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POPULAR NEWS
Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

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Gold Prices Can Still Surprise With A 'Strong Finish' In 2017
Friday, 17 November 2017 03:30 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold bears beware, prices could be setting themselves up for a 'strong finish' this year, says one analyst.'

'I remain constructive on GLD in the near term, expecting a strong finish to the year,' Boris Mikanikrezai, precious metals analyst at FastMarkets, wrote in a Seeking Alpha post on Wednesday.

When forming his analysis, Mikanikrezai looked at net speculative positions on the Comex and exchange-traded fund (ETF) holdings.

œGold witnesses some upward pressure as the macro backdrop turns increasingly friendly for the PM complex, he said.

The most recent CFTC data showed that money managers raised their net long position for the first time in eight weeks between October 31-November 7, while spot gold prices advanced 0.6% from $1,270 per ounce to $1,278, the strategist pointed out.

œThe net long fund position - at 483.96 tonnes as of November 7 “ rose 13.46 tonnes or 3% from the previous week (w/w). This was driven exclusively by long accumulation (+14.54 tonnes w/w) and marginally offset by some short rebuilding (+1.09 tonnes w/w), he said.

The other half of Mikanikrezai™s analysis revealed that ETF investors were not jumping at the opportunity to increase their gold holdings between November 3-10, œin spite of friendlier macro forces.

According to the strategist, œthe GLD market remains in a ˜buy on the dips™ mode.

GLD is the ticker symbol for the world™s largest gold-backed ETF, SPDR Gold Shares, which is traded on the New York Stock Exchange.

On Wednesday, gold prices gave up all overnight gains as the U.S. dollar index rose from its daily lows.

œA batch of important U.S. economic reports released earlier today provided a brief lift to precious metals prices. However, the greenback™s bearish influence proved too strong on this day, said Jim Wyckoff, Kitco™s senior technical analyst.

Source: Kitco News

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POPULAR NEWS
Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

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