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POPULAR NEWS
Gold Heads for Weekly Advance Amid Brexit Uncertainty

Gold headed for the first weekly gain in three as investors sought haven assets amid uncertainty surrounding the political situation in the U.K. and the U.S.-China trade war. Palladium slipped after surging to a record on Thursday. Bullion for immediate delivery strengthened 0.1% to $1,214.43/oz at 7:55am in London; added 0.4% this week. Bloomberg Dollar Spot Index edged 0.1% lower. The yield on 10-year Treasuries at 3.11%. British Prime Minister...

Gold Hits 1-Week High as Dollar Softens; Palladium Near Record

Gold rose to a one-week high on Friday as the dollar softened following recent gains on uncertainty over Britain's exit from the European Union, while palladium held near a record high, putting it close to the price of bullion. The surge in palladium, used as an emissions-reducing auto catalyst for vehicles, reflected speculative buying driven by expectations of increased demand in a tight market, analysts said. Spot gold was up 0.2 percent at $1,215.33 per ounce by 1126 GMT, having touched...

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...

US stocks set to open lower amid Brexit turmoil

U.S. stock index futures indicated a slightly lower open Friday morning as investors look ahead to fresh economic data and monitor political developments overseas. At around 4:00 a.m. ET, Dow futures were down 37 points, indicating a slightly lower open of 18.27 points. The Nasdaq and S&P futures also pointed to slightly lower opening trades. In the previous session, major stock indexes snapped multi-day losing streaks as J.P. Morgan Chase led banks higher and iPhone maker Apple...

Hong Kong Shares Close Week on Positive Note

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. Source : AFP

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Wall St. Still Upbeat On Gold; Main St. Flips To Bullish
Monday, 27 August 2018 21:18 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both look for higher gold prices this week, based on the weekly Kitco News gold survey.

This marks a sharp turnabout for Main Street, after 74% of these respondents last week called for gold to fall during the last week. This was the most Main Street bearishness in the survey™s three-year history.

This time around, 326 out of 718 Main Street respondents, or 45%, called for gold to rise. A total of 277, or 39%, predicted gold would fall. The remaining 115, or 16%, see a sideways market.

Seventeen market professionals took part in the Wall Street survey. Nine respondents, or 53%, called for higher prices, while just two, or 12%, said lower. Six respondents, or 35%, predicted a sideways market.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, said that he is œcautiously bullish on the metal™s short-term prospects.

œGold is oversold, but may not bounce back immediately, Day said. œConcerns about the global economy because of the tariff battles, and especially the emerging markets because of Turkey™s currency crisis, are hurting demand for gold. Some respite on either front as well as a pullback in the dollar would help gold.

Ralph Preston, principal with Heritage West Financial, looks for a continued technical bounce off of chart support.

Richard Baker, editor of the Eureka Miner Report, is also upbeat, suggesting that gold may follow the Chinese yuan.

œThe People's Bank of China stabilized the yuan before last week's trade talks, Baker said. œLast Friday morning the offshore yuan (USD/CNH) has slipped below onshore currency (USD/CNY) -- a sign traders are betting on short-term strengthening.

œThis is bullish for gold; as the Chinese currency strengthens, so does [the] gold price in U.S. dollars. There are also signs that Asian demand for gold is on the rise.

Meanwhile, Daniel Pavilonis, senior commodities broker with RJO Futures, looks for gold to ease due to its normal inverse relationship to the U.S. dollar.

œThe dollar is going to continue to get stronger, Pavilonis said. œMoney wants to be in the dollar. If we [the U.S.] keep raising rates, the dollar will go higher.

Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA, sees a sideways market between $1,180 and $1,210 an ounce. œSummer doldrums are here for the time being, he said.

Source: Kitco News

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POPULAR NEWS
Gold Heads for Weekly Advance Amid Brexit Uncertainty

Gold headed for the first weekly gain in three as investors sought haven assets amid uncertainty surrounding the political situation in the U.K. and the U.S.-China trade war. Palladium slipped after surging to a record on Thursday. Bullion for immediate delivery strengthened 0.1% to $1,214.43/oz at 7:55am in London; added 0.4% this week. Bloomberg Dollar Spot Index edged 0.1% lower. The yield on 10-year Treasuries at 3.11%. British Prime Minister...

Gold Hits 1-Week High as Dollar Softens; Palladium Near Record

Gold rose to a one-week high on Friday as the dollar softened following recent gains on uncertainty over Britain's exit from the European Union, while palladium held near a record high, putting it close to the price of bullion. The surge in palladium, used as an emissions-reducing auto catalyst for vehicles, reflected speculative buying driven by expectations of increased demand in a tight market, analysts said. Spot gold was up 0.2 percent at $1,215.33 per ounce by 1126 GMT, having touched...

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...

US stocks set to open lower amid Brexit turmoil

U.S. stock index futures indicated a slightly lower open Friday morning as investors look ahead to fresh economic data and monitor political developments overseas. At around 4:00 a.m. ET, Dow futures were down 37 points, indicating a slightly lower open of 18.27 points. The Nasdaq and S&P futures also pointed to slightly lower opening trades. In the previous session, major stock indexes snapped multi-day losing streaks as J.P. Morgan Chase led banks higher and iPhone maker Apple...

Hong Kong Shares Close Week on Positive Note

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. Source : AFP

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