Category: Gold news

Gold traded below a three-week high in London on speculation physical demand may slow after prices rallied on bets for prolonged U.S. stimulus and a weaker dollar.

Bullion reached $1,352.06 an ounce yesterday, the highest since Sept. 30, and climbed as much as 8 percent since Oct. 15. The Bloomberg U.S. Dollar Index, a measure versus 10 currencies, was little changed near an eight-month low after data showed yesterday more Americans than forecast filed jobless-benefit claims and manufacturing growth slowed.

Gold is set for the first annual drop in 13 years as some investors lost faith in the metal as a store of value and on speculation the Fed will slow debt purchases as the economy strengthens. The central bank unexpectedly refrained last month from slowing the $85 billion of monthly bond-buying and policy makers will keep the buying level until March, according to economists in an Oct. 17-18 Bloomberg survey.

“Gold has been benefiting from a weaker dollar and the reassessment of U.S. monetary policy expectations in light of softer data and continued political and fiscal uncertainty,” Joni Teves, an analyst at UBS AG in London, wrote today in a report. In the physical market, the “rally from the lows printed this month has meant that participants here are likely stepping back a bit,” she said.
Gold Price

Gold for immediate delivery lost 0.2 percent to $1,344.38 an ounce by 9:56 a.m. in London. Prices gained 2.1 percent this week, set for the first back-to-back weekly advance since August. Bullion for December delivery fell 0.5 percent to $1,344.20 on the Comex in New York. Futures trading volume was 39 percent below average for the past 100 days for this time of day, data compiled by Bloomberg showed.

The 16-day partial U.S. government shutdown that ended Oct. 16 probably trimmed 0.25 percentage point from fourth-quarter economic growth, said President Barack Obama’s chief economic adviser. The Thomson Reuters/University of Michigan consumer sentiment index probably fell this month, according to economists surveyed by Bloomberg News before today’s data.

Gold holdings in exchange-traded products fell 3 metric tons to 1,886.2 tons yesterday, data compiled by Bloomberg show. Assets dropped 28 percent this year, reaching the lowest since April 2010 on Oct. 21.

Silver for immediate delivery slid 1.2 percent to $22.422 an ounce in London, after climbing to $22.8778 yesterday, the highest since Sept. 20. Palladium fell 0.8 percent to $741 an ounce. Platinum declined 0.5 percent to $1,443.95 an ounce. It touched $1,456.25 yesterday, the highest since Sept. 20.

Gold prices on Friday snapped two days of gains, falling by Rs 10 to Rs 32,400 per 10 gram in the national capital, on reduced offtake at existing higher levels amid a weak global trend.

Weak global trend, as investors weighed speculation that the US Fed will delay a reduction in stimulus against signs of reduced demand in world’s biggest consumer – China, also influenced the sentiment, traders said.

Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to $1,340.44 an ounce and silver by 1.2 per cent to $22.42 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 10 each to Rs 32,400 and Rs 32,200 per ten gram, respectively. It had gained Rs 785 in last two days.

Sovereign held steady at Rs 25,300 per piece of eight gram.

Similarly, silver ready dropped by Rs 750 to Rs 49,450 per kg and weekly-based delivery by Rs 350 to Rs 49,650 per kg. The white metal had surged by Rs 1,190 on Wednesday.

On the other hand, silver coins continued to be asked at last level of Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

Gold fell in the Asian market on Friday on the back of lower demand indicators actual present market in China and India largest consuming country in the world for the metal, investors and to rate the economic conditions in the United States ahead of Fed meeting next week amid expectations to retain the monetary stimulus program without reduction for quite some time

Gold ended trading on Thursday up by 1.1 percent its highest level in four weeks $ 1351.80 per ounce the highest since last September 30 .

Gold fell by at 07:38 GMT to the level of $ 1342.05 per ounce from the opening level of $ 1346.55 , and recorded the highest at $ 1347.83 and the lowest at $ 1340.20 .

Actual purchases

Showed signs of actual decline in demand in China ‘s second-largest consumer of the metal in the world , after the low in gold imports from Hong Kong to 110.2 metric tons in August from 113.2 metric tons during July .

The forecasts indicate a decline Purchases India ‘s largest consumer of the metal in the world to 150 metric tons to the second half of this year compared to 478 metric tons for the same period of last year and   this decline to the restrictions imposed by the Indian government on imports of gold.

SPDR Fund

Gold holdings fell to the SPDR Gold Trust Fund ‘s largest gold – backed ETF in the world to the level of 876.52 metric tons on Thursday , the lowest level since February 2009.

(Reuters) – Gold traded near the highest level in a week on Friday is expected to be its biggest weekly gain in two months as investors hoped to pay the prevailing uncertainty in Washington and the Federal Reserve ( Fed ) to defer the reduction of monetary stimulus .

And reached the U.S. Congress this week in a last – minute agreement to raise the ceiling on government borrowing until early next year to avoid a failure of historic debt repayment and the reopening of government institutions are closed.

Gold fell nearly four percent during the period of closure of those institutions , but jumped three percent on Thursday after the dollar ‘s fall to its lowest level in eight months and reduce the Chinese institution ‘s credit rating of the United States .

The price of gold in the spot market today 0.2 percent to $ 1321.66 an ounce by 0648 GMT , taking its gains this week, about four percent .

Silver rose 0.1 percent to $ 21.87 an ounce, platinum rose 0.55 percent to $ 1437.74 an ounce , while palladium settled little changed at $ 738.47 an ounce

Gold prices settled during trading early morning above $ 1,300 an ounce reached yesterday the best weekly performance during the last two months , and this after he pointed two members of the Federal Reserve Bank officially that you should not start reducing the size of its asset purchase program , and this in turn what will support demand for gold as a tool hedges.

Gold prices fell vessels as of at 03:29 New York time by 0.22% or 2.94 points registered current trading levels around $ 1318.30 per ounce and recorded the highest at $ 1328.40 and the lowest at $ 1,315.03 and compared to the opening price at $ 1321.63 .

The rise in gold on yesterday’s levels of $ 1315.00 per ounce, followed by a decline big that dominated the morning trading to levels of $ 1,270 with shrinking demand for gold as a safety after reaching the U.S. Congress at the last minute yesterday an agreement to resolve the debt crisis of America , the Congress voted to raise the U.S. debt ceiling to February next with the reopening of public institutions and funding to 15 January next .

However, this agreement failed to satisfy the financial markets , especially with threats to reduce the credit rating of sovereign debt the U.S. and this is what was done by a Chinese company, and not only that , but began to investors speculating that the temporary closure faced by the United States on the first of October and debate over the debt ceiling will push the Fed to keep the policy of quantitative easing as it is without reducing , and this is what supports the demand for gold as a hedge against inflation.

This is indicated by both the Governor of the Federal Reserve of Chicago Charles Evans and Richard Fischer, governor of Dallas that he should not start reducing the size of its asset purchase program with a lag that get in the economic data that builds upon the Feds assessment of economic conditions , and that the statements had a main role in pushing U.S. dollar to drop to its lowest level in nearly eight months and this certainly will be reflected positive for gold.

The U.S. dollar index is trading USDIX as of 10:43 pm GMT +3 around 79.68 recording a high of 79.83 and the lowest levels at 79.65 compared to the opening price at 79.77 .

Technically, the stability of the price back above levels of 1300 indicate a renewed interest in the procurement process . Based on the bullish scenario favorite today as the levels of $ 1325 and 1330.0 $ , but it must be noted that the downward trend will remain valid as long as the levels of $ 1,350 sound .

As of at 03:27 New York time silver prices rose by 0.05% registered trading levels around $ 21.89 an ounce, and platinum prices rose as _h 0.36 % registered trading levels around $ 1,439.50 , and finally palladium prices were recorded profits of 0.35 % registered trading levels around $ 740.40 .

(Reuters) – Gold prices jumped more than three percent on Thursday, with the fall of the dollar and the belief that the interim deal to avoid a historic failure to repay the debt in the United States may pay the Federal Reserve ( Fed ) to defer to reduce its program of monetary stimulus .

Gold rose more than three percent from the previous close to $ 1322.56 an ounce during the session. By the time of 1317 GMT, gold rose 2.7 percent to $ 1315.91 .

The futures rose for gold in the United States for December delivery December to $ 1322.90 an ounce.

