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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.

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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 rises on weaker dollar after three-day fall

14 May

Gold rose for the first time in four sessions on Tuesday, aided by a softer dollar, although persistent outflows from exchange-traded funds reflected investors’ waning interest in the safe-haven precious metal.

Gold has recovered about USD 120 since a sell-off in April dragged prices to two-year lows, but it is still well below last month’s peak of around $1,600 as gains in stocks markets lure investors into equities.

Gold hit a session high of USD 1,444.96 an ounce and stood at USD 1,442.54, up 0.9 percent, at 0139 GMT. It fell more than 1 percent to a session low around USD1,425 on Monday, near a two-week low hit on Friday, as stronger US retail sales data reduced its draw as a safe-haven.

“Stocks are currently looking more attractive for investors. Gold will continue in the downward trend. It might test USD 1,400,” said Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore.

“I don’t see any data that could possibly push gold prices up,” he said.

US gold futures for June delivery were at USD 1,441.70 an ounce, up 0.5 percent.

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The Nikkei share average extended gains into a third day on Tuesday as the weak-yen trend continued to lift exporters. The US dollar ticked lower against other currencies, pausing for breath after recent rallies.

A surprise rise in US retail sales in April supported views that the US economy remains resilient. The data supported the dollar’s recent strength, and Goldman Sachs and JPMorgan upgraded their view on second-quarter US growth.

Holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, stood at 33.811 million ounces, just off their lowest level since March 2009.

India’s gold and silver imports jumped 138 percent in April as customers took advantage of lower prices, increasing pressure on the current account balance in the world’s top bullion importer.

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