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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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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 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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