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Gold Futures End With a Loss on Stronger Dollar

Gold futures ended with a loss on Monday, with strength in the dollar putting pressure on the dollar-denominated precious metal. The greenback found support as the British pound touched a 20-month low after a highly anticipated vote on U.K.'s exit from the European Union was postponed. February gold fell $3.20, or 0.3%, to settle at $1,249.40 an ounce. Prices had finished Friday at their highest since July. Source : Marketwatch

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Wall Street and Main Street both look for gold to build on last week's move higher during the this week, based on the Kitco News gold survey. Observers suggested Friday's softer-than-forecast report on U.S. nonfarm payrolls will continue to offer support to the precious metal. The Labor Department reported that 155,000 new nonfarm jobs were created last month, when expectations had been for around 190,000 to 200,000. Still, the jobless rate remained at a 49-year low of 3.7%. Fourteen market...

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Hong Kong shares opened with more losses Monday, tracking a sell-off on Wall Street fuelled by lingering concerns about the China-US trade standoff, while traders were also spooked by worse-than-forecast Chinese trade data. The Hang Seng Index fell 1.03 percent, or 268.81 points, to 25,794.95. And the benchmark Shanghai Composite Index declined 0.64 percent, or 16.69 points, to 2,589.19, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83 percent,...

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Gold traded at the highest level in five months amid a retreatin Asian equities and U.S. stock futures on the potential escalation of tensions between Washington and Beijing. Haven assets are rising after China's vice foreign minister summoned the U.S. ambassador Terry Branstad in protest over the arrest of Huawei Technologies Co.'s chief financial officer, and amid concerns over China's slowing economy. Traders are also assessing if the Federal Reserve will pursue a...

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Gold Expected To Gain Some Luster After Fed
Monday, 24 September 2018 11:35 WIB | GOLD CORNER |

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

The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices.

Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower prices, while three respondents, or 17%, were neutral or looked for a sideways market.

Meanwhile, 374 people responded to an online poll. A total of 215 respondents, or 57%, called for gold to rise. Another 105, or 28%, predicted gold would fall. The remaining 54, or 14%, see a sideways market.

'I think the Fed may moderate forward language, so I continue to be constructive on the gold price,' said Peter Hug, global trading director for Kitco Metals.

Jasper Lawler, head of research at London Capital Group, said that while the price action looks soft, positioning and market sentiment support higher prices. He said if the Federal Reserve maintains its current guidance, then gold will rally, as he would expect the U.S. dollar to weaken.

œAfter the strong rally we have seen in the U.S. dollar, the market needs something more than Fed™s current steady path for interest rates, he said. œFrom a risk/reward standpoint, the gold market looks good at these levels.

Darin Newsom, an independent technical analyst, cited chart-based factors, particularly for the U.S. dollar. Gold tends to move inversely to the greenback.

œGiven last week™s bearish breakdown by the U.S. dollar index, gold could trade higher this week, Newsom said. œWith the USDX [U.S. dollar index] hitting a new four-week low last week, December gold could take out last week™s high of $1,218 and possibly challenge its four-week high of $1,220.70.

Adam Button, managing director of ForexLive, is also bullish.

œGold has likely bottomed for the year, Button said. œThe market is growing more upbeat on global growth and less worried about trade, despite the risks. That backdrop should weigh on the U.S. dollar and lead to a slow recovery in gold.

Ralph Preston, principal with Heritage West Financial, lists a target of $1,226, commenting that he is looking for œan accelerated move out of the recent congestion.

Meanwhile, Kitco senior technical analyst Jim Wyckoff said he looks for gold to be steady to lower since œcharts remain bearish.

Richard Baker, editor of the Eureka Miner Report, is also short-term bearish, listing an $1,190 target.

Kevin Grady, president of Phoenix Futures and Options LLC, described himself as neutral on prices at the moment.

œThe higher interest-rate picture is keeping a lid on gold, he said. œThere is a big short [bearish] position in gold. A lot of people are looking to buy the bottom in gold. I don™t see a reason to do that unless you™re looking for a short-covering rally.

Sean Lusk, director of commercial hedging with Walsh Trading, sees gold steady but choppy.

œRallies continue to get hit, he said, pointing out that gold climbed to a weekly high early Friday but promptly fell some $10, which was disconcerting for bulls. He later added, œIt just doesn™t seem to me like we can get a run.

Source: Kitco News

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POPULAR NEWS
Gold Futures End With a Loss on Stronger Dollar

Gold futures ended with a loss on Monday, with strength in the dollar putting pressure on the dollar-denominated precious metal. The greenback found support as the British pound touched a 20-month low after a highly anticipated vote on U.K.'s exit from the European Union was postponed. February gold fell $3.20, or 0.3%, to settle at $1,249.40 an ounce. Prices had finished Friday at their highest since July. Source : Marketwatch

Wall St., Main St. Expect Gold To Keep Shining

Wall Street and Main Street both look for gold to build on last week's move higher during the this week, based on the Kitco News gold survey. Observers suggested Friday's softer-than-forecast report on U.S. nonfarm payrolls will continue to offer support to the precious metal. The Labor Department reported that 155,000 new nonfarm jobs were created last month, when expectations had been for around 190,000 to 200,000. Still, the jobless rate remained at a 49-year low of 3.7%. Fourteen market...

Hong Kong Stocks Drop in Opening Minutes

Hong Kong shares opened with more losses Monday, tracking a sell-off on Wall Street fuelled by lingering concerns about the China-US trade standoff, while traders were also spooked by worse-than-forecast Chinese trade data. The Hang Seng Index fell 1.03 percent, or 268.81 points, to 25,794.95. And the benchmark Shanghai Composite Index declined 0.64 percent, or 16.69 points, to 2,589.19, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83 percent,...

Tokyo: Benchmark Nikkei Open Lower

Tokyo stocks opened sharply lower on Monday, taking a negative lead from New York where unease over the US-China trade war prompted a fresh sell-off late last week. The benchmark Nikkei 225 index was down 1.66 per cent or 359.20 points at 21,319.48 in early trade, while the broader Topix index was down 1.45 per cent or 23.47 points at 1,596.98. Source : AFP

Gold at Five-Month High on Haven Bid as Stocks Decline

Gold traded at the highest level in five months amid a retreatin Asian equities and U.S. stock futures on the potential escalation of tensions between Washington and Beijing. Haven assets are rising after China's vice foreign minister summoned the U.S. ambassador Terry Branstad in protest over the arrest of Huawei Technologies Co.'s chief financial officer, and amid concerns over China's slowing economy. Traders are also assessing if the Federal Reserve will pursue a...

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