Tag Archives: dollar

Gold inches up, headed for third weekly gain

26 Jul

Gold edged up on Friday and was headed for its third straight weekly gain, helped by a weaker dollar and hopes of a prolonged period of easy monetary policy.

FUNDAMENTALS

* Spot gold had climbed 0.07 percent to USD1,333.95 an ounce by 0014 GMT, after gaining about 1 percent in the previous session.

* US data showed that new claims for jobless benefits edged higher last week, but remained within a range that suggests the labour market’s recovery is on track.

* Investors fear that strong US economic numbers would prompt the Federal Reserve to start tapering its stimulus measures sooner rather than later.

* China’s gold demand could hit a record 1,000 tonnes this year, the World Gold Council said on Thursday, which means it would overtake India as the world’s biggest bullion consumer.

* Gold premiums in India jumped to USD 20 an ounce over London spot prices on Thursday due to short supplies even as traders, looking to stock up for festivals, waited for prices to fall further from their highest level in more than a month.

* Gold mining companies are expected to cut their gold hedging position by 20 tonnes on a net basis in 2013 even though the price of bullion has fallen sharply, precious metals consultancy Thomson Reuters GFMS said on Thursday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.26 percent to 927.36 tonnes on Thursday.

* Goldcorp Inc , the world’s largest gold miner by market capitalisation, posted weaker-than-expected second quarter results on Thursday, hit by a sharp drop in the gold price and a USD 2 billion non-cash impairment charge.

MARKET NEWS

* The dollar languished at one-month lows against a basket of major currencies on Friday, having suffered a setback overnight as investors turned cautious ahead of next week’s Fed policy meeting.

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Gold Inches up After Fed Officials’ Comments on Stimulus

3 Jul

Gold edged higher on Wednesday after a near 1 percent fall in the previous session, as two Federal Reserve officials said the U.S. central bank was likely to continue supporting the economy through asset purchases for some time.

GoldGold edged higher on Wednesday after a near 1 percent fall in the previous session, as two Federal Reserve officials said the US central bank was likely to continue supporting the economy through asset purchases for some time.

FUNDAMENTALS

* Spot gold rose 0.2 percent to USD 1,244.06 an ounce by 0014 GMT, while US gold was little changed at USD 1,243.5. Spot gold fell 0.9 percent on Tuesday as the dollar strengthened.

* Bullion, typically seen as a hedge against inflation, has taken a beating since Fed Chairman Ben Bernanke said last month the economy was recovering strongly enough for the central bank to begin tapering its stimulus in the next few months, and possibly end the programme in mid-2014.

* Gold posted its biggest ever quarterly loss of 23 percent for the April-June period, but began the third quarter on a positive note.

* Investors are awaiting US data this week to determine the strength of the economy and the exact timing of the Fed tapering.

* The Fed’s easy monetary policy will likely be warranted for “quite some time” as the US central bank drives down high unemployment while nudging low inflation back toward target, Fed Board Governor Jerome Powell said on Tuesday.

* The head of the Federal Reserve Bank of New York on Tuesday reiterated that the US central bank will likely continue to support the economic recovery for some time to come despite market worries that it was soon pulling back.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.37 percent to 964.69 tonnes on Tuesday.

* Gold traders in India, the world’s biggest buyer of the metal, stayed on the sidelines on Tuesday, and premiums continued to get support from lower supplies due to restrictions by the central bank.

* For the top stories on metals and other news, click, or

MARKET NEWS

* The US dollar hit its highest in a month against the yen and euro on Tuesday while a gauge of global equities fell as US stocks reversed course to end slightly lower.

 

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Gold Extends Gains into Third Session, China Demand Aids

2 Jul

Gold inched up on Tuesday, stretching its gains into a third straight session as buyers in China continued to snap up deals after bullion’s plunge to a three-year low last week.

Prices were also helped by short covering that kicked in after gold logged its biggest ever three-month loss in the second quarter ended June on indications of an early wind down to the US Federal Reserve’s stimulus measures.

“We can see some stock loading in the market and physical buying in Shanghai,” said a trader in Hong Kong.

“However, fundamentals are still bearish and we will test the upside at USD 1,270.”

Spot gold rose 0.5 percent to USD 1,258.51 an ounce by 0318 GMT, while US gold rose about USD 2 to USD 1,257.9.

Shanghai futures rose for a second straight day after nine consecutive declines. They were trading at over USD 30 premiums to spot prices.

Bullion, typically seen as a hedge against inflation, has taken a beating since Fed Chairman Ben Bernanke said last month the economy was recovering strongly enough for the central bank to begin tapering its USD 85 billion monthly bond purchases in the next few months.

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Gold plunged 22 percent in the second quarter and is headed for a 25 percent drop this year, its biggest decline since 1981. It fell to USD 1,180.71 last week, its lowest since August 2010.

Spot gold is expected to end its current rebound at or below USD 1,273 per ounce, according to Reuters technical analyst Wang Tao.

Physical demand has not come to the rescue of gold as it did in April when prices fell the most in 30 years.

In Hong Kong, gold bar premiums over London prices remained at the same levels as last week, indicating that demand has not picked up strongly, dealers said.

Mixed US economic data on Monday added to uncertainty over the exact timing of the Fed’s tapering.

US manufacturing expanded last month, rebounding from an unexpected contraction in May, and construction spending neared a four-year high in May. However, hiring in the manufacturing sector was the weakest in nearly four years.

A more important jobs report, the US nonfarm payrolls, is expected to be released on Friday.

SPDR Gold Trust, the world’s largest gold exchange-traded fund, said its holdings fell 0.12 percent to 968.30 tonnes on Monday – its lowest since February 2009.

Gold inches up as Fed officials downplay stimulus wind-down

25 Jun

Spot gold rose 0.2 percent to $1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday

Gold edged higher on Tuesday as the dollar weakened after two top Federal Reserve officials downplayed an imminent end to monetary stimulus.

Bullion is still down more than 7 percent since the start of last week due to worries over an early end to the Fed’s USD 85 billion monthly bond purchases and a cash crunch in China.

 Fundamentals

* Spot gold rose 0.2 percent to USD 1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday, extending last week’s 7 percent slide as fears of a cash crunch in China spooked investors, and a slide in US equities prompted bullion selling to cover margin calls.

* Comex gold rose USD 6 to $1,283.10.

* Last Wednesday, Federal Reserve Chairman Ben Bernanke gave his most explicit signal yet that the US central bank was considering scaling back its USD 85 billion per month of Treasuries and mortgage-backed debt purchases.

* On Monday, Minneapolis Fed President Narayana Kocherlakota said investors were wrong to view the central bank as having become more keen to tighten policy than it was before last week’s policy meeting.

* Dallas Fed President Richard Fisher said even if the bank dialled back stimulus this year, it will still be running an accommodative policy.

* Fears of a credit crunch in China’s banking system eased on Monday as short-term interest rates fell. The central bank said there were sufficient funds in the market but banks needed to improve cash management and control lending.

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*India’s biggest jewellers’ association has asked its members to stop selling gold bars and coins, about 35 percent of their business, adding to government efforts to cut gold imports and stem a swelling current account deficit.

* HSBC lowered its 2013 gold price forecast to USD 1,396 from USD 1,542 an ounce and its 2014 price to USD 1,435 from USD 1,600, mainly on the Fed’s plans to reduce economic stimulus and weak Chinese growth prospects.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.43 percent to 985.73 tonnes on Monday – its lowest in over four years.