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POPULAR NEWS
Gold Set for Weekly Loss as Investors Weigh Fed, Korea

Gold heads for second weekly decline as investors weigh Federal Reserve™s signal for four interest rate increases by end-2018 and plans to reduce bank™s balance sheet against tensions over North Korea. Bullion for immediate delivery added 0.2% at $1,293.95/oz at 8:56am in Singapore: Bloomberg generic pricing. This metal fell to $1,288.20/oz on Thursday, lowest since Aug. 25. Gold lost 2% this week after dropping same amount last week. Bloomberg Dollar Spot Index rose 0.6% this...

British pound drops to two-day low against euro on PM May talks Brexit plan

The British pound weakened against the U.S. dollar and the euro on Friday, as Prime Minister Theresa May revealed details on Britain's ambitious for Brexit in a speech in Florence. Against the dollar, the pound slipped to $1.3495, a new intraday low, while the euro jumped to a two-day high at £0.8874.   Source: Marketwatch

ECB's Draghi: we aren't there yet on inflation

More comments coming out of the ECB President Mario Draghi's scheduled speech at the ECB Youth Dialogue at Trinity College, in Dublin: Key quotes (via LiveSquawk):    ¢  We aren™t there yet on inflation    ¢  We haven™t seen much financial stability risks    ¢  Financial system much more resilient thanks to reforms    ¢  Local imbalances shouldn™t be addressed by monetary policy Meanwhile, the EUR/USD pair quickly retreated around 15-20 pips from session tops...

U.S. stock futures fall after North Korean nuclear bomb threat

U.S. stock futures pointed to opening losses for Wall Street on Friday, as geopolitical tensions returned to the fore after North Korea threatened to test a hydrogen bomb over the Pacific Ocean. Traders were also looking ahead to a trio of Federal Reserve speakers, searching for more details on monetary policy after the central bank™s meeting earlier this week. Futures for the Dow Jones Industrial Average lost 27 points, or 0.1%, to 22,306, while those for the S&P 500 index gave up...

Stocks dip on latest North Korea threat; Dow on track for 2nd weekly gain

U.S. stocks edged lower on Friday, as geopolitical tensions returned to the forefront after North Korea threatened to test a hydrogen bomb over the Pacific Ocean, although the selling was limited as the market™s general uptrend was seen as intact. The Dow Jones Industrial Average dipped 10 points to 22,354, a drop of less than 0.1%. The S&P 500 is down less than a point to 2,499. The Nasdaq Composite Index slipped 3 points, or less than 0.1%, to 6,419.   Source: Marketwatch

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BAML Keeps $1,400 Target Even As Gold Eases On Profit-Taking
Tuesday, 12 September 2017 05:21 WIB | GOLD CORNER |Gold OutlookGold Corner

One bank maintained its $1,400-an ounce outlook for gold Monday even as prices cooled on profit-taking, commenting that the precious metal was not yet in overbought territory.

'All the mined commodities have rallied through the third quarter and gold has been no exception,' said Bank of America Merrill Lynch (BAML) in a research report. œWe believe the yellow metal is on track to hit our $1,400/oz target in the coming months.

Gold prices hit a 12-month high on Friday, but have since retreated, with December Comex gold last seen at $1,338.90, down 0.91% on the day.

BAML commented that potential further weakness in the U.S. dollar is likely to add to the metal™s recent uptrend.

œNon-commercial futures positions have pushed higher and z-score suggest that gold is not overbought. Keeping in mind our price model, which estimates fair value gold quotations on U.S. real rates, USD [U.S. dollar], volatility and oil prices, we note that support for the yellow metal has increased, the report said.

In particular, U.S. dollar moves are likely to underpin gold, according to BAML. The metal tends to move inversely to the U.S. currency.

œU.S. real rates have fallen of late, which is bullish for gold on its own. In addition, this was accompanied by a flattening of the U.S. yield curve, at the same time as the German curve steepened, the report explained. œThe resulting rate convergence helped push USD lower and there are various factors suggesting that the U.S. currency may remain supportive for gold.

BAML reiterated its view that gold is an effective diversifier, adding that the yellow metal can œsave unhedged portfolios when the U.S. dollar goes through a downtrend. œIndeed, investors could have maximized the info ratio of a USD-denominated portfolio if they had allocated just below 5% of their assets to gold since 2015.

The physical demand for gold remains somewhat disappointing, the report said, citing soft jewelry demand in China and India. œThis suggests that, as usual, investors have been the marginal buyers, with assets under management at physically backed ETFs rising of late, added BAML.

Source: KitcoNews

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POPULAR NEWS
Gold Set for Weekly Loss as Investors Weigh Fed, Korea

Gold heads for second weekly decline as investors weigh Federal Reserve™s signal for four interest rate increases by end-2018 and plans to reduce bank™s balance sheet against tensions over North Korea. Bullion for immediate delivery added 0.2% at $1,293.95/oz at 8:56am in Singapore: Bloomberg generic pricing. This metal fell to $1,288.20/oz on Thursday, lowest since Aug. 25. Gold lost 2% this week after dropping same amount last week. Bloomberg Dollar Spot Index rose 0.6% this...

British pound drops to two-day low against euro on PM May talks Brexit plan

The British pound weakened against the U.S. dollar and the euro on Friday, as Prime Minister Theresa May revealed details on Britain's ambitious for Brexit in a speech in Florence. Against the dollar, the pound slipped to $1.3495, a new intraday low, while the euro jumped to a two-day high at £0.8874.   Source: Marketwatch

ECB's Draghi: we aren't there yet on inflation

More comments coming out of the ECB President Mario Draghi's scheduled speech at the ECB Youth Dialogue at Trinity College, in Dublin: Key quotes (via LiveSquawk):    ¢  We aren™t there yet on inflation    ¢  We haven™t seen much financial stability risks    ¢  Financial system much more resilient thanks to reforms    ¢  Local imbalances shouldn™t be addressed by monetary policy Meanwhile, the EUR/USD pair quickly retreated around 15-20 pips from session tops...

U.S. stock futures fall after North Korean nuclear bomb threat

U.S. stock futures pointed to opening losses for Wall Street on Friday, as geopolitical tensions returned to the fore after North Korea threatened to test a hydrogen bomb over the Pacific Ocean. Traders were also looking ahead to a trio of Federal Reserve speakers, searching for more details on monetary policy after the central bank™s meeting earlier this week. Futures for the Dow Jones Industrial Average lost 27 points, or 0.1%, to 22,306, while those for the S&P 500 index gave up...

Stocks dip on latest North Korea threat; Dow on track for 2nd weekly gain

U.S. stocks edged lower on Friday, as geopolitical tensions returned to the forefront after North Korea threatened to test a hydrogen bomb over the Pacific Ocean, although the selling was limited as the market™s general uptrend was seen as intact. The Dow Jones Industrial Average dipped 10 points to 22,354, a drop of less than 0.1%. The S&P 500 is down less than a point to 2,499. The Nasdaq Composite Index slipped 3 points, or less than 0.1%, to 6,419.   Source: Marketwatch

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