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POPULAR NEWS
Gold futures tally a fifth straight session climb

Gold futures climbed on Wednesday for a fifth consecutive session, marking another settlement at their highest since March 2013, with strength in U.S. equities failing to pressure prices for the haven metal. "I believe retail investors are pouring into equities, while institutional investors are a little more cautious and seeking safe haven exposure," said Jeff Wright, executive vice president of GoldMining Inc. April gold rose $8.20, or 0.5%, to settle at $1,611.80 an ounce, ahead of the...

Gold Holds Above $1,600 on Fears Over Economic Impact of Virus

Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic. Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall. Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to...

Gold Nears 7-Year Peak on Virus Economic Impact; Palladium Hits Record

Gold climbed towards a seven-year peak on Wednesday as concerns over the global economic impact of the coronavirus epidemic boosted safe-haven interest, while palladium resumed its record rally driven by concerns over a supply shortfall. Spot gold rose 0.5% to $1,609.63 per ounce. The metal jumped to $1,610.72 earlier, its highest since Jan. 8, when gold hit its highest in nearly 7 years. U.S. gold futures rose 0.6% to $1,612.90. Bullion held firm even as European shares hit a fresh record...

Gold Tops $1,600 as Virus Fuels Growth Fears; Palladium's Record

Gold traded near the highest level since 2013 on concerns over the spread of the new coronavirus and how it™s impacting global growth. Palladium continued it™s record-breaking rally. Bullion steadied after surging 1.3% Tuesday™s as Apple Inc.™s warning that the virus and efforts to contain it would have its sales missing forecasts spurred a sell off in stocks. China™s death toll from the disease topped 2,000, while the province at the center of the...

Gold Prices Up; Fed Minutes Eyed

Gold prices inched up on Wednesday as traders await the U.S. Federal Reserve™s minutes of its latest meeting, which is due later in the day. Gold Futures for April delivery gained 0.2% to $1,607.25 by 1:45 AM ET (05:45 GMT). The yellow metal gained more than 5% so far this year is now near its highest level since 2013. Fears of the new coronavirus and its impact on global growth pushed the safe-haven metal higher, while speculation that the Fed might reduce interest rates were also cited...

RBA Sees Risk of Property-Price Spike as House-Building Dwindles
Tuesday, 17 September 2019 09:03 WIB | FISCAL & MONETARY |RBA

Australia's central bank said there's potential for an upswing in home prices as dwelling construction weakens, while reiterating it's prepared to lower interest rates further.

In minutes of its Sept. 3 policy meeting released in Sydney Tuesday, the Reserve Bank also noted that "the upward trend in wages growth appeared to have stalled" and that forward-looking indicators suggested employment growth would moderate over the next six months. It kept the cash rate unchanged at 1% after back-to-back cuts in June and July.

Policy makers reaffirmed that they see an œextended period of low rates and will ease further œif needed to support sustainable economic growth and faster inflation. The RBA noted positive investment intentions for mining in the 12 months through June 2020, modestly lower plans for non-mining industries and a œparticularly weak outlook for construction.

œThere was likely to be further weakness in dwelling investment in the near term, the RBA said. œMembers recognized that this could sow the seeds of an upswing in the housing price cycle at some point, particularly given the lengthy stages in the construction of higher-density residential housing.

Since the two cuts and an easing of lending restrictions, property prices in Sydney and Melbourne have been resurgent. Policy makers are hoping this will generate a wealth effect that encourages consumers to resume spending, particularly as a government cash rebate is being transferred to households.

œHowever, the bank's liaison with retailers suggested that this had yet to lift spending noticeably, the minutes said. The bank noted that even if the cash œwas used to pay off debts, this would still bring forward the point at which households could increase their spending.

Australian household debt is at a record-high and this is being compounded by weak wages growth.

The minutes also showed members had a œdetailed discussion of the ways in which financial conditions abroad affect Australia. The board noted that Australia's floating exchange rate -- currently near its lowest in some years -- meant policy could be set according to domestic conditions.

At an international level, the RBA expects trade will remain weak for some time and noted that heightened geopolitical uncertainty -- the U.S.-China trade war, Brexit and Europe -- had contributed to lower growth and investment in many economies.

Australian firms didn't seem to have been affected by the weak trade environment as much as counterparts in other advanced economies, the minutes said, pointing out Australian companies are more geared to China's domestic demand and less integrated in global supply chains.

Still, the bank reiterated that œit was reasonable to expect that an extended period of low interest rates would be required, the minutes showed. œMembers would assess developments in both the international and domestic economies, including labor market conditions, and would ease monetary policy further if needed to support sustainable growth in the economy and the achievement of the inflation target over time.

The RBA targets inflation of 2-3% and has struggled to reach that target for almost five years.

Source : Bloomberg

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POPULAR NEWS
Gold futures tally a fifth straight session climb

Gold futures climbed on Wednesday for a fifth consecutive session, marking another settlement at their highest since March 2013, with strength in U.S. equities failing to pressure prices for the haven metal. "I believe retail investors are pouring into equities, while institutional investors are a little more cautious and seeking safe haven exposure," said Jeff Wright, executive vice president of GoldMining Inc. April gold rose $8.20, or 0.5%, to settle at $1,611.80 an ounce, ahead of the...

Gold Holds Above $1,600 on Fears Over Economic Impact of Virus

Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic. Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall. Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to...

Gold Nears 7-Year Peak on Virus Economic Impact; Palladium Hits Record

Gold climbed towards a seven-year peak on Wednesday as concerns over the global economic impact of the coronavirus epidemic boosted safe-haven interest, while palladium resumed its record rally driven by concerns over a supply shortfall. Spot gold rose 0.5% to $1,609.63 per ounce. The metal jumped to $1,610.72 earlier, its highest since Jan. 8, when gold hit its highest in nearly 7 years. U.S. gold futures rose 0.6% to $1,612.90. Bullion held firm even as European shares hit a fresh record...

Gold Tops $1,600 as Virus Fuels Growth Fears; Palladium's Record

Gold traded near the highest level since 2013 on concerns over the spread of the new coronavirus and how it™s impacting global growth. Palladium continued it™s record-breaking rally. Bullion steadied after surging 1.3% Tuesday™s as Apple Inc.™s warning that the virus and efforts to contain it would have its sales missing forecasts spurred a sell off in stocks. China™s death toll from the disease topped 2,000, while the province at the center of the...

Gold Prices Up; Fed Minutes Eyed

Gold prices inched up on Wednesday as traders await the U.S. Federal Reserve™s minutes of its latest meeting, which is due later in the day. Gold Futures for April delivery gained 0.2% to $1,607.25 by 1:45 AM ET (05:45 GMT). The yellow metal gained more than 5% so far this year is now near its highest level since 2013. Fears of the new coronavirus and its impact on global growth pushed the safe-haven metal higher, while speculation that the Fed might reduce interest rates were also cited...

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