Statistics

PRECIOUS-Gold holds near 4-month low ahead of Fed outcome

Date Mar 18 2015 09:33:22
Mar.18,2015(SHMET)--

(Reuters) - Gold hovered near its lowest level in more than four months on Wednesday ahead of the conclusion of a Federal Reserve meeting that may stoke expectations for a mid-year hike in U.S. interest rates.  

    FUNDAMENTALS

    * Spot gold was little changed at $1,150.30 an ounce by 0029 GMT, not far above Tuesday's trough of $1,142.86 - its lowest since Nov. 7.

    * Many expect the Fed officials, who started a two-day policy meeting on Tuesday, to drop the phrase "patient" from their forward guidance on interest rates, potentially paving the way for a rate hike in June, the first since 2006.

    * While the U.S. economy has been strengthening as evidenced by a firming labour market, the housing sector remained weak. Data on Tuesday showed U.S. housing starts plunged to their

lowest level in a year in February.  

    * U.S. gold was steady at $1,149.50 an ounce.

    * Greece frustrated its main creditors by refusing to update euro zone peers on its reform progress at a scheduled teleconference, insisting instead that the discussions should be escalated to Thursday's European Union summit.

    * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings dropped 0.4 percent to 747.98 tonnes on Tuesday.   

    MARKET NEWS

    * The dollar steadied in Asia just hours before the Fed was expected to take a major step toward lifting interest rates.

    DATA/EVENTS AHEAD (GMT)

    0130 China             House prices                      Feb

    1000 Euro zone         Eurostat trade                    Jan

    1800 Federal Reserve releases statement after policy meeting

    1830 Fed Chair Janet Yellen holds news conference

  Precious metals prices 0029 GMT

  Metal             Last    Change  Pct chg  YTD pct chg   

  Spot Gold        1150.30    1.75   +0.15     -2.81

  Spot Silver        15.56    0.05   +0.32     -0.64

  Spot Platinum    1093.00    0.17   +0.02     -8.91

  Spot Palladium    761.00    0.25   +0.03     -4.00

  COMEX GOLD APR5  1149.50    1.30   +0.11     -2.92        

  COMEX SILVER MAY5  15.55   -0.03   -0.21     -0.35         

  Euro/Dollar       1.0597

  Dollar/Yen        121.34

  COMEX gold and silver contracts show the most active months

Edited by SHMET

PRECIOUS-Gold treads water ahead of Fed; platinum near 5-1/2 yr low

Date Mar 17 2015 09:27:51
Mar.17,2015(SHMET)--

(Reuters) - Gold prices hovered close to their lowest in over three months on Tuesday as traders waited for this week's Federal Reserve policy meeting to gauge the timing of an U.S. rate hike, while platinum stood near its lowest in 5-1/2 years.

    Spot gold had edged up 0.1 percent to $1,154.96 an ounce by 0043 GMT, close to last week's levels of $1,147.10, the lowest since Dec. 1.

    Platinum, the worst performing precious metal of the year, slumped over 3 percent to a session low of $1,102.50, after falling to a July 2009 trough of $1,101 on Monday.

    Precious metals are hurting from the strength in the dollar, which is trading at a near-12-year high against a basket of major currencies.

    Expectations that the Fed would begin increasing interest rates as soon as June on the back of a strong economy have helped the dollar.

    The Fed begins its two-day policy meet on Tuesday, with the markets awaiting clues on the timing of any move by the U.S. central bank.

    Higher rates could dent demand for assets such as bullion that don't pay any interest. A stronger greenback hurts gold's safe-haven appeal, while also making it more expensive for holders of other currencies.

    "We believe that the gold market will remain bearish for the rest of the year in response to Fed rate hikes," Barclays analysts said in a note.

    Platinum, dragged lower by a stronger dollar and weaker gold prices, has also been hurt by lack of buying interest at the lower price levels. It is down nearly 8 percent this year.

    The steep drop in prices of the white metal is failing to generate significant new jewellery demand in the once reliably price-sensitive Chinese market, analysts say.

     

    PRICES AT 0043 GMT   

 Metal            Last      Change  Pct chg

                                            

 Spot gold         1154.96    1.12       0.1

 Spot silver         15.58   -0.03     -0.19

 Spot platinum     1108.85  -35.15     -3.07

 Spot palladium     777.65     0.4      0.05

 Comex gold         1154.3     1.1       0.1

 Comex silver         15.6  -0.017     -0.11

 Euro               1.0564                 

 DXY                99.726                 

                                           

 COMEX gold and silver contracts show the most active months.

Edited by SHMET

PRECIOUS-Gold near lowest in over three months ahead of Fed meeting

Date Mar 16 2015 09:23:01
Mar.16,2015(SHMET)--

(Reuters) - Gold was stuck near its lowest in over three months on Monday, pressured by a stronger dollar, ahead of a key Federal Reserve policy meet this week that could hint at the timing of any hike in U.S. interest rates.

   

    FUNDAMENTALS

    * Spot gold slipped 0.3 percent to $1,155.36 an ounce by 0026 GMT, after posting its sixth weekly decline in seven on Friday.

    * The metal hit its lowest since Dec. 1 of $1,147.10 last week after strong U.S. jobs data stoked speculation that the Fed would increase rates in June.

    * Investors will be watching the Fed's two-day policy meet that begins on Tuesday for clues on U.S. central bank view on the economy and how soon it could raise interest rates.

    * Higher rates could dent demand for gold, which does not pay any interest.

    * The dollar has already been boosted by prospects of higher rates, trading near a 12-year high against a basket of major currencies.

    * A stronger greenback hurts gold's safe-haven appeal, while also making it more expensive for holders of other currencies.

    * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.04 percent to 750.67 tonnes on Friday - the lowest since late January.

    * Hedge funds and money managers reduced their bullish stance in Comex gold and silver for the sixth straight week in the week ended March 10, U.S. Commodity Futures Trading Commission data showed on Friday.

    * The Hong Kong Futures Exchange Ltd on Friday suspended its thinly-traded gold futures contract ahead of next week's replacement of the century-old London process known as the "fix", against which the gold futures were priced.

 

    MARKET NEWS

    * The euro sank to a fresh 12-year low early on Monday after a recent bounce was met with fresh selling interest in a sign that investors were still very bearish on the common currency.

   

    DATA/EVENTS (GMT)

    1230 U.S. New York Fed manufacturing March

    1315 U.S. Industrial output Feb

    1400 U.S. NAHB housing market index March

   

    PRICES AT 0026 GMT

 Metal            Last     Change  Pct chg

                                         

 Spot gold        1155.36   -3.37    -0.29

 Spot silver        15.58   -0.05    -0.32

 Spot platinum     1114.6     2.1     0.19

 Spot palladium     787.1   -2.91    -0.37

 Comex gold        1154.8     2.4     0.21

 Comex silver      15.565   0.071     0.46

 Euro              1.0491                 

 DXY                100.2                

                                         

 COMEX gold and silver contracts show the most active months.

Edited by SHMET

PRECIOUS-Gold firms above $1,150 on softer dollar; eyes weekly drop

Date Mar 13 2015 09:25:03
Mar.13,2015(SHMET)--

(Reuters) - Gold firmed above $1,150 an ounce on Friday as the dollar nursed losses after an extended rally, but the metal was still headed for its sixth weekly dip in seven on concerns that U.S. interest rates would increