Tag Archives: US gold

Gold rises to 1-month high on weaker US dollar

22 Jul

Gold hit a high of USD 1,314.49 an ounce, its highest since June 20, and stood at USD 1,312.24 by 0024 GMT, up USD 16.50

mcx goldGold jumped more than 1 percent to its highest level in a month on Monday as the US dollar slipped against other currencies, with gains in Japanese bullion futures adding extra support.

Gold hit a high of USD 1,314.49 an ounce, its highest since June 20, and stood at USD 1,312.24 by 0024 GMT, up USD 16.50. Gold last week posted its second weekly gain after the Federal Reserve’s assurance the timing of any tapering in economic stimulus is not set in stone.

US gold rose 1.49 percent to USD 1,312.10 an ounce. The most active June 2014 gold contract on Tokyo Commodity Exchange rose as high as 4,243 yen a gramme, its highest since June 20, because of a weaker yen.

Hedge funds and money managers raised their bullish bets in gold and silver futures and options in the week to July 16, while they trimmed net shorts in copper, a report by the Commodity Futures Trading Commission showed on Friday.

China’s central bank removed controls on bank lending rates, effective Saturday, in a long-awaited move that signals the new leadership’s determination to carry out market-oriented reforms.

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.29 percent to 932.46 tonnes on Friday from 935.17 tonnes on Thursday.

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Gold edges up, headed for worst week in a month

17 May

Gold edged up on Friday as stock markets paused after rally, but the metal was still on track for its worst weekly decline in a month as investors cut exposure to bullion, sending holdings in exchange-traded funds to the lowest in four years.

FUNDAMENTALS

Spot gold was up 0.17 percent to USD 1,388.11 an ounce by 0038 GMT, having fallen to a four-week low of USD 1,369.29 on Thursday as renewed liquidation in gold ETFs and the recent drop below the USD 1,400-per-ounce level spooked investors.

US gold for June delivery was little changed at USD 1,386.70.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.55 percent to 1041.42 tonnes on Thursday – the lowest in four years.

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Premiums for gold bars rallied to all-time highs in Hong Kong and Singapore on Thursday after bullion’s steepest drop since its April sell-off fuelled another round of buying that constricted supply.

Gold investment nearly halved in the first quarter as a brighter view of the US economy prompted investors in the West to favour other assets, but Chinese coin and bar demand hit a quarterly record of 109.5 tonnes, the World Gold Council said on Thursday.

Indian gold futures fell 1.5 percent on Thursday, extending losses for a second straight session, to hit their lowest level in nearly a month in line with global markets.

The Shanghai Gold Exchange (SGE) will launch after-hours trading for Fridays on May 31 as part of its efforts to help its members better manage price risks, the bourse said in a statement on Thursday.

MARKET NEWS

The Nikkei share average fell for a second day on Friday as caution over the recent steep rises continued to spur profit-taking, while a pullback in Wall Street soured investor sentiment.

Global equity markets fell on Thursday after a regional president of the Federal Reserve said the US central bank could begin to ease up on its loose monetary policy this summer, leading the dollar to recover against the euro.

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Gold rises more than 1% to near two-week high

26 Apr

Cash and US gold futures rose more than 1 percent to the highest since April 15 above USD 1,484 an ounce on Friday, extending Thursday’s gains after a recent plunge in prices triggered bargain hunting and a surge in physical buying.

Premiums for gold bars soared to multi-year highs in Asia after a spate of physical buying ran down supplies, with dealers in top consumer India expecting a surge in imports this month.

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Source: Moneycontrol