Gold prices dipped in Asia on Tuesday, but copper held gains as investors eye the potential for a prolonged supply disruption from two of the world's major mines. Gold for April delivery on the Comex division of the New York Mercantile Exchange fell 0.32% to $1,2385.15 a troy ounce. Silver futures for March delivery eased 0.11% to $18.010 a troy ounce. Copper futures rose 0.22% to $2.756 a pound as concerns over supply disruptions in Chile and Indonesia supported prices as labor strikes at BHP Billiton (LON:LON:BLT)'s Chilean Escondida and Freeport-McMoran (NYSE:FCX)'s Indonesian Grasberg mines continue. Combined, the mines produce roughly 10% of the world's total copper supply. Overnight, gold prices were little changed during North American morning hours on Monday, with investors hesitant to take strong positions due to the U.S. national holiday for Presidents Day. Headlines from Washington will most likely remain in focus in the week ahead, as traders await further details on President Donald Trump's promises of tax reform, deregulation and infrastructure spending. Market players also awaited further hints on the timing of the next U.S. rate hike. In the week ahead, global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting as well as housing-related data for more clues on the timing of the next U.S. rate hike. There are also more than a few Fed speakers this week, including Minneapolis Fed President Neel Kashkari, Philadelphia Fed President Patrick Harker and Atlanta Fed President Dennis Lockhart. Cleveland Federal Reserve President Loretta Mester said in a speech in Singapore on Monday she would be "comfortable" raising interest rates at this point if the economy maintained its current pace of performance. Fed Chair Janet Yellen said last week that the U.S. central bank will likely need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic policy under the Donald Trump administration. Fed fund futures priced in a less than 15% chance of a rate hike in March, according to Investing.com’s Fed Rate Monitor Tool. Odds of a June increase was seen at around 70%. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
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Spot gold had edged down 0.1 percent to USD 1,234.28 per ounce by 0319 GMT, while US gold futures fell 0.3 percent to USD 1,235.2. Gold prices held steady on Monday, with investors looking ahead to a clutch of speeches from US Federal Reserve officials later in the week for clues on the timing of possible interest rate hikes. Spot gold had edged down 0.1 percent to USD 1,234.28 per ounce by 0319 GMT, while US gold futures fell 0.3 percent to USD 1,235.2. "We expect muted trading to start the week in Asia with a US holiday today, although a break in gold of USD 1,231 may flush away some nervous long positions," said Jeffrey Halley, senior market analyst at OANDA. The US markets are closed on Monday for the Presidents Day holiday. Asian share markets were mixed on Monday as political uncertainty globally kept the mood cautious, while the US dollar recouped early losses ahead of the busy week for the Fed. The dollar was mostly unchanged against a basket of currencies at 100.93. At least five Fed officials are due to speak this week, while Fed Board Governor Jerome Powell appears on Wednesday. Cleveland Fed Loretta Mester said on Monday she would be comfortable raising interest rates at this point if the economy kept performing the way it did. Speculation the central bank could hike as soon as March has generally underpinned the greenback, though large long positions leave the market vulnerable to sudden pull backs. Bullion is highly-sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. "On the fundamental side, although a stronger dollar and buoyant US equity could potentially act as a drag on gold, other variables will likely prevent a more significant selloff," INTL FCStone analyst Edward Meir said in a note. Concern over US President Donald Trump's policies, as well as elections in Europe this year, fueled gold's rise to a peak of USD 1,244.67 on Feb. 8, the strongest in nearly three months. The metal has risen nearly 8 percent in 2017. Spot gold may break support at USD 1,233 per ounce, according to Reuters technical analyst Wang Tao. Meanwhile, US Commodity Futures Trading Commission data showed on Friday that speculators cut their net long position in COMEX gold for the first time in three weeks in the week to Feb. 14. In other metals, silver fell 0.1 percent to USD 17.95 per ounce, while platinum shed 0.5 percent to USD 995.55. Palladium declined 0.2 percent to USD 774.05 per ounce, down from USD 795.1, the highest since January 24., in the previous session. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
Gold struggled to hold onto gains Friday, despite renewed political uncertainty in Europe and a dip in optimism surrounding a U.S. March rate hike. Gold futures reached a session high of $1244.95 in European mid-day trade, buoyed by political uncertainty in France, after a report suggested that the two main left-leaning candidates in France’s presidential election, Benoit Hamon and Jean-Luc Melechon are considering the possibility of joining forces. Gold pared gains soon after, as the US Dollar Index Futures snapped a two-day losing streak, hitting a session high 100.90 at 11:45 ET. The yellow-metal had been under pressure throughout the week against the backdrop of a spike in optimism of a March rate hike, after Federal Reserve Chair Janet Yellen struck hawkish tone in a two-day testimony to congress. Ms. Yellen said that it would be “unwise” to keep US interest rates lower for longer and suggested that the US economy was “coming closer to achieving Fed mandates”. However, optimism for a rate hike has since waned – According to Investing.com's Fed Rate Monitor Tool less than 15% of traders expect the Fed to raise interest rates at its next meeting in March, compared to a 22% likelihood of a March rate hike a day earlier on Thursday. Gold for April delivery on the Comex division of the New York Mercantile Exchange traded down 0.18% or $2.35 at $1238.45 a troy ounce. A firmer U.S. dollar continued to weigh heavily on commodities across the board. Silver Futures traded at $18.03 while copper slid 0.46% to trade at $2.71 per pound. Both Crude Oil Futures and Brent futures bounced off session lows of $52.89 and $55.10, respectively. At 13:30 ET, Brent traded at $55.69 and crude futures traded at $53.24. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
Copper gained on labor issues at two major mines and gold slipped in Asia on Friday on a growing expectation the Fed will hike rates next month. Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.76 per barrel at 0311 GMT (10:21 p.m. ET on Thursday), up 11 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures, were up 10 cents at $53.46 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent. The cuts are aimed at curbing oversupply that has dogged markets since 2014. To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended if all major producers showed "effective cooperation". For now, inventories remain bloated and supplies high, especially in the United States. Recent price movements reflect this, with Brent and WTI trading within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014. "Despite the headlines, the massive inventory glut in both oil and gasoline continues to thwart any upward momentum," said Stephen Innes, senior trader at OANDA in Singapore. In the United States, rising output has helped push up crude and fuel stocks to record highs. In Asia, oil flows into the region remain as high as they were before the production cuts, data in Thomson Reuters Eikon shows, as exporters shield their big customers in a fight for market share. This comes amid signs of stuttering demand growth in core markets, China and India. In India, fuel demand growth fell in January, while in China sagging car sales and soaring gasoline and diesel exports also point to a slowdown in growth. That leaves Europe, where OPEC has significantly cut supplies. However, Eikon data shows rising North Sea oil exports to Asia, indicating there is no real supply shortage there either. Despite the ongoing glut, analysts expect oil markets to tighten in the longer term. "In the fourth quarter of 2018, global oil demand will most likely surpass 100 million barrels per day," AB Bernstein said on Friday in a note to clients. "If oil prices stay around $60 per barrel and GDP growth over 3 percent per annum, then oil demand growth will be stronger over the next 5 years, than the previous decade. What we are witnessing is a rather surprising renaissance of oil consumption," it added. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
Gold prices gained in Asia on Thursday, shrugging off remarks by a key Fed policymaker that rates could soon rise going by current economic signals. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.34% to $1.237.25 a troy ounce, while silver traded up 0.30% to $18.017 a troy ounce. Copper futures gained 0.40% to $2.752 a pound. The Federal Reserve aims to raise U.S. interest rates soon, New York Fed President William Dudley said Wednesday, if, as expected, fiscal policies provide stimulus. "We expect to gradually remove further monetary policy accommodation and snug up interest rates a little bit further in the months ahead," Dudley said. Overnight, gold Futures benefited from a retreat in the dollar, despite strong U.S. economic data which confirmed that the growth story in the U.S. economy remains on track. Gold’s comeback from its three-month low of $1123.50 set on Dec 1, appears to be at risk as expectations of a March rate hike accelerate. On Tuesday, Federal Reserve Chair Janet Yellen in a testimony to congress said that it would be unwise to keep interest rates lower for longer. Philadelphia Fed President Patrick Harker and Boston Fed President Eric Rosenberg further fueled expectations of a rate hike sooner rather later, as they both said they see at least three-rate hikes this year. In a rising dollar and higher interest rate environment, gold typically loses its shine among investors as its denominated in dollars and doesn’t yield a rate of return. Gold shrugged of expectations of an rate hike and bounced off session lows of $1217.50, as the dollar rally fizzled out, which prompted a revival in commodities across the board. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
At the Multi Commodity Exchange, gold for delivery in April was trading higher by Rs 62, or 0.24 percent, to Rs 29,063 per 10 grams, in a business turnover of 300 lots. At the Multi Commodity Exchange, gold for delivery in April was trading higher by Rs 62, or 0.24 percent, to Rs 29,063 per 10 grams, in a business turnover of 300 lots. Gold futures were up by Rs 62 to Rs 29,063 per 10 grams as speculators created fresh bets amid positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in April was trading higher by Rs 62, or 0.24 percent, to Rs 29,063 per 10 grams, in a business turnover of 300 lots. The metal for delivery in far-month June rose Rs 20, or 0.10 percent, at Rs 29,073 per 10 grams in a turnover of 13 lots. Analysts said widening of positions by participants, tracking a firm trend overseas, mainly attributed the rise in gold prices at futures trade. Meanwhile, gold rose 0.25 percent higher at USD 1,227.80 an ounce in New York. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
