Category: Gold news

Gold prices rose during trading yesterday dramatically, especially after the interview the President of U.S. Federal Reserve Ben Bernanke said there are signs of inflation and the labor market indicate a need for further quantitative easing, something which led to a rise in prices to the levels of 1298 dollars per ounce as long as there is hopeeven a simple pump more liquidity in the markets

But the most important thing and that gives us the signals somewhat positive for gold, is to stabilize the price of gold above the $ 1250 per ounce after the announcement of the minutes of the meeting of Federal Reserve Bank of the U.S., despite the fact that the record came Bmphajih to the effect that there are about half the members of the Reserve see stop quantitative easing, attention Here is a stop quantitative easing, not quantitative easing relief, and in spite of this, but the prices settled above $ 1250 levels before rising to levels of 1298 dollars per ounce so far.

Can question here is why? Why stabilized the markets and in spite of talk about cessation of quantitative easing, while and every time we hear about easing quantitative easing, gold prices were down about 2% at least. The answer to this question is that the U.S. Federal could have started Fear about inflation following the rise in oil prices to above the levels of 107.00 dollars a barrel, something that could pose a threat to the U.S. plan, the current around the easing of quantitative easing, and the high rates of Inflation in China recently to levels of 2.7% vs. 2.1% in just one month is considered a reference to the beginning of the high rates of inflation, something that could have led to a trend towards gold over the past week, during a meeting of the U.S. Federal.

In all cases, the price of gold could not close any full week below the levels of 1220 dollars per ounce, as shown on the drawing, where we see a drop below those levels during a particular day, but the shutdown daily and weekly was always above those levels, and in the present time, untested gold prices levels of resistance at levels of 1282 dollars, which constitute retracement levels rose 123.6% of the last high, as shown on the charts, and what if the combustion levels in 1280 dollars, it is possible to reach levels of $ 1,300 per ounce, tracking levels of 1322 dollars per ounce, too. Either at the level of decline, it is expected to remain far limited declines in levels above 1220 dollars per ounce.

Gold rose 0.5 % on Wednesday, extending gains for a third day after the minutes showed the June meeting of the Federal Reserve that many of Almsiwoln wanted more reassurance about the recovery in the labor market before the withdrawal of economic stimulus.

The metal rose by 1% after the release of the minutes of the meeting of the Federal Reserve, indicating that a safe bet that the U.S. central bank would reduce the purchase of the bonds any time soon is uncertain.

Before Wednesday, unanimously largely financial markets that September would be possible initially to reduce the frequency of purchase of bonds amounting to $ 85 billion currently.

Gold rose for instant transactions rose 0.5% to $ 1,255 an ounce at 18:34 GMT.

Gold price fell on Friday, with the rising Asian stocks and the dollar after the European Central Bank said it may cut interest rates again, but investors await U.S. jobs data to be released on Friday to get the other indicators.

And gold trading was light this week as investors refrained from strengthening their positions before the Independence Day holiday in the United States on Thursday and non-farm payrolls report which will be released on Friday.

Gold fell in the spot market was up 0.6 percent to $ 1242.16 an ounce by 0650 GMT. And U.S. futures fell for gold around $ 11 to $ 1241.30 an ounce.

Silver fell 1.6 percent to $ 19.2 an ounce, while platinum fell 0.6 percent to $ 1330.2 and palladium down 0.6 percent to $ 670.25

SINGAPORE (Reuters)

Gold settled 2 percent higher at $1,255 on Monday as trading for the third quarter opened. Traders were doubtful about near-term strength over continuous worries about a pullback of U.S. stimulus measures that caused bullion’s record drop in the previous quarter.

The dollar fell against most currencies as better-than-expected manufacturing data from Europe and Japan provided relief to gold and other risky assets that have recently sold off with the prospect of reduced stimulus measures from the Federal Reserve.

Investor confidence in gold—which fell a record 23 percent in the second quarter—has been eroded by rising talk of an end to the Fed’s ultra-loose monetary policy, which would support a rise in interest rates, making the shiny metal less attractive.

Spot gold was up 1.4 percent at $1,249 an ounce. It had surged 2.2 percent earlier to a session peak of $1,260.61, well above the near three-year low of $1,180.71 on Friday on speculation the Fed will rein in its $85 billion monthly bond purchase program.

U.S. gold futures for August delivery settled $32.10 higher at $1,255.70.

Andrey Kryuchenkov, an analyst at VTB Capital, said the bounce was an expected reaction to the retreat last week. “I don’t think it’s sustainable while volumes remain relatively low,” Kryuchenkov said.

Traders and investors are awaiting U.S. payrolls report for June, due on Friday, for a better indication of how gold and other assets would perform. A strong payrolls reading would likely signal more pressure on the Fed to reduce its stimulus, lifting Treasury yields and the dollar, and depressing gold.

Markets are also watching the European Central Bank’s policy meeting on Thursday, which is likely to emphasize that the euro zone economy is in a different stage of recovery than the United States.

“I doubt there will be a lot of bargain hunting given a whole array of macro numbers this week, including the ECB statement (and with) non-farms in focus,” VTB Capital’s Kryuchenkov said. “The market is putting extra weight on U.S. economic releases.”

ETF Holdings Drop

The amount of bullion held by exchange-traded funds (ETFs) in gold have fallen this year, with outflows exacerbated by the recent price tumble.

Divestment from the largest gold ETF, SPDR Gold Trust, stand at nearly 13 million ounces this year. Hedge funds and money managers have also slashed their bullish bets in gold futures and options to their lowest levels in six years, a report by the Commodity Futures Trading Commission showed on Friday.

The low prices of the past few weeks have subdued physical demand for gold in Asia, traditionally the largest buyer of the commodity. Asian consumption of gold had helped limit some of bullion’s losses when prices fell the most in 30 years in April.

“While the physical market was able to suspend the downward trajectory of gold in April following hefty disinvestment, this time, preliminary data suggest a much weaker physical market footing,” Barclays analysts said in a note.

The bank cut its 2013 price forecast to $1,393 an ounce from $1,483. Sales of American Eagle gold bullion coins plunged to 57,000 ounces in June, the lowest since August last year, as physical demand from retail investors and collectors sank.

Spot silver was down 0.6 percent to $20 an ounce after reaching a near three-year low at $18.19 in the previous session.

Platinum rose 2 percent to $1,368 an ounce and palladium jumped 4 percent to $682 an ounce.