Gold prices stabilize amid profit-taking, U.S. data on tap-SapForex24

Gold prices held steady on Friday, as investors locked in profits from the precious metal’s rally to six-week highs on Thursday and as markets awaited the release of U.S. second-growth data due later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were little changed at $1,259.28, off the previous session’s six-week high of 1,265.00.

The August contract ended Thursday’s session 0.85% higher at $1,260.00 an ounce.

Futures were likely to find support at $1,243.20, Wednesday’s low and resistance at $1,265.00, Thursday’s high.

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The dollar remained under pressure after the Fed said on Wednesday that inflation remains below its 2% target even as near-term risks to the economic outlook appear “roughly balanced.” In the past, the Fed judged that weakness in inflation was transitory.

The central bank’s cautious tone on inflation sparked fresh uncertainty over the possibility of a third rate hike this year.

The Fed also said it expected to start shrinking its balance sheet “relatively soon”, prompting expectations for an announcement in September.

The greenback was also weakened by data on Thursday showing that initial jobless claims rose by 10,000 to 244,000 last week. Analysts expected jobless claims to rise by 7,000 to 241,000 last week.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.15% at 93.64, not far from Thursday’s 13-month low of 93.00.

Gold is sensitive to moves higher in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere in metals trading, silver futures for September delivery slipped 0.23% to $16.533 a troy ounce, while copper futures for September delivery declined 0.54% to $2.862 a pound.

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Gold flat with inflation and consumer data on tap-SapForex24

Gold prices traded around the unchanged mark on Friday as investors looked ahead to key data on inflation and the state of the American consumer out later in the session. On the Comex division of the New York Mercantile Exchange, gold for August delivery slipped just 4 cents to $1.217.25 a troy ounce by 3:59AM ET (7:59GMT). Gold was on track for weekly gains of 3% Friday in what would be its first positive close out of three. Remarks from Federal Reserve (Fed) chair Janet Yellen in her testimony to Congress this week suggested that the pace of future rate hikes would be gradual while weak inflation data lifted sentiment for the precious metal.

        Comex Market News Update-SapForex24

Gold has fallen on the back expectations that the U.S. central would continue raising its key benchmark rate, decreasing investor demand for gold, as a rising interest environment increases the opportunity cost of holding the non-interest bearing precious metal. Still ahead on the economic calendar, June inflation figures will be released at 8:30AM ET (1230GMT) Friday. Market analysts expect consumer prices to ease up 0.1%, while core inflation is forecast to increase 0.2%. On a yearly base, core CPI is projected to climb 1.7%. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less. Rising inflation would be a catalyst to push the Fed toward raising interest rates. At the same time Friday, the Commerce Department will publish data on June retail sales. The consensus forecast is that the report will show retail sales rose 0.1% last month. Core sales are forecast to inch up 0.2%. Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy. Consumer spending accounts for as much as 70% of U.S. economic growth. Investors will also watch industrial production for June, as well as the preliminary Michigan consumer sentiment for July. The greenback edged down Friday, showing caution ahead of the data dump. The U.S. dollar index, which measures the greenback’s strength against a trade- Elsewhere in metals trading, silver was down 0.46% at $15.619 a troy ounce. Platinum inched up 0.03% at $907.40 a troy ounce, while palladium gained 0.20% to $856.42 a troy ounce. Copper rose 0.24% to $2.668 a pound. For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex – GBP/USD slips but remains near 6-week peak | SapForex24

The pound slipped lower against the U.S. dollar on Friday, but was still hovering close to a six-week high after U.K. economic growth data was in line with expectations and amid expectations for tighter monetary policy in the U.K.

GBP/USD hit 1.2985 during European morning trade, the session low; the pair subsequently consolidated at 1.2993, down 0.11%.

Cable was likely to find support at 1.2938, Thursday’s low and resistance at 1.3036, the high of May 23.

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The U.K. Office for National Statistics said gross domestic product rose 0.2% in the first quarter, in line with expectations and a previous estimate. Year-on-year, the U.K. economy grew 2.0%.

A separate report showed that the U.K. current account deficit widened to £16.9 billion in the first quarter from £12.1 billion in the three months to December.
Analysts had expected the current account deficit to widen even more to £17.3 billion in the last quarter.

The pound strengthened broadly after Bank of England Governor Mark Carney said Wednesday that some removal of monetary stimulus is likely to become necessary as spare capacity in the economy erodes.

The BoE’s monetary policy committee was split 5-3 at its meeting earlier this month on whether to raise interest rates from a record-low 0.25%. Carney voted to keep rates unchanged.

Sterling was higher against the euro, with EUR/GBP shedding 0.27% to 0.8773.

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Best Forex Signal Company | Comex Live

Oil prices were higher in European trade on Tuesday, extending their recovery from last week’s ten-month lows, but futures stayed volatile in the face of fresh supply worries amid indications that U.S. shale production will continue to rise.

The U.S. West Texas Intermediate crude August contract was at $43.72 a barrel by 3:25AM ET (0725GMT), up 35 cents, or around 0.8%. It touched its lowest since August 11 at $42.05 on Wednesday last week.

Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London tacked on 39 cents to $46.43 a barrel, after hitting $44.35 last Wednesday, a level not seen since November 14.

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Oil settled higher Monday, tallying their third straight session of gains, despite ongoing pressure from expectations of further growth in U.S. output.

U.S. drillers last week added rigs for the 23rd week in a row, according to data from energy services company Baker Hughes, implying that further gains in domestic production are ahead.

The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market.

In May, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.

Investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.

Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.2 million barrels.

