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POPULAR NEWS
Gold Heads for Second Weekly Drop on Dollar's Strength

Gold poised for second weekly drop as stronger dollar counters uncertainty surrounding global growth amid trade tensions between the U.S. and China. Bullion for immediate delivery +0.1% to $1,268.45/oz at 9:24am in Singapore; -0.8% this week after -1.5% last week. Metal touched $1,261.50 on Thursday, lowest level since Dec. 20 Bloomberg Dollar Spot Index holds near highest since July 2017 In other precious metals : Silver +0.2% to $16.3522/oz to pare 2nd weekly...

Dow aims to avoid longest losing streak in 40 years as energy shares jump

U.S. stocks rose in afternoon trading on Friday, in a partial rebound from a lengthy spat of trade-related weakness, though major indexes remained on track for weekly declines. Energy stocks were by far the biggest gainers of the day, with the group surging after OPEC reached a deal to boost output, though not by as much as some had expected. The Dow Jones Industrial Average rose 125 points, or 0.5%, to 24,586. The blue-chip average is coming off an eight-day losing streak, its longest such...

Gold Trims 2nd Weekly Loss as Platinum Hits 2016 Low

Gold gains, paring second weekly drop. Bullion's still trading near lowest this year, while dollar is close to highest since July on fears trade tensions between U.S. and China will escalate, hurting growth. Platinum slumps to lowest in more than two years. Bullion for immediate delivery strengthened 0.2% at $1,269.05/oz by 11:07am in London; it lost 0.8% this week. This metal touched $1,261.50 on Thurs, lowest since Dec. 20. Bloomberg Dollar Spot Index weakened...

Gold Prices Edge Up After Flash PMI Data Disappoints

The gold market saw a small uptick after the release of preliminary manufacturing and service-sector sentiment data. Gold prices edged up following the release of the PMI data, with August Comex gold futures last at $1,271.20, up 0.06% on the day. The flash U.S. manufacturing Purchasing Managers Index for June expanded at a slower pace, coming in at 54.6 in comparison to May's 56.4, research firm IHS Markit said in its latest report. The monthly figure came in short of market projections,...

Hong Kong stocks down by break

Hong Kong stocks finished the morning session in negative territory Friday following a sell-off on Wall Street owing to ongoing trade war fears. The Hang Seng Index fell 0.27 percent, or 78.77 points, to 29,217.28. 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
Gold Heads for Second Weekly Drop on Dollar's Strength

Gold poised for second weekly drop as stronger dollar counters uncertainty surrounding global growth amid trade tensions between the U.S. and China. Bullion for immediate delivery +0.1% to $1,268.45/oz at 9:24am in Singapore; -0.8% this week after -1.5% last week. Metal touched $1,261.50 on Thursday, lowest level since Dec. 20 Bloomberg Dollar Spot Index holds near highest since July 2017 In other precious metals : Silver +0.2% to $16.3522/oz to pare 2nd weekly...

Dow aims to avoid longest losing streak in 40 years as energy shares jump

U.S. stocks rose in afternoon trading on Friday, in a partial rebound from a lengthy spat of trade-related weakness, though major indexes remained on track for weekly declines. Energy stocks were by far the biggest gainers of the day, with the group surging after OPEC reached a deal to boost output, though not by as much as some had expected. The Dow Jones Industrial Average rose 125 points, or 0.5%, to 24,586. The blue-chip average is coming off an eight-day losing streak, its longest such...

Gold Trims 2nd Weekly Loss as Platinum Hits 2016 Low

Gold gains, paring second weekly drop. Bullion's still trading near lowest this year, while dollar is close to highest since July on fears trade tensions between U.S. and China will escalate, hurting growth. Platinum slumps to lowest in more than two years. Bullion for immediate delivery strengthened 0.2% at $1,269.05/oz by 11:07am in London; it lost 0.8% this week. This metal touched $1,261.50 on Thurs, lowest since Dec. 20. Bloomberg Dollar Spot Index weakened...

Gold Prices Edge Up After Flash PMI Data Disappoints

The gold market saw a small uptick after the release of preliminary manufacturing and service-sector sentiment data. Gold prices edged up following the release of the PMI data, with August Comex gold futures last at $1,271.20, up 0.06% on the day. The flash U.S. manufacturing Purchasing Managers Index for June expanded at a slower pace, coming in at 54.6 in comparison to May's 56.4, research firm IHS Markit said in its latest report. The monthly figure came in short of market projections,...

Hong Kong stocks down by break

Hong Kong stocks finished the morning session in negative territory Friday following a sell-off on Wall Street owing to ongoing trade war fears. The Hang Seng Index fell 0.27 percent, or 78.77 points, to 29,217.28. Source : AFP

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