Gold prices hold steady ahead of U.S. jobs data -SapForex24

Gold prices held steady on Friday, as investors awaited the release of highly-anticipated U.S. employment data due later in the day, although recent data and ongoing political tensions in the U.S. continued to weigh on the greenback
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were down steady at $1,268.66, very close to Tuesday’s seven-week highs of $1.273,30.

The August contract ended Thursday’s session 0.13% higher at $1,266.40 an ounce.
Futures were likely to find support at $1,256.60, Thursday’s low and resistance at $1,273.30, Tuesday’s high.

The dollar remained under pressure after the Institute for Supply Management on Thursday said its index of non-manufacturing activity fell to 53.9 from 57.4 in June. Economists had forecast a reading of 57.0.

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A separate report showed that U.S. initial jobless claims decreased by 5,000 to 240,000 last week, compared to expectations for a 3,000 fall to 242,000.

Investors were now looking ahead to the nonfarm payrolls report for July, due later Friday, to gauge whether the U.S. economy is strong enough for the Fed to stick to its planned tightening path.

The greenback has been under pressure recently amid worries over political turmoil in Washington and recent lackluster economic reports, which have raised doubts over whether the Federal Reserve will raise rates again this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 92.60, just off Wednesday’s 15-month low of 92.39.

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 gained 0.54% to $16.724 a troy ounce, while copper futures for September delivery advanced 0.42% to $2.890 a pound.

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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 edges lower ahead of ECB decision-SapForex24

Gold prices edged lower in European trade on Thursday, as market players awaited the outcome of the European Central Bank’s meeting for fresh clues on when it will start to shift away from its ultra-easy policy.

Comex gold futures were at $1,238.68 a troy ounce by down $3.30, or around 0.3%. Gold prices finished a few cents higher on Wednesday, extending their streak of gains to a fourth session.

The ECB’s latest interest rate decision is due at 1145GMT (7:45AM ET) on Thursday, with no big changes expected.

Most of the focus will be on President Mario Draghi’s press conference 45 minutes after the announcement, as investors look for more clues on when and how the ECB could scale back its massive quantitative easing program.

Market experts believe the central bank is likely to wait until September before announcing a tapering of its 60 billion euros of monthly asset purchases.

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Earlier in the session, the Bank of Japan kept monetary policy steady as a two-day meeting concluded. The central bank also cut its inflation forecasts for fiscal years 2017/2018 and 2018/2019.

Besides central banks, investors will focus on U.S. data due later in the session to gauge the strength of the world’s largest economy and how it will impact the Fed’s view on monetary policy.

Weekly jobless claims and the Philadelphia Fed manufacturing survey are both due at 8:30AM ET (12:30GMT).

Gold prices have been well-supported in recent sessions amid fading expectations for another rate hike by the Federal Reserve this year.

Futures traders are pricing in less than a 40% chance of a rate hike by December, according to Investing.com’s Fed Rate Monitor Tool, as recent dovish comments from Chair Janet Yellen and soft inflation data raised doubts over whether policymakers will be able to stick to their planned tightening path.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Also on the Comex, silver futures dipped 11.1 cents, or roughly 0.7%, to $16.18 a troy ounce, after hitting a more than two-week high of $16.34 a day earlier.

Among other precious metals, platinum was down 0.4% at $920.50, while palladium dipped 0.5% to $855.23 an ounce.

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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.

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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/

Gold prices move higher amid U.S. political turmoil-SapForex24

Gold prices moved higher on Friday, as recent political events in the U.S. continued to weigh on the greenback and boost demand for safe-haven assets, although investors were also eyeing the release of U.S. data due later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were up 0.26% at $1,227.36.

The June contract ended Thursday’s session 0.43% higher at $1,224.20 an ounce.
Futures were likely to find support at $1,214.30, the low of May 9 and resistance at $1,236.90, the high of May 8.

Markets were still jittery since U.S. President Donald Trump’s unexpected decision to fire FBI Director James Comey.