Elsewhere on Nymex, gasoline futures for August inched up 0.1 cents to $1.435 a gallon, while August heating oil gained 0.9 cents to $1.395 a gallon.

Natural gas futures for August delivery rallied 2.6 cents to $3.075 per million British thermal units.

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Oil prices dip on fears Middle East spat could harm OPEC cuts-SapForex24

Oil prices reversed gains to trade down on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.

Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas (LNG) and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability.

The move pushed Brent crude prices up as much as 1 percent, before paring gains to trade down 30 cents at $49.65 a barrel at 1046 GMT (6:46 a.m. ET).

U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.
With a production capacity of about 600,000 barrels per day (bpd), Qatar’s crude output is one of OPEC’s smallest but tension within the Organization of the Petroleum Exporting Countries could weaken the supply deal, aimed at supporting prices.

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“I think it’s still going to be a bit of a debate on the true impact it can have on the oil market,” said Olivier Jakob, strategist at Petromatrix.

“In terms of oil flows it doesn’t change very much but there is a wider geopolitical impact one needs to consider,” Jakob added, explaining that a breakdown in relations between Qatar and Saudi Arabia could make the OPEC-led agreement on production cuts less effective.

There are already doubts the effort to curb production by almost 1.8 million bpd is seriously denting exports.

While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April.

Brent futures are still down about 7 percent from their open on May 25, when OPEC opted to extend production cuts into 2018.

Crude output in the United States, which is not participating in the cuts, has jumped more than 10 percent since mid-2016 to 9.34 million bpd, close to levels of top producers Saudi Arabia and Russia.

The rise in U.S. production has been driven by a record 20th straight weekly climb in oil drilling, with the rig count climbing by 11 in the week to June 2, to 733, the most since April 2015.

“Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising U.S. oil production,” ANZ bank said.

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Oil prices drop amid glut concerns, U.S. withdrawal from climate deal-SapForex24

Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump’s decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.

Global benchmark Brent crude futures (LCOc1) was down 1.7 percent, or 80 cents, at $49.75 a barrel, as of 0725 GMT.

U.S. West Texas Intermediate crude (CLc1) futures dropped 87 cents, or 1.81 percent, to $47.46 per barrel.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies.

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“This could lead to a drilling free-for-all in the U.S. and also see other signatories waver in their commitments,” said Jeffrey Halley, senior market analyst, OANDA.

“This outcome could increase the supply-side equation from the United States and complicate OPEC’s forward projections. A scenario that would not be favorable to oil prices.”

Surging U.S. production has put a strain on OPEC members’ efforts to curb production to drain a global crude supply overhang.

A week ago, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members met in Vienna to roll over an output cut deal to reduce 1.8 million barrels per day (bpd) until the end of next March.

Russian Deputy Prime Minister Arkady Dvorkovich said on Friday he did not think that the global output cut agreement would be altered should prices go lower.
Russia’s Rosneft CEO Igor Sechin also said the market cannot stabilize unless all producers cut output.

Oil prices are down some 7.5 percent since OPEC’s May 25 decision to extend the cuts.

Faced with lingering glut woes, the oil cartel also discussed last week reducing output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high, according to sources.

But oil markets were offered some support by official data that showed crude inventories in the United States, the world’s top oil consumer, fell sharply last week as refining and exports surged to record highs.

Crude stockpiles were down by 6.4 million barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels.

However, U.S. crude production rose to 9.34 million bpd last week, up nearly 500,000 bpd from a year ago.

“We may or may not see more huge draws. But crude production is slowly but surely going to neutralize the (OPEC-led)production cut,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

Rising output from Nigeria and Libya, which are exempted from the deal, is also undercutting oil producers’ attempt to limit production.

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Oil up on expectations of extended, possibly deeper, output cut-Sapforex24

Oil prices rose on Monday, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions the cuts could even be deepened.
Brent crude gained 48 cents o $54.09 a barrel by 1043 GMT (6:43 a.m. ET), with U.S. light crude up 47 cents at $50.80.

Both benchmarks have climbed more than 10 percent from lows earlier this month.
Prices have risen on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will extend for another six or nine months a deal to cut supplies by 1.8 million barrels per day (bpd).

“The decision (to extend cuts) seems to be almost a done deal,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. “There seems to be a very high harmony in the group.”

The possibility of deepening the cuts was also being discussed ahead of a meeting of OPEC and other producers in Vienna on May 25, sources said.

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But such talk could lead to disappointment if not approved, Commerzbank (DE:CBKG) analysts said.

“If the cuts are merely to be extended, this is likely to be met at best with a neutral reception, if not even with disappointment,” Commerzbank said in a note.
Some analysts argue that deeper cuts are required to balance the market, pointing to a slight rise in OPEC exports this year.

The U.S. Energy Information Administration (EIA) expects OPEC net oil export revenues to rise in 2017, partly because of “slightly higher” OPEC output.
Deeper cuts might, however, serve to stimulate U.S. shale production, said Schieldrop at SEB Markets.

“If you cut production, it’s no free lunch. You get something in the short term, but you get a backflip in the medium term, which is more production in 2018 and 2019,” he said.

Goldman Sachs (NYSE:GS) says that the U.S. rig count for new oil production has jumped by 404 since May last year, representing a rise of 128 percent.

U.S. oil production has already climbed by 10 percent, or almost 900,000 bpd, since mid-2016 to 9.3 million bpd.

Iraqi oil minister Jabar al-Luaibi said in a speech on Monday that OPEC’s No.2 producer had met its share of production cuts, but added that the country remains ready to meet any global demand growth that may arise.

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