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POPULAR NEWS
Tokyo Stocks Start The Week in The Red

Tokyo stocks opened lower Monday, kicking off the week in the red following several days of extreme volatility on global markets due to rising US interest rates and a US-China trade war. The benchmark Nikkei 225 index was lower by 0.78 percent or 177.31 points at 22,517.35 in early trade, while the broader Topix index was down 0.63 percent or 10.68 points at 1,691.77. Source : AFP

Yen Steady as Investors Seek Fresh Trading Cues: Inside Japan

Yen trades little changed against the dollar as investors look for fresh triggers after the Japanese currency capped its best week since February. JGB investors seen lacking trading incentives amid absence of a government auction and a Bank of Japan purchase operation. USD/JPY steady at 112.17 after falling 1.3% last week; pair touched 111.83 on Oct. 11, its lowest since Sept. 18. Leveraged funds boosted net yen short positions for a third straight week in period to Oct. 9, CFTC...

Asian Shares Slip on Lingering Trade, U.S. Rates Worries

Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week. Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over disappearance of a journalist. MSCI's broadest index of Asia-Pacific shares outside...

Hong Kong Stocks Resume Slide in Early Trade

Hong Kong stocks fell in early trade on Monday, continuing a slump sparked by concerns over the global economy and trade tensions between China and the United States. The Hang Seng Index shed 1.16 percent, or 299.94 points, to 25,501.55 in the opening minutes. The benchmark Shanghai Composite Index meanwhile edged down 0.04 percent, or 1.00 points, to 2,605.91. But the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.26 percent, or 3.35 points, to...

Gold Gains as Risks Proliferate From Stocks to Trade

Gold rises as a stock slump resumes in Asia, President Donald Trump hints at imposing more trade tariffs on China, and investors track tensions in energy markets after Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist Jamal Khashoggi. Bullion capped the first back-to-back weekly gain since April last week, trading above $1,200 an ounce, as concerns about the impact of a burgeoning trade war triggered sell-off in U.S. stocks,...

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TDS Looks For $1,300/Oz Gold Prices By End Of 2019
Tuesday, 2 October 2018 21:22 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold prices may remain under pressure in the near term but are likely to rally into year-end and 2019 with the help of an eventually softening U.S. dollar and many other factors, says TD Securities.

'We forecast the yellow metal to average $1,225/oz in the last three months of 2018, with prices moving into the $1,300s by the end of 2019,' the Canadian bank said in a research note on Monday.

The precious metal, which has been on the defensive for much of 2018, weakened at the end of last week after the Federal Open Market Committee not only hiked U.S. interest rates by another 25 basis points but continued to hint at more tightening to come. Additionally, Italian budget uncertainty left the euro under pressure against the U.S. dollar. Precious metals tend to move inversely to the U.S. currency.

Spot gold fell as far as $1,181.05 an ounce last week, its lowest level since mid-August.

TDS analysts said they expect choppy range-bound trading between $1,180 and 1,215 per ounce in the near term.

'Indeed, fiscal stimulus and worries that rates are set to rise ever closer to the dots [based on the Fed™s so-called dot-plot] will increase the opportunity costs of holding zero-yielding assets,' TDS said. 'Until other Western central banks meaningfully tighten their policy, the U.S. dollar's strength relative to Western and EM [emerging-market] currencies is quite likely to remain a significant headwind that will suppress positioning for gold bugs. As such, we don't expect much sustainable upside in the near term, and expect prices to remain under pressure for now.'

But eventually, that should change, TDS said. The key will be a reversal of U.S. dollar strength.

'At the same time, considering that exposure is extremely skewed toward short positioning [in gold], there is a very strong case to be made for a robust rally as factors currently depressing the market, such as rate expectations, the USD and weak emerging markets, eventually reverse course and trigger a bout of short covering, TDS said.

The bank projected the dollar will start weakening 'materially' in 2019 and that real U.S. 10-year yields are unlikely to rise much above 1% as trade worries and diminishing returns on U.S. fiscal stimulus moderate optimism.

'The fast pace of U.S. debt growth even at the peak of the cycle, equity-market correction risk and emerging primary physical deficits should also serve as support,' TDS said.

Gold should top $1,300 until the final three months of 2019, TDS said.

œBut we do believe that it will be a choppy road higher due to the recent USD jump higher, and ongoing trade issues that are depressing the Chinese currency and growth expectations, TDS said. œAmbiguity surrounding how hawkish the U.S. central bank will be with over the next twelve months will create volatility and may drive prices lower still.

Source: Kitco News

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POPULAR NEWS
Tokyo Stocks Start The Week in The Red

Tokyo stocks opened lower Monday, kicking off the week in the red following several days of extreme volatility on global markets due to rising US interest rates and a US-China trade war. The benchmark Nikkei 225 index was lower by 0.78 percent or 177.31 points at 22,517.35 in early trade, while the broader Topix index was down 0.63 percent or 10.68 points at 1,691.77. Source : AFP

Yen Steady as Investors Seek Fresh Trading Cues: Inside Japan

Yen trades little changed against the dollar as investors look for fresh triggers after the Japanese currency capped its best week since February. JGB investors seen lacking trading incentives amid absence of a government auction and a Bank of Japan purchase operation. USD/JPY steady at 112.17 after falling 1.3% last week; pair touched 111.83 on Oct. 11, its lowest since Sept. 18. Leveraged funds boosted net yen short positions for a third straight week in period to Oct. 9, CFTC...

Asian Shares Slip on Lingering Trade, U.S. Rates Worries

Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week. Not helping the mood, oil prices jumped and Saudi Arabian shares tumbled on rising diplomatic tensions between Riyadh and the West after the monarchy warned against threats to punish it over disappearance of a journalist. MSCI's broadest index of Asia-Pacific shares outside...

Hong Kong Stocks Resume Slide in Early Trade

Hong Kong stocks fell in early trade on Monday, continuing a slump sparked by concerns over the global economy and trade tensions between China and the United States. The Hang Seng Index shed 1.16 percent, or 299.94 points, to 25,501.55 in the opening minutes. The benchmark Shanghai Composite Index meanwhile edged down 0.04 percent, or 1.00 points, to 2,605.91. But the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.26 percent, or 3.35 points, to...

Gold Gains as Risks Proliferate From Stocks to Trade

Gold rises as a stock slump resumes in Asia, President Donald Trump hints at imposing more trade tariffs on China, and investors track tensions in energy markets after Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist Jamal Khashoggi. Bullion capped the first back-to-back weekly gain since April last week, trading above $1,200 an ounce, as concerns about the impact of a burgeoning trade war triggered sell-off in U.S. stocks,...

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