{"id":1186,"date":"2013-03-24T22:38:53","date_gmt":"2013-03-24T18:38:53","guid":{"rendered":"http:\/\/www.dubaigoldprices.com\/?p=1186"},"modified":"2013-03-24T22:38:53","modified_gmt":"2013-03-24T18:38:53","slug":"gold-price-higher-in-sideways-range-cyprus-fomc-create-no-waves","status":"publish","type":"post","link":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/2013\/03\/24\/gold-price-higher-in-sideways-range-cyprus-fomc-create-no-waves\/","title":{"rendered":"Gold price higher in sideways range; Cyprus, FOMC create no waves"},"content":{"rendered":"

\"Is<\/a><\/p>\n

Gold moved fractionally higher on Thursday morning but remained trapped in its newly elevated $1,600-1,620 range, with fears over the stability of Cyprus failing to fuel risk aversion to force a break.<\/p>\n

Spot metal was last at $1,607.80\/1,608.60 per ounce.<\/p>\n

\u201cThe market seems to be waiting to see how the EU bails Cyprus out, although generally we feel non-policymakers are probably relieved that Cyprus rejected the levy on bank deposits \u2013 that sends a strong signal to the EU not to try such a measure in the wider arena,\u201d FastMarkets analyst William Adams said.<\/p>\n

\u201cThat might well explain the kneejerk positive reaction in risk assets yesterday but it still leaves the Cyprus issue unsolved, which could lead to more trouble for the markets,\u201d he added.<\/p>\n

On Monday, gold broke above $1,600 for the first time since February while market participants awaited the Cypriot vote. This was heavily defeated in the country\u2019s legislature and President Nicos Anastasiades moved the deadline for a bailout deal to be reached today.<\/p>\n

He also confirmed that discussions with Russia are continuing \u2013 many wealthy Russians use Cyprus as an investment haven and will be hard-hit in case of a levy on large deposits.<\/p>\n

A troika of lenders \u2013 the EU, the ECB and the IMF \u2013 agreed a bailout deal for Cyprus last Saturday on condition that the country raises another 5.8 billion euros.<\/p>\n

The euro was last at 1.291 against the dollar, down a quarter of a cent on the close but still holding above the four-week lows of 1.2841 set two days ago.<\/p>\n

In the US, traders yesterday struggled to decipher a particularly cryptic line in the Federal Open Market Committee policy statement regarding the effectiveness of quantitative easing.<\/p>\n

\u201cIn determining the size, pace, and composition of its asset purchases, the committee will continue to take appropriate account of the likely efficacy and costs of such purchases as well as the extent of progress toward its economic objectives,\u201d the FOMC statement said.<\/p>\n

\u201cThis appears to be a nod to critics who worry about the size of the balance sheet and the possible unintended consequences of such a large programme,\u201d a US-based metals trader said.<\/p>\n

\u201cBernanke is saying: \u2018Hey guys and girls, we know that there are costs and risks [involved with QE] and we are monitoring them constantly. But we think we\u2019re going down the right path so just give us a little more time\u2019,\u201d the trader said.<\/p>\n

Japan is also considering further easing, with new chief central banker Haruhiko Kuroda starting work today. Kuroda has declared his intention to target inflation of two percent \u201cas soon as humanly possible\u201d.<\/p>\n

In wider markets, Asian stocks are mixed \u2013 the Hang Seng slipped 30 points to 22,225 but the Nikkei added more than one percent to 12,635. The FTSE 100 is down 0.8 percent and the Dax fell nearly one percent.<\/p>\n

Industrial commodities are mostly firmer. Brent crude oil is up one cent at $108.23 per barrel while three-month copper on the LME gained $18.25 to $7,638.25 per tonne.<\/p>\n

In the other metals, platinum recovered somewhat, gaining $4 to $1,576\/1,586 per ounce but palladium edged $1 lower to $755\/761 per ounce. Silver is up seven cents at $28.86\/28.94.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold moved fractionally higher on Thursday morning but remained trapped in its newly elevated $1,600-1,620 range, with fears over the stability of Cyprus failing to fuel risk aversion to force a break. Spot metal was last at $1,607.80\/1,608.60 per ounce. \u201cThe market seems to be waiting to see how the EU bails Cyprus out, although […]<\/p>\n","protected":false},"author":3,"featured_media":1187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"_links":{"self":[{"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/posts\/1186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/comments?post=1186"}],"version-history":[{"count":0,"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/posts\/1186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/media\/1187"}],"wp:attachment":[{"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/media?parent=1186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/categories?post=1186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dxbgoldrate.com\/dubaigoldrates\/wp-json\/wp\/v2\/tags?post=1186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}