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POPULAR NEWS
Gold prices settle up by more than 1% for the week; palladium futures log another record

Gold prices climbed Friday to tally a 1.2% gain for the week. U.S. and European benchmark stock indexes declined and the dollar fell for the week, providing a boost to prices of the yellow metal. December gold climbed by $8, or 0.7%, to settle at $1,223 an ounce. Palladium futures, meanwhile, settled at another record on expectations for much stronger demand. R. Michael Jones, chief executive officer of Platinum Group Metals Ltd. December palladium added $17.20, or 1.5%, to finish at...

Stocks Turn Lower as Retail Drop Offsets Utilities

U.S. equity indexes fluctuated as a plunge in retail and technology stocks was partly offset by energy and utility gains. Treasuries climbed and the dollar retreated. The S&P 500 Index fell 0.2 percent as of 11:46 a.m. New York time.The S&P 500 Index turned lower as department-store chain Nordstrom Inc. declined on disappointing results, following letdowns from Macy™s Inc. and Dillard™s Inc. At the same time, California utilities PG&E Corp. and Edison International began to...

European stocks dragged lower by tech, Brexit concerns

European markets struggled Friday, finishing in the red and with chunky weekly losses, as concerns about the U.K.™s Brexit deal again hit top banks, and chip makers were dented after Nvidia Corp. warned on weaker sales ahead. The Stoxx Europe 600 closed 0.2% lower at 357.71, bringing the week™s losses to 2.2%. The French CAC 40 ended down 0.2% at 5,025.20, with a weekly slip of 1.6%, while Germany™s DAX 30 wrapped up the day off 0.1% at 11,341. The U.K.™s FTSE 100 dipped 0.3% to...

Hong Kong Shares Close Week on Positive Note (Review)

Hong Kong stocks finished the week with gains Friday, tracking a positive lead from Wall Street with energy firms supported by an uptick in oil prices. The Hang Seng Index rose 0.31 percent, or 80.19 points, to close at 26,183.53. The benchmark Shanghai Composite Index closed 0.41 percent, or 10.94 points higher at 2,679.11, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.84 percent, or 11.78 points, to finish at 1,410.18.

Dollar Falls as Fed's Clarida Says Interest Rates Near Neutral

The dollar fell on Friday after Richard Clarida, vice chairman of the Federal Reserve, said that interest rates were near neutral, but indicated that a December rate hike is still possible. The U.S. dollar index, which measures the greenback™s strength against a basket of six major currencies, fell 0.46% to 96.35, as of 10:17 AM ET (15:17 GMT). The dollar was lower against the safe-heaven Japanese yen, with USD/JPY falling 0.76% to 112.78 In times of uncertainty, investors tend to invest...

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Gold Will Retain Gains Through H1 2018 - BNP Paribas
Monday, 5 February 2018 14:58 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold will be keeping January's gains throughout the first half of 2018, according to BNP Paribas, but will face downward pressure in the second part of the year as the Federal Reserve proceeds with normalization of monetary policy.

œRising inflation expectations and a weak dollar, as long as they last, provide the support for gold's current trading levels, Harry Tchilinguirian, senior commodity strategist at BNP Paribas, said in the Precious Metals Market Comment published on Friday.

œOur gold (period average) forecast for 2018 is revised slightly higher at USD 1315/oz (+USD 60/oz). We initiate a first view for 2019 with a period average of USD 1170/oz, Tchilinguirian wrote.

Gold prices have been benefitting from a weaker U.S. dollar despite three rate increases in 2017 and firm expectations of more rate hikes in 2018.

œWith upward revisions to the economic and inflation outlooks in the US and the eurozone, investor interest in gold will likely remain in place, the note added.

Also, gold received a boost this year as investors chose the metal as a hedge against surging equity markets, Tchilinguirian said.

But, in the second part of the year, inflation is looking to œmoderate and real yields are expected to rise, which will increase the opportunity cost of owning gold.

œThe Fed will continue to plot a steady course in normalizing rate policy in 2018. On the back of the latest FOMC significantly upgrading language around economic outlook, we now see four rate hikes in 2018 and one more in 2019, Tchilinguirian wrote. œWith base-effects keeping inflation readings at bay, the longer term direction of monetary policy would in turn suggest greater downside risk to gold prices.

BNP Paribas said that upside is limited for gold, but also pointed out that downside risks are unlikely until œbond yields push much higher in H2 2018.

Source: Kitco News

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POPULAR NEWS
Gold prices settle up by more than 1% for the week; palladium futures log another record

Gold prices climbed Friday to tally a 1.2% gain for the week. U.S. and European benchmark stock indexes declined and the dollar fell for the week, providing a boost to prices of the yellow metal. December gold climbed by $8, or 0.7%, to settle at $1,223 an ounce. Palladium futures, meanwhile, settled at another record on expectations for much stronger demand. R. Michael Jones, chief executive officer of Platinum Group Metals Ltd. December palladium added $17.20, or 1.5%, to finish at...

Stocks Turn Lower as Retail Drop Offsets Utilities

U.S. equity indexes fluctuated as a plunge in retail and technology stocks was partly offset by energy and utility gains. Treasuries climbed and the dollar retreated. The S&P 500 Index fell 0.2 percent as of 11:46 a.m. New York time.The S&P 500 Index turned lower as department-store chain Nordstrom Inc. declined on disappointing results, following letdowns from Macy™s Inc. and Dillard™s Inc. At the same time, California utilities PG&E Corp. and Edison International began to...

European stocks dragged lower by tech, Brexit concerns

European markets struggled Friday, finishing in the red and with chunky weekly losses, as concerns about the U.K.™s Brexit deal again hit top banks, and chip makers were dented after Nvidia Corp. warned on weaker sales ahead. The Stoxx Europe 600 closed 0.2% lower at 357.71, bringing the week™s losses to 2.2%. The French CAC 40 ended down 0.2% at 5,025.20, with a weekly slip of 1.6%, while Germany™s DAX 30 wrapped up the day off 0.1% at 11,341. The U.K.™s FTSE 100 dipped 0.3% to...

Hong Kong Shares Close Week on Positive Note (Review)

Hong Kong stocks finished the week with gains Friday, tracking a positive lead from Wall Street with energy firms supported by an uptick in oil prices. The Hang Seng Index rose 0.31 percent, or 80.19 points, to close at 26,183.53. The benchmark Shanghai Composite Index closed 0.41 percent, or 10.94 points higher at 2,679.11, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.84 percent, or 11.78 points, to finish at 1,410.18.

Dollar Falls as Fed's Clarida Says Interest Rates Near Neutral

The dollar fell on Friday after Richard Clarida, vice chairman of the Federal Reserve, said that interest rates were near neutral, but indicated that a December rate hike is still possible. The U.S. dollar index, which measures the greenback™s strength against a basket of six major currencies, fell 0.46% to 96.35, as of 10:17 AM ET (15:17 GMT). The dollar was lower against the safe-heaven Japanese yen, with USD/JPY falling 0.76% to 112.78 In times of uncertainty, investors tend to invest...

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