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Gold retakes $1,300 level for first time in 9 months

Gold futures on Friday were trading above $1,300 for the first time in 2017 and were on track for their third straight daily gain, as precious metals drew haven demand, sparked by a selloff in a global equities, a terrorist attack in Barcelona and concerns about President Donald Trump™s pro-business agenda. Gold for December delivery gained $8.60, or 0.7%, at $1,301.90 an ounce, marking the highest level for a most-active contract since Nov. 4, according to FactSet data. The yellow...

Gold Fails to Hold Above Key $1,300 Level, Posts Daily, Weekly Losses

Gold prices touched their highest intraday level of the year on Friday, temporarily topping $1,300 an ounce before pulling back to settle lower for the session and the week. Gold had traded above $1,300 Friday for the first time in 2017, getting a lift from haven demand on the back of earlier weakness in global equities, a terrorist attack in Barcelona and concerns about President Donald Trump™s pro-business agenda. December gold fell 80 cents, or less than 0.1%, to settle at $1,291.60 an...

Asian Equities Fall on Trump Concerns, Terror Attack in Spain

Asian equities fell, paring the week™s gain, after a terror attack in Barcelona added to concerns that U.S. President Donald Trump™s policy plans may be stymied by discord within his administration. The MSCI Asia Pacific Index lost 0.5 percent to 159.04 as of 4:36 p.m. in Hong Kong, set to decline for the first day this week. About three shares retreated for each one that gained, with financial and technology sub-gauges leading the drop. Indexes slid across the region, with Japan™s...

Gold Futures Punch Through $1,300 as Global Stocks Extend Losses

Gold futures broke above $1,300 an ounce, gaining to the highest level this year, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his pro-growth legislative agenda. Futures for delivery in December gained as much as 0.7 percent to $1,301.10 an ounce on the Comex and traded at $1,299 at 9 a.m. in London. The gain came as a gauge of global stocks extended a decline, and the Bloomberg Dollar Spot Index fell...

Europe Ends On A Negative Note As Trump, Terror Concerns Linger

Europe finished Friday's session on a negative note, as the worst terror attack seen in Spain for more than 13 years added jitters to market sentiment. The pan-European Stoxx 600 ended down 0.71 % to 374.20 provisionally, however on the week the index closed 0.55 percent up. Looking to Europe's major bourses, the U.K.'s FTSE 100 ended 0.86 percent down, while the French CAC 40 slipped 0.64 percent and Germany's DAX ended 0.31 percent down. In periphery markets, Spain's IBEX 35 ended 0.56...

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BNP Paribas Lists More Upbeat Gold Forecast, Sees $1,255/Oz In 4Q
Wednesday, 9 August 2017 05:36 WIB | GOLD CORNER |Gold OutlookGold Corner

BNP Paribas has upwardly revised its outlook for gold on scaled-back expectations for Federal Reserve monetary tightening, although analysts also do not forecast a big rally from current levels until sometime next year.

In a research report Tuesday, analyst hiked their fourth-quarter gold forecast by $90 “ compared to the end of March “ to $1,255 an ounce. They see a drop to $1,215 in the first quarter of 2018, then $1,300 in the second quarter of next year, followed by $1,290 and $1,325 in the next two quarters. All of these forecasts are above the bank™s previous outlooks.

Spot gold was trading around $1,262 as of 9 a.m. EDT.

BNP Paribas economists have changed their outlook on future Fed policy, no longer calling for another rate hike this year. Further, they now look for three more hikes next year, rather than four. In scaling back expectations, BNP Paribas economists cite below-forecast inflation readings and recent rhetoric by Federal Reserve Chair Janet Yellen.

œMuch firmer U.S. inflation readings are expected in 2018, feeding off the positive base effect of low readings in 2017, said the BNP Paribas report, written by Harry Tchilinguirian, commodity strategist. œU.S. real rates stand to substantially decline in 2018, improving gold™s price prospects relative to our previous expectations.

Analysts also revised their U.S. dollar outlook, saying that while some appreciation is in order, they do not see the currency returning to its 2016 highs.

œDownside macro risks for gold have diminished in the near term, BNP Paribas said. œBut both investor and physical demand do not appear sufficiently strong enough to push gold significantly higher. And with a potential Fed rate hike next March, price weakness may develop by year-end. However by spring 2018, higher inflation will drive U.S. real rates lower and allow gold to rally.

Meanwhile, analysts said investor demand has been œlackluster lately despite dollar weakness, pointing out that holdings in exchange-traded funds declined in July. In gold futures, net-long exposure by money managers has rebounded, but still remains below the levels of last September, when gold traded near $1,350.

œThe current muted investor interest may be motivated by a macroeconomic narrative that favors emerging markets and European equities, the report said. œAlso, the progressive reduction in the Fed™s balance sheet, potentially starting in September, may not overly impact financial markets.

Source: Kitco News

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POPULAR NEWS
Gold retakes $1,300 level for first time in 9 months

Gold futures on Friday were trading above $1,300 for the first time in 2017 and were on track for their third straight daily gain, as precious metals drew haven demand, sparked by a selloff in a global equities, a terrorist attack in Barcelona and concerns about President Donald Trump™s pro-business agenda. Gold for December delivery gained $8.60, or 0.7%, at $1,301.90 an ounce, marking the highest level for a most-active contract since Nov. 4, according to FactSet data. The yellow...

Gold Fails to Hold Above Key $1,300 Level, Posts Daily, Weekly Losses

Gold prices touched their highest intraday level of the year on Friday, temporarily topping $1,300 an ounce before pulling back to settle lower for the session and the week. Gold had traded above $1,300 Friday for the first time in 2017, getting a lift from haven demand on the back of earlier weakness in global equities, a terrorist attack in Barcelona and concerns about President Donald Trump™s pro-business agenda. December gold fell 80 cents, or less than 0.1%, to settle at $1,291.60 an...

Asian Equities Fall on Trump Concerns, Terror Attack in Spain

Asian equities fell, paring the week™s gain, after a terror attack in Barcelona added to concerns that U.S. President Donald Trump™s policy plans may be stymied by discord within his administration. The MSCI Asia Pacific Index lost 0.5 percent to 159.04 as of 4:36 p.m. in Hong Kong, set to decline for the first day this week. About three shares retreated for each one that gained, with financial and technology sub-gauges leading the drop. Indexes slid across the region, with Japan™s...

Gold Futures Punch Through $1,300 as Global Stocks Extend Losses

Gold futures broke above $1,300 an ounce, gaining to the highest level this year, as global stocks dropped and investors fretted that turmoil in the White House will prevent President Donald Trump from delivering on his pro-growth legislative agenda. Futures for delivery in December gained as much as 0.7 percent to $1,301.10 an ounce on the Comex and traded at $1,299 at 9 a.m. in London. The gain came as a gauge of global stocks extended a decline, and the Bloomberg Dollar Spot Index fell...

Europe Ends On A Negative Note As Trump, Terror Concerns Linger

Europe finished Friday's session on a negative note, as the worst terror attack seen in Spain for more than 13 years added jitters to market sentiment. The pan-European Stoxx 600 ended down 0.71 % to 374.20 provisionally, however on the week the index closed 0.55 percent up. Looking to Europe's major bourses, the U.K.'s FTSE 100 ended 0.86 percent down, while the French CAC 40 slipped 0.64 percent and Germany's DAX ended 0.31 percent down. In periphery markets, Spain's IBEX 35 ended 0.56...

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