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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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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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Wall St., Main St. See Gold Price Rising During FOMC Week
Monday, 11 June 2018 11:11 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street alike look for gold prices to rise this week even though the Federal Open Market Committee is widely expected to hike U.S. interest rates again, based on the Kitco News weekly survey.

But then, some observers pointed out: traders have already factored higher U.S. rates into markets.

Investors have many major news events to monitor this week, with perhaps the most important being the Fed meeting, with policymakers expected to hike interest rates another 25 basis points. Other events include a U.S.-North Korea summit and meeting of the European Central Bank.

Seventeen market professionals took part in the survey. There were 10 votes, or 59%, calling for gold prices to rise. There were four votes or 24%, calling for gold to fall, while three voters, or 18%, look for a sideways market.

Meanwhile, 830 voters responded in an online Main Street survey. A total of 505 respondents, or 61%, predicted that gold prices would be higher in a week. Another 223 voters, or 27%, said gold will fall, while 102, or 12%, see a sideways market.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for a down-and-up week, with the precious metal ultimately finishing higher than where it leaves off last week. He looks for the usual œknee-jerk market reactions around the Fed meeting but adds that policymakers typically have telegraphed their intentions ahead of time. Any price break lower may end up as a buying opportunity, he added.

œWe™re at a key point, Nedoss said. œWe™re sitting right on the 10-day and 20-day moving averages¦.I look for weakness into the Fed, but after the Fed, I™m looking for support.

George Gero, managing director with RBC Wealth Management, figures gold may rally since a Fed rate hike is already factored into prices, thus the dollar may weaken.

œThe rate hike is priced in. Most of the negatives are priced in, Gero said. œIt™s all about the U.S. dollar.

Jim Wyckoff, senior technical analyst with Kitco, who sees steady to higher prices, commented that a œprice downtrend on the daily chart has been negated this week.

Meanwhile, Ralph Preston, principal with Heritage West Financial, looks for gold to fall due to a muscular U.S. currency.

œGold™s recent price action is like watching paint dry “ boring, Preston said. œAs mentioned before, we may see a pop higher on a geopolitical event. However, I do not see prices holding onto any significant gains in the face of a strengthening U.S. dollar.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is also bearish on gold prices for this week.

œThe U.S. dollar continues to climb heading into the Fed meeting later this month where the FOMC is expected to raise interest rates again, he said. œMeanwhile, it looks like [U.S. President Donald] Trump™s summit with [North Korean leader] Kim Jong Un is on, which could ease political tensions in Asia. The addition of a headwind from the dollar and the removal of a tailwind from political risk could keep gold on the back foot in the coming days.

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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