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POPULAR NEWS
Gold settles at fresh 2018 low as dollar index taps 11-month high

Gold prices marked a third straight session decline on Thursday to carve out another low for 2018 as a leading dollar index--lifted in a rising interest-rate environment--tapped its highest level since last summer. August gold lost $4, or 0.3%, to settle at $1,270.50 an ounce. Prices finished at their lowest for a most-active contract since Dec. 20, according to FactSet data. Around the metals complex, July silver rose 0.1% to $16.326 an ounce. Its Wednesday settlement at $16.309 was the...

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Gold Near Fresh Six-Month Lows after Economic Data Release

Gold prices were trading near fresh six-month lows after the U.S. initial weekly jobless claims fell to 218,000 in the week to Saturday, the Labor Department said. The total was better than expected. In an initial reaction to data, August Comex gold futures continued to trade under pressure, last seen trading at $1,266.60, down 0.62% on the day. Prior to the data release, gold prices were driven down largely by higher U.S. dollar, according to Kitco™s senior technical analyst Jim...

Gold hits 6-month low as investors sell, dollar climbs

Gold prices sank to six-month lows on Thursday as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States. Spot goldwas down 0.4 percent at $1,262.78 an ounce by 09:17 GMT from an earlier $1,261.36, its lowest since Dec. 20. It has lost more than 7 percent since the April high above $1,365 an ounce. U.S. gold futures were down 0.8 percent at $1,264.50 an ounce. Holdings of the largest gold-backed exchange traded...

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Swiss National Bank left the key interest rate unchanged at -0.75% Decision on sight deposit rate was expected; Bloomberg survey median: -0.75% All 20 economists forecast the key interest rate at -0.75% Since Bloomberg started surveys for the rate decision in September 2004 there have been a total of 56 rate decisions by the bank for which surveys were conducted. In all cases the survey has matched the decision made, resulting in the survey correctly predicting the decision 100.0% of the...

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Price Bounce Expected To Continue
Tuesday, 29 May 2018 05:14 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both look for gold to continue a price recovery this week, based on the Kitco News weekly gold survey.

Gold recouped the $1,300-an-ounce level during the latter part of last week after hitting its weakest price of 2018 on Monday. Catalysts behind the comeback included a technical bounce, Federal Open Market Committee minutes that did not show any signs that policymakers want to tighten any more than they have already signaled, and cancellation of a summit between the leaders of the U.S. and North Korea.

Eighteen market professionals took part in the survey. There were 11 votes, or 61%, calling for gold prices to rise. Another four voters, or 22%, were looking for gold prices to ease, while three voters, or 17%, see prices unchanged or sideways.

Meanwhile, 730 voters responded in an online Main Street survey. A total of 393 respondents, or 54%, predicted that gold prices would be higher in a week. Another 243 voters, or 33%, said gold will fall, while 94, or 13%, see a sideways market.

 œGold rebounded¦after the Fed minutes seemed to suggest that they were willing to let inflation run hot, said Phil Flynn, senior market analyst with Price Futures Group. œEven though the strong dollar weighed on the market last week, strong physical demand and increasing geopolitical risk should allow us to have a bullish week.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also looks for gold to rise.

œThe factors that have weakened gold in recent weeks and months”easing of international tensions, particularly over Korea; higher interest rates; and a strong stock market”are all in the process of unraveling, Day said. œHigher rates and a June hike [are] already priced into the gold market, but if the Federal Reserve goes slower after that, it will be positive for gold.

Sean Lusk, director of commercial hedging with Walsh Trading, figures gold could challenge $1,330 again in the weeks ahead.

œThere is some uncertainty in the air with a little uneasiness in the stock market, Lusk said. œWe hit bargain hunting under $1,300.

Added Adam Button, managing director of ForexLive: œThe geopolitical sands are shifting and hopes for a more peaceful world have been dashed by moves on Iran and North Korea. That uncertainty will lend a bid to gold.

Meanwhile, David Madden, market analyst at CMC Markets, is among those who are bearish on gold in the near term. He added that gold has been in a two-month downtrend and this move appears to be a so-called dead-cat bounce. Madden said that he would need to see prices above $1,326 to call an end to the current downtrend.

Neil Mellor, currency strategist at New York Bank of Mellon, said he is bearish on gold, commenting that he would need to see a rise in wage inflation in next week™s U.S. employment numbers to see a case for higher prices. Further, he noted there is no inflation in the global marketplace.

Ralph Preston, principal with Heritage West Financial, also looks for gold to ease.

œWe might see a pop higher on a geopolitical event, but it will be difficult for gold to sustain a rally if the U.S. dollar begins to rally on safe-haven flows, Preston said.

Ken Morrison, editor of the newsletter Morrison on the Markets, does not look for a big move either way in the next week.

œGold shook off the dollar strength and managed to rally near the downtrend line of resistance at $1,310, Morrison said. œI expect the market spends most of the next week consolidating in a $1,295-$1,310 range, basically a sideways pattern.

Source: Kitco News

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POPULAR NEWS
Gold settles at fresh 2018 low as dollar index taps 11-month high

Gold prices marked a third straight session decline on Thursday to carve out another low for 2018 as a leading dollar index--lifted in a rising interest-rate environment--tapped its highest level since last summer. August gold lost $4, or 0.3%, to settle at $1,270.50 an ounce. Prices finished at their lowest for a most-active contract since Dec. 20, according to FactSet data. Around the metals complex, July silver rose 0.1% to $16.326 an ounce. Its Wednesday settlement at $16.309 was the...

Gold Slips to Six-Month Low on Dollar

Gold drops to lowest level in six months as the stronger-dollar environment continues to weigh on the precious metal, even as simmering trade tensions stoke concern for global growth. Bullion for immediate delivery as much as -49 cents to $1,267.37/oz, lowest since Dec. 22, and trades at $1,268.19 at 9:41am in Singapore. Bloomberg Dollar Spot Index holds near highest since July 2017. In other precious metals : Silver flat at $16.2762/oz ,Platinum -0.2% to...

Gold Near Fresh Six-Month Lows after Economic Data Release

Gold prices were trading near fresh six-month lows after the U.S. initial weekly jobless claims fell to 218,000 in the week to Saturday, the Labor Department said. The total was better than expected. In an initial reaction to data, August Comex gold futures continued to trade under pressure, last seen trading at $1,266.60, down 0.62% on the day. Prior to the data release, gold prices were driven down largely by higher U.S. dollar, according to Kitco™s senior technical analyst Jim...

Gold hits 6-month low as investors sell, dollar climbs

Gold prices sank to six-month lows on Thursday as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States. Spot goldwas down 0.4 percent at $1,262.78 an ounce by 09:17 GMT from an earlier $1,261.36, its lowest since Dec. 20. It has lost more than 7 percent since the April high above $1,365 an ounce. U.S. gold futures were down 0.8 percent at $1,264.50 an ounce. Holdings of the largest gold-backed exchange traded...

SNB Keeps Sight Deposit Rate at -0.75%

Swiss National Bank left the key interest rate unchanged at -0.75% Decision on sight deposit rate was expected; Bloomberg survey median: -0.75% All 20 economists forecast the key interest rate at -0.75% Since Bloomberg started surveys for the rate decision in September 2004 there have been a total of 56 rate decisions by the bank for which surveys were conducted. In all cases the survey has matched the decision made, resulting in the survey correctly predicting the decision 100.0% of the...

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