The dollar fell against a basket of major currencies and the decline in the latest deal 0.9 percent as indicated traders to an agreement the U.S. budget and a report on reducing agency Dazhunj Chinese credit rating of the United States to ‭ ‭ ‭ ‭ A-‬ ‬ ‬ ‬ from ‭ ‭ ‭ ‭ A ‬ ‬ ‬ ‬.

The U.S. Congress passed last-minute legislation to avoid a debt default , analysts said uncertainty overshadowed by investors and business confidence for weeks has reduced its growth forecast for the world ‘s largest economy .

Silver rose 1.8 percent to $ 21.72 an ounce.

Platinum rose 2.2 percent to $ 1418.49 an ounce.

Palladium rose 1.1 percent to $ 721.47 an ounce

Traded Gold prices within a narrow range and within the lowest level in three months in early trading on Tuesday after leaks and hints that the possibility of reaching an agreement among lawmakers in the United States on the abolition of partial closure of the government and raise the debt ceiling , but that there is nothing for sure yet.

Gold prices traded around $ 1,268.00 per ounce after it has achieved the lowest so far at $ 1275.71 and the highest $ 1,266.71 per ounce after prices opened the day at $ 1,273.24 an ounce.

Yesterday there was a meeting between Senate Majority Leader ( Democrat ) with Minority Leader ( Republican ) and remarks that there has been progress in the talks , and may issue a statement later today translates the results of those meetings.

Leaks that came out of the Senate shows that perhaps the government can reopen again after a partial shutdown began since the first of October current , while the debt ceiling can be raised and you can repeat the government finance itself until February of next year .

There is nothing for sure yet , especially if there is a closed meeting of the House of Representatives will do today – which is controlled by a majority of Republicans – and even clearer things will remain uncertainty is dominant on the market.

Investors in the gold markets opted out of the market and the monetization of the governor instead of keeping metal yellow, in the usual gold is always a favorite time of crises, but the uncertainty prompted investors to stop at the side of the neutral until the Event uncertain whether negative or positive , and make sure the bankruptcy of the United States If you do not raise the debt ceiling , two days after that it would support gold prices .

Even gold prices fell to below $ 1,300 has not been matched momentum for procurement and seize the opportunity to falling prices , particularly from largest global ( India and China ) , and this reflects the decline in the pace of confidence among investors .

SPDR Gold Trust – the largest gold-backed ETF in the world shows a decline in the volume of gold has about 1.85 tonnes on Monday to reach the total amount retained to 889.13 tonnes from 890.98 on Friday to remain at the lowest level in four years.

Gold prices lower   may prompt an increase in the merger between the companies that produce and mining for metal said Paul Rawlinson CEO of Kinross

May see some consolidation in the industry about the strength of the balance sheet and margin-free assets and cash flow and quality that need financing, said Paul Rawlinson today in a telephone interview from Russia, where he was visiting a mine company Dvoinoye new, that we We may see gold prices driven waves

Gold is preparing for its first annual decline in 13 years after slipping in Alasouk of in April, producers have responded by cutting spending plans , reduce profits and try to sell less profitable assets .

Said Rawlinson Kinross , the third Okprcherkh Canada-based that factor in the gold mine , does not need to sell assets or acquisitions , and said that the company focused , which suspended dividends in July, and on maintaining a strong balance sheet working in the mines well and being disciplined in spending.

The company said today in a statement made ​​Kinross commercial production in Dvoinoye in eastern Russia this month , and expects Kinross he’ll be mine production of 235,000 to 300,000 ounces of gold equivalent , a measure that includes output silver, within three years, fully implemented the first of its production.

It is a beautiful thing that the mine is opened in this difficult environment , and Rawlinson said in the interview , adding it on time and on budget even though it ‘s very difficult , remote location.

Gold fell 1.5 per cent on Friday to its lowest in three months as unusually large sale orders in New York futures and signs a deal might be near to avert a potential US debt default prompted jittery investors to flee the bullion market.

The precious metal, generally viewed as a safe-haven investment, fell $30 (Dh110.18) an ounce in just minutes in early US trading, sparking selloffs in crude oil and copper. Friday’s drop was reminiscent of a huge sell order that sent gold prices 3 per cent lower on October 1.

