Author: Team Editors admin

Gold posted gains of about 8.4% By the end of Friday in the best quarterly performance in a foggy middle of US President Donald Trump’s tax and investment plans and a series of elections in Europe, boosting demand for the precious metal as a safe haven.

Gold recovered from earlier losses as the dollar stabilized after comments in favor of keeping monetary policy unchanged from a Federal Reserve official and discouraging data on the US economy.

By 1948 GMT, gold was up 0.4% on spot trade to $ 1247.4 an ounce, while in US futures it rose 0.2% to $ 1247.30 an ounce.

Earlier in the session, gold fell the most in more than three weeks.

The dollar index, which tracks the performance of the greenback against a basket of six major currencies, was little changed from Thursday’s highs, but it hit its best weekly performance since mid-February, supported by gains made earlier in the week.

The rise in the dollar increases the cost of gold to holders of other currencies, while higher interest rates lead to higher bond yields, limiting the demand for non-yielding gold.

Among other precious metals, spot silver rose 0.7% to $ 18.21 an ounce, with quarterly gains reaching 14.2%.

Platinum rose 0.6 percent to $ 948.60 an ounce and gained about 5 percent this quarter.

Palladium rose 0.2% to $ 795.5 an ounce and gained 17.3% in the first quarter of this year.

Gold prices fell slightly lower in European trading Monday morning, while the actions of the US president helped Donald Trump to allay investor concerns about the uncertainty surrounding the new administration’s controversial policies.

At the COMEX division of the New York Mercantile Exchange, gold futures fell for April delivery rose 3.90 dollars, or the equivalent of 0.3%, to $ 1.232.00 per ounce

The yellow metal rose to its highest level in three months at $ 1.246.60 per ounce last week, amid growing concerns about political risks in Europe and economic instability in the United States.

But futures have fallen because of the concentration of the market again on Trump’s efforts to promote economic growth after the president said his administration would announce exceptional measures concerning taxes over the “next two or three weeks,” during a meeting with airline officials took place last Thursday.

At the same time, there was anticipation and the interest of the Conference of Japan summit with the United States, which lasted for two days, during the weekend, which ended smoothly, which will contribute to support the market sentiment.

It turns out that President Trump has forged with Japanese Prime Minister Shinzo relationship fast friendship, which reduced investors’ fears of the meeting, which ended with seriousness and clear about trade and currency and security issues.

The focus markets in the near term to head the Fed Federal Reserve Janet Yellen scheduled testimony before Congress on Tuesday and Wednesday, where they will be monitoring the comments closely for any new idea in politics, and the timing of a rate hike.

Investors were also awaiting the release of a number of US economic reports such as the producer price index, which issued on Tuesday and the consumer price index, retail sales on Wednesday, home sales on Thursday.

Leaving the Fed borrowing costs unchanged earlier this month, it did not give a clear signal about the next raise interest rates.

He predicted the Federal Reserve, which raised interest rates in December, the interest rate increase at the rate of three times this year. However, traders are still not convinced as investors remained they feel an interest rate hike to only twice this year.

US central bank forecast three rate increases earlier this year. However, traders are still not convinced, with the market continues to price in just two rate hikes this year.

Also in the Comex, silver futures for March delivery rose by 2.0 cents, or the equivalent of 0.1%, to $ 17.95 an ounce after rising to $ 18.01 earlier, the highest price since November 11.

At the same time, the metal platinum rose 0.2% to $ 1.013.85, while the metal palladium fell 0.2% to $ 781.48 an ounce.

Gold fell to its lowest level in five and a half months, reversing early gains with the rise of the dollar index to its highest level in 13 years and a half year due to strong economic data in the United States and the statements of President of the Federal Reserve Janet Yellen, which reinforced the rationale for raising interest rates next month .

She relents in testimony before Congress that the election of the Republican Donald Trump, president of the United States would not bring about a change in the Council’s plans to raise interest rates “relatively soon.”

At 1931 GMT, the price of gold fell 0.8 percent in spot transactions to $ 1215.50 an ounce after falling to its lowest level since the third of June at $ 1210.73 an ounce.

There were yellow metal settlement in US futures contracts, down 0.6 percent at $ 1216.90 an ounce.

Gold fell with the rise of the dollar to the highest level since 2003 against a basket of six major currencies.

Gold gave up all the gains it posted yesterday after rising 1.3 percent to $ 1338.43 an ounce, on the back of head of the US Federal Reserve Chairman Janet Yellen hints about raising interest rates.

Yellin said that the appropriate atmosphere to raise interest increased in the light of economic growth at a moderate pace and the strong performance of the labor market, an expected rise in inflation towards the target by two percent in the next few months.

She added that the Fed still believes that an increase in interest rates in the future should be gradual.

And raise the Fed interest rates in December for the first time in nearly ten years, but declined further increases this year because of slowing global growth and the unpredictability of financial markets and the weak US inflation data in general.
The silver rose 1.1 percent to $ 18.70 an ounce, after recording its lowest level in eight weeks at $ 18.46 yesterday.

Platinum climbed 0.6 percent to $ 1074.99, after falling to its lowest level in a month at $ 1067.25 an ounce in the previous session, and palladium increased one percent to $ 690.9.