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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...

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Gold heads for fifth weekly decline in six, with U.S. stocks at record levels and investors weighing monetary policy implications of a new chair of U.S. Federal Reserve. Bullion for immediate delivery -0.3% to $1,285.92/oz at 9:40am in Singapore, according to Bloomberg generic pricing Price -1.4% this week S&P 500 Index eked out gain to finish at fresh all-time high Bloomberg Dollar Spot Index +0.3% this week Yield on 10-year Treasuries steady at...

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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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Don't Get Too Excited About Gold's Bounce; Interest Rates Are Going Higher
Tuesday, 10 October 2017 04:17 WIB | GOLD CORNER |Gold OutlookGold Corner

While bargain hunters are stepping in to push gold prices off Friday's two-month low, some analysts are warning traders and investors to use some caution at current levels.

Lukman Otunuga, research analyst at FXTM, said that short-term bulls appear to be exploiting renewed geopolitical uncertainty as rhetoric between North Korea and U.S. President Donald Trump continue to heat up. However, he warned that upside potential for the yellow metal could be limited as the U.S. dollar continues to strengthen on rising potential for a U.S. interest-rate hike in December.

œTechnical traders will be paying very close attention to how prices react above the $1,280 resistance level. A technical bounce seems to be in play, with bears still in firm control below the psychological $1,300 level.  Sustained weakness back below $1,280 should forge a path back towards $1,267, he said in research note Monday.

December gold futures settled at $1,282 30 an ounce, up 0.8% on the day.

Looking at rate expectations, CME 30-day Fed fund futures are pricing in an almost 92% chance of a rate hike by December. Expectations have spiked higher compared to a week ago, when markets were pricing in a 76% chance.

Phillip Streible, senior market analyst at RJO Futures, said that with interest-rate expectations so high, it is difficult to get excited about a one-day bounce in the gold market.

œWe are in a downward-sloping channel and traders should be looking at selling rallies with prices below $1,300, he said.

Not only are rate expectations at their highest levels so far this year, U.S. economic data remain relatively positive, which is supporting equity markets, Streible added.

Streible said that with his current bearish outlook, he expects gold prices to fall to key support at $1,250 an ounce.

 

Source: Kitco News

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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

Gold heads for fifth weekly decline in six, with U.S. stocks at record levels and investors weighing monetary policy implications of a new chair of U.S. Federal Reserve. Bullion for immediate delivery -0.3% to $1,285.92/oz at 9:40am in Singapore, according to Bloomberg generic pricing Price -1.4% this week S&P 500 Index eked out gain to finish at fresh all-time high Bloomberg Dollar Spot Index +0.3% this week Yield on 10-year Treasuries steady at...

Tokyo Stocks Open Lower, Nissan Under Pressure

Tokyo stocks opened lower Friday on profit-taking after the benchmark index posted its longest string of gains in nearly 30 years, while Nissan dropped as it unveiled plans to suspend production amid an inspection scandal. The Nikkei 225 fell 0.32 percent, or 67.72 points, to 21,380.80 in early trade, while the broader Topix index lost 0.36 percent, or 6.19 points, to 1,723.85. Source: AFP

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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