Gold prices staged a minor comeback as pries ticked up in China and political risk remains a feature of the market with attention now turning to the U.S. Fed chief for a clearer view on the expected rate hike path this year. Gold for April delivery on the Comex division of the New York Mercantile Exchange inched up 0.14% to $1,227.55 a troy ounce. Also on the Comex, silver futures for March delivery rose 0.12% to $17.843 a troy ounce, while copper futures gained 0.25% to $2.791 a pound amid concerns over an ongoing strike at the Escondida copper mine in Chile, the largest in the world. The mine produces roughly 5% of the world's total copper supply. Investors also noted China's consumer inflation rate quickened to 2.5% in January from a year earlier, the highest since May 2014 and a faster pace than expected. Overnight, gold prices were slightly lower as recent actions by U.S. President Donald Trump helped soothe investor worries about uncertainty surrounding the new administration’s controversial policies. Prices of the yellow metal rallied to a three-month high of $1,246.60 last week amid growing concerns over political risks in Europe and economic uncertainty in the U.S. But futures pulled back as markets shifted focus back on Trump's efforts to boost economic growth after the president said his administration would be announcing "something phenomenal in terms of tax" over "the next two or three weeks" during a meeting with airline executives last Thursday. Meanwhile, a closely watched two-day U.S.-Japan summit held over the weekend was seen to have ended smoothly, further supporting sentiment. President Donald Trump and Japanese Prime Minister Shinzo Abe appeared to have established a quick friendship, allaying investor fears of the meeting ending acrimoniously with Trump talking tough on trade, currency and security issues. The market's near-term focus was on Federal Reserve Chair Janet Yellen's congressional testimony scheduled for Tuesday and Wednesday. Her comments will be monitored closely for any new insight on policy and the timing of when it might raise interest rates. Investors will also keep an eye out on a number of U.S. economic reports in the week ahead, including the January producer price index on Tuesday, the January consumer price index and retail sales on Wednesday and housing-related data on Thursday. The Fed left borrowing costs unchanged earlier this month and gave no firm signal on the timing of its next rate hike. Fed fund futures are pricing in a less than 15% chance of a rate hike in March, according to Investing.com’s Fed Rate Monitor Tool. However, odds of a June increase was seen at more than 65%. The U.S. central bank has previously projected three rate increases this year. However, traders remained unconvinced, with markets continuing to price in just two rate hikes during the course of this year. The dollar index was up 0.16 percent to 100.960, with the greenback risng against the yen on relief that Trump set aside his tough campaign rhetoric over security and jobs in a meeting with the Japanese Prime Minister over the weekend. Gold slipped on Monday as the dollar strengthened against the yen, with the greenback buoyed by a smooth meeting between US President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy. Spot gold shed 0.3 percent, to USD 1,229.77 per ounce at 0320 GMT, while US gold futures fell 0.4 percent, to USD 1,231. The dollar index was up 0.16 percent to 100.960, with the greenback risng against the yen on relief that Trump set aside his tough campaign rhetoric over security and jobs in a meeting with the Japanese Prime Minister over the weekend. "Quietness on the protectionism front and a rekindling of the Trump-flation trade is taking the wind out of gold's safe-haven sails," said Jeffrey Halley, senior market analyst at OANDA. A senior Japanese government spokesman said Abe and Trump did not discuss currency issues and that Trump did not request a bilateral trade deal. The dollar had suffered its worst January in three decades after President Trump complained that every "other country lives on devaluation." The US currency also found broad support from comments by Trump on Thursday that he planned to announce an ambitious tax reform plan in the next few weeks, rekindling hopes for big tax cuts. Spot gold may revisit its Feb. 10 low of USD 1,221.02 per ounce, as its correction from the Feb. 8 high of USD 1,244.67 has not completed, according to Reuters technical analyst Wang Tao. Speculators raised their bullish wagers in COMEX gold to the highest in two months in the week to Feb. 7, and raised it slightly in silver, US Commodity Futures Trading Commission data showed on Friday. In other precious metals, spot silver was mostly unchanged at USD 17.95 per ounce, after touching USD 18, the highest since November11, 2016, earlier in the session. Platinum eased by 0.3 percent, to USD 1,007.15 per ounce. Palladium was mostly flat at USD 783.73 per ounce, after hitting USD 786.90, its highest level in over two weeks. 