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Comey had been leading his agency’s investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump’s campaign.

Investors were concerned the latest events in Washington could hamper the U.S. administration’s ability to implement promised tax reform and stimulus measures.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.48 on Friday morning.

A weaker U.S. dollar usually supports Gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

However, the greenback was still supported by the release on Thursday of upbeat reports on initial jobless claims and producer price inflation, as well as by mounting expectations for a rate hike by the Federal Reserve next month.

Market participants were now looking ahead to upcoming data on U.S. inflation, retail sales and consumer sentiment, due later Friday.

Elsewhere in metals trading, silver futures for July delivery jumped 1.13% to $16.448 a troy ounce, while copper futures for July delivery rose 0.20% to $2.513 a pound.

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Gold moves higher on weaker dollar and geopolitical tension-SapForex24

GOLD PRICES rose in European trade on Monday as a weaker dollar and tensions on the Korean peninsula supported demand.

On the Comex division of the New York Mercantile Exchange, gold for June delivery gained 0.16% to $1.290.50 a troy ounce.

Gold also benefitted Monday from a weaker dollar as the greenback felt pressure from Friday’s release of weak U.S. retail sales and inflation data.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.30% at 100.19 by 4:02AM ET (8:02GMT).

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A weak dollar usually supports GOLD PRICES, as it bolsters the metal’s appeal as an alternative asset and makes dollar-priced commodities more attractive to holders of other currencies.

Geopolitical tension surrounding North Korea also remained on markets’ radar, supporting demand for safe haven assets, a day after the country’s attempted launch on Sunday of a ballistic missile failed.

The U.S. is working with allies and China on responses to the failed test, U.S. President Donald Trump’s national security adviser said on Sunday.

Elsewhere in metals trading, silver was up 0.43% at $18.590 a troy ounce.
Platinum slipped 0.03% at $977.10 a troy ounce, while palladium lost% to $794.40 a troy ounce. Copper gained 0.60% to $2.586 a pound.

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Oil prices rise on potential extension of output cuts -SapForex24

Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017.

Brent Crude futures were up 20 cents, or 0.36 percent, at their highest since early March at $56.43 per barrel at 0656 GMT (02:56 a.m. EDT).

If Wednesday’s rise holds, it would mark the seventh straight daily increase. That would beat a six-day bull-run from August 2016, although the price jump then was 17.5 percent versus a 6-percent rise in the current rally.

U.S. West Texas Intermediate (WTI) crude futures were up 18 cents, or 0.34 percent, at $53.58 a barrel, also their highest since early March.

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Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), has told other producers that it wants to extend a coordinated production cut beyond the first half of the year, the Wall Street Journal reported.

OPEC and other producers, including Russia, have pledged to cut output by around 1.8 million barrels per day (bpd) during the first half of 2017 in an effort to rein in oversupply and prop up prices.

While compliance from some participants has been patchy, Saudi Arabia has made significant cuts, with production down 4.5 percent since late 2016, despite a slight increase in March to 9.98 million bpd.

“(The) Saudi Arabian production reduction appears to be ahead of forecast and gave oil a boost,” said Jeffrey Halley of futures brokerage OANDA in Singapore.
Despite this, there are still concerns that oil markets remain bloated and oversupplied.

Fearing a loss of market share, Saudi Arabia is shielding its most important customers in Asia from the cuts, continuing to supply them with all contractual volumes.

And in the United States, both production and inventories are surging.
The Energy Information Administration (EIA) said on Wednesday that U.S. 2018 crude oil output would rise to 9.9 million barrels per day in 2018, from 9.22 million bpd this year.

With demand expected to rise by 340,000 bpd in 2018, that will leave increasing amounts of U.S. oil for exports or to be put into storage.

U.S. commercial crude inventories hit a record 535.5 million barrels this month, although a report on Tuesday by the American Petroleum Institute suggested a dip.

Official U.S. production and inventory data will be published later on Wednesday by the EIA.

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