikes is the 'best way forward''

Federal Reserve Chairman Jerome Powell on Tuesday said continued gradual interest-rate hikes was the "best way forward" for monetary policy. "With a strong job market, inflation close to our objective, and the risks to the outlook roughly balanced, the FOMC believes that - for now - the best way forward is to keep gradually raising the federal funds rate," Powell said in testimony to the Senate Banking Committee. Powell said the unemployment rate is expected to fall further and the Fed's...

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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 prices down a third straight session to lowest finish in a year

Gold futures fell a third session in a row on Tuesday to mark another finish at their lowest level in a year. Strength in the U.S. dollar following testimony from U.S. Federal Reserve Chairman Jerome Powell that backed continued hikes in interest rates kept pressure on gold. August gold fell $12.40, or 1%, to settle at $1,227.30 an ounce, the lowest for a most-active contract since July 13, 2017, according to FactSet data. Source : Marketwatch

Gold settles with a slight gain, avoids correction territory

Gold prices settled slightly higher on Wednesday, ending a three-session streak of declines as a benchmark dollar index eased back toward session lows, allowing the yellow metal to avoid a finish in correction territory. August gold tacked on 60 cents, or less than 0.1%, to settle at $1,227.90 an ounce, giving up earlier declines that saw prices touch a low of $1,220.90. The precious commodity has thus far tumbled 9.9% since its peak on Jan. 15 at $1,362.90 an ounce, placing it near...

Gold prices steady as dollar firms after Fed comments

Gold prices on Wednesday held steady near a one-year low hit in the previous session, as the dollar firmed after Federal Reserve Chairman Jerome Powell's U.S. economic outlook reinforced views the central bank is on track to steadily hike interest rates. Spot gold was largely unchanged at $1,227.16 an ounce at 00:47 GMT. On Tuesday, it fell 1 percent and hit its lowest since last July at $1,225.58. U.S. gold futures for August delivery were little changed at $1,227 an...

Gold aims to snap 2-session skid as dollar gauge sees muted action

Gold prices on Tuesday edged higher, attempting to snap a two-session slide and halt a broader downturn that has taken the commodity to its lowest levels in about a year. August gold ticked up $1.30, or 0.1%, to $1,241 an ounce, after the most-active contract marked the lowest settlement since July 17, 2017 on Monday, according to FactSet data. Gold has ended lower in the past two sessions and has finished in the red in four of the past five trading days. A popular fund tracking gold, the...

Powell says more gradual interest-rate hikes is the 'best way forward''

Federal Reserve Chairman Jerome Powell on Tuesday said continued gradual interest-rate hikes was the "best way forward" for monetary policy. "With a strong job market, inflation close to our objective, and the risks to the outlook roughly balanced, the FOMC believes that - for now - the best way forward is to keep gradually raising the federal funds rate," Powell said in testimony to the Senate Banking Committee. Powell said the unemployment rate is expected to fall further and the Fed's...

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