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POPULAR NEWS
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Mitsubishi: Gold Price 'Will Most Likely Once Again Break Above $1,300'
Monday, 25 September 2017 22:34 WIB | GOLD CORNER |Gold OutlookGold Corner

Mitsubishi looks for gold to regain the $1,300-an-ounce level due to political and geopolitical worries, assuming the U.S. dollar does not flex its muscles too much. The metal tends to move inversely to the greenback.

The most-active Comex gold futures contract fell below $1,300 last week for the first time since August, pressured by a Federal Reserve meeting in which policymakers said they would start to scale back their balance sheet, plus their communications were taken to mean a rate hike may happen yet again in December, with more next year, Mitsubishi says.

However, the firm sees better days ahead for gold. œAmid selling of U.S. government debt securities, yields on the two-year U.S. Treasury note rose to 1.45%, the highest since 2008, Mitsubishi says. œThe resulting flattening of the spread between two- and 10-year U.S. Treasury yields (close to the lowest since the financial crisis) illustrates how investors are rotating out of what is perceived as riskier short-term government debt and into longer-term securities “ a factor that should be positive for gold as a traditional safe haven.

Ongoing political and economic risks, from North Korea™s nuclear ambitions to the second installment of the U.S. debt-ceiling crisis ahead of its December expiry, help explain why gold has not retreated further in recent days and ought to stay well supported, and will most likely once again break above $1,300 again if the dollar stays weak.

 

Source: KitcoNews

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POPULAR NEWS
Oil Holds Loss as Iraq Seeks to Revive Output From Kirkuk Fields

Oil held losses as Iraq sought to revive output from fields in the country™s northern Kurdish regions and as U.S. fuel inventories increased. Futures added 0.2 percent in New York after dropping 1.4 percent Thursday. Iraq engineers worked to replace equipment missing from oil fields in the disputed Kirkuk province that government troops recaptured this week from Kurdish forces, a person with knowledge of the situation said. U.S. gasoline stockpiles rose for a fourth week...

Gold Heads for Weekly Drop as U.S. Equities at Record

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Tokyo Stocks Open Lower, Nissan Under Pressure

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U.S. stocks close at records on tax cut hopes

U.S. benchmark stock indexes all rose on Friday to close at record levels after the Senate adopted a federal budget for next year, a key step on the road to tax cuts. The Dow Jones Industrial Average advanced 164 points to 23326, and was up 2.0% for the week. The Nasdaq Composite Index gained 24 points at 6629. The S&P 500 was up 13 points to 2575, and 0.9% for the week. The Dow and the S&P 500 close out their sixth straight weekly gain, while the Nasdaq notched its fourth straight...

Gold Prices Decline as Dollar Gains Strength on Tax Reform Hopes

The gold selloff resumed on Friday, with the metal set to suffer its worst weekly performance in a month as the dollar rallied on news that the Republican-controlled Senate has passed a budget blueprint. Gold for December delivery lost $7.10, or 0.6%, to $1,282.90 an ounce, setting it on track for its lowest settlement since Oct. 6 and a 1.7% weekly drop. That would mark the worst week since Sept. 22, according to FactSet data. Silver for December lost 0.3% to $17.20 an ounce, putting it on...

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