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Wall Street's main stock indexes rose to fresh all-time closing highs as a spike in oil prices supported energy shares and investors renewed their optimism about President Donald Trump's economic agenda. The S&P 500 tallied its fourth straight session of gains, a day after Trump vowed a major tax announcement in the next few weeks. The benchmark S&P 500 has surged 8.3 percent since Trump's Nov. 8 election, fueled by expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending. The rally had stalled amid concerns over Trump's protectionist stance and lack of clarity on policy reforms. "Investors were worried that the administration may have gotten off track and was pursuing other items," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Tax cuts have gotten put back on the front burner," Forrest said, adding, "We are looking for gains in the economy at large from this, not just (earnings per share) gains in stocks." The Dow Jones Industrial Average (DJI) rose 96.97 points, or 0.48 percent, to 20,269.37, the S&P 500 (SPX) gained 8.23 points, or 0.36 percent, to 2,316.1 and the Nasdaq Composite (IXIC) added 18.95 points, or 0.33 percent, to 5,734.13. The S&P and Dow closed at a record high for a second straight session, while the Nasdaq extended its streak of record closes to a fourth day. Energy shares (SPNY) gained 0.8 percent. Oil prices rose more than 1 percent after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January. The S&P financial sector (SPSY) ended up 0.2 percent. The group initially moved higher after Daniel Tarullo, the top Federal Reserve official charged with financial regulation, said he would resign, creating further room for Trump to reshape the Fed's policymaking staff. The focus on Washington comes as large U.S. companies were set for their second straight quarter of profit increases after several periods of declines. With more than 70 percent of the S&P 500 having reported results, fourth-quarter earnings are on track to have climbed 8.4 percent, which would be the best performance since the third quarter of 2014, according to Thomson Reuters I/B/E/S. "We are seeing a pretty solid rate of beats and we’re out of the earnings recession," said Jason Ware, chief investment officer at Albion Financial Group in Salt Lake City. Activision Blizzard (O:ATVI) surged 18.9 percent after the videogame publisher reported higher-than-expected revenue and set a $1 billion share buyback program. Its shares gave the biggest boost to the S&P 500 and the Nasdaq. Skechers USA (N:SKX) jumped 19.3 percent after the footwear maker's fourth-quarter revenue beat expectations. Sears Holding (O:SHLD) soared 25.6 percent after the struggling retailer said it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year. Advancing issues outnumbered declining ones on the NYSE by a 2.60-to-1 ratio; on Nasdaq, a 2.05-to-1 ratio favored advancers. The S&P 500 posted 48 new 52-week highs and no new lows; the Nasdaq Composite recorded 151 new highs and 22 new lows. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
Spot gold was down 0.4 percent at USD 1,225.42 per ounce by 0326 GMT. On Wednesday, it touched its highest since Nov. 11 at USD 1,244.67. Gold fell on Friday on a firmer dollar after US President Donald Trump promised a major tax announcement and as economic data boosted expectations of a US rate hike. Spot gold was down 0.4 percent at USD 1,225.42 per ounce by 0326 GMT. On Wednesday, it touched its highest since Nov. 11 at USD 1,244.67. US gold futures dropped as much as over 1 percent to USD 1,223.30 an ounce. "The reversal (in prices) was almost entirely due to the surge in the dollar that took place after President Trump revealed he had a 'phenomenal' tax plan ready for unveiling in a few weeks’ time," said INTL FCStone analyst Edward Meir. Trump plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks, the White House said on Thursday, sending stock prices and the dollar higher on hopes for a cut in corporate tax rates. "Thursday’s trading showed us that (investors) were enamoured more by Trump’s general announcement and have not yet bothered to focus on the fine print," Meir said, adding the selloff in gold could be somewhat premature and could reverse course. US economic data also underpinned the dollar. Initial jobless claims unexpectedly dropped last week to a nearly 43-year low, while inventories at wholesalers surged in December for a second straight month. The dollar index was firm at 100.600. The dollar extended its overnight rally and edged up to a nine-day high of 113.79 yen Chicago Federal Reserve President Charles Evans, a voter on policy this year, told reporters it is reasonable to expect the Fed to raise rates three times this year. However, St. Louis Fed President James Bullard said interest rates could likely remain low through at least 2017, with no clear sense yet of whether the Trump administration's policies will spark higher inflation or growth. Gold is highly-sensitive to rising US rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. "We continue to expect gold to remain supported in the first half of 2017, on the back of risk aversion and global uncertainties," said OCBC analyst Barnabas Gan. "We continue to place Trump-centric concerns as one of the top concerns on our radar, given the uncertainty surrounding his policies." Spot gold may test support at USD 1,218 per ounce, a break below which could open the way towards the next support at USD 1,182, according to Reuters technical analyst Wang Tao. Spot silver fell 0.5 percent to USD 17.55 an ounce. Platinum dropped nearly 1 percent to USD 1,003, after hitting its highest since Oct. 3 at USD 1,028.50 in the prior session. Palladium declined 0.7 percent to USD 765. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
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