US gold futures trading was momentarily halted at 8:42 am EDT (1242 GMT) by CME Group’s Stop Logic mechanism to prevent excessive price movements. In the three minutes around the ten-second trading pause, gold prices slid almost $30, or about 2 per cent, with an unusually heavy turnover at nearly 20,000 contracts — about one-fifth of the market’s volume at the time.

Bullion’s drop stands in sharp contrast with higher US equities and a lower dollar as other investors were encouraged by the first signs of progress by US lawmakers to end the standoff in Washington.

On Friday, President Barack Obama and congressional Republican leaders moved to end their fiscal impasse but struggled to strike a deal on the details for a short-term reopening of the federal government and an increase in the US debt limit.

“If there is a temporary stop-gap measure to avert a disaster of US default, it will lead to the gold market going even lower,” said Jeffrey Sica, chief investment officer of Sica Wealth, which manages over $1 billion of client assets.

Gold’s sudden price tumble was a result of hedge funds and institutional investors flooding the gold futures market with sell orders, traders said.

US Comex December gold futures settled down $28.70 at $1,268.20 an ounce by 2:27 pm EDT, with trading volume about 10 percent above its 30-day average, preliminary Reuters data showed.

Spot gold was down 1.5 per cent at $1,266.80, having earlier fallen as much as 1.8 per cent to its lowest since July 10 at $1,262.14 an ounce.

Friday extended bullion’s drop to a fourth consecutive day, its longest losing streak since late June.

For the week, the metal was down 3.4 percent, its sixth weekly decline in seven weeks.

TECHNICAL BREAKDOWN

Gold’s losses were triggered by a break below key support between $1,273-1,278, which represents the low from August 7 to October 2, and the neckline of a head-and-shoulder continuation pattern, said Jonathan Krinsky, chief technical market analyst at institutional trading firm Miller Tabak.

Technical charts now suggest gold to fall to an area between $1,110 and $1,120, below June’s three-year low at $1,180, Krinsky said.

As a gauge of investor interest, the gold holdings of SPDR Gold Trust, the world’s largest gold-backed ETF, dropped 0.2 per cent, or 1.80 tonnes, to 896.38 tonnes on Thursday. That marked a four-year low.

Uncertainty over talks to lift the US debt ceiling in 2011 was a main driver for gold to hit record highs at above $1,920 an ounce. This year, sentiment towards bullion is much less positive, holding the metal in narrow ranges as markets largely expect the debt limit to be raised, analysts said.

Among other precious metals, silver fell 1.9 per cent to $21.22 an ounce. Platinum was down 1 percent at $1,366.49 an ounce, while palladium rose 0.5 per cent to $709.22 an ounce.

Gold rose in Asian market on Friday, but remains below the level of $ 1,300 per ounce , amid a state of anticipation and careful control of the investors to know the results of the current Commissioners among policy makers in the United States for an agreement on the terms of the new budget and raise the ceiling on government debt.

Gold had ended the sessions on Thursday , down 1.5 percent , its lowest level in a week $ 1282.50 per ounce on the back of rising U.S. currency dollar for a third day amid signs resolve the financial crisis in Washington.

Gold rose by at 07:20 GMT to the level of $ 1291.12 per ounce from the opening level of $ 1284.51 , and recorded the highest at $ 1294.05 and the lowest at $ 1283.71 .

U.S. budget

Pledged to U.S. President Barack Obama and Republican lawmakers continue Commissioners to reach agreements on the new budget and finance law spending and raise the government debt ceiling .

This comes after the White House said that President Obama did not reject or accept the Republican plan to raise the government debt ceiling , which proposes to raise the debt ceiling for a short period of about a year to allow time for talks on broader issues .

The agreement to raise the debt ceiling and end closures government to put the U.S. economy on the right track and will greatly help the Fed to reduce its stimulus program .

Gold has lost more than 23 percent since the beginning of the year after a continued rise for more than ten years after gold lost its role as a safe haven amid speculation the Federal Reserve to reduce monetary stimulus program .

SPDR Fund

Gold holdings fell to the SPDR Gold Trust Fund ‘s largest gold – backed ETF in the world to the level of 896.388 metric tons on Thursday , the lowest level since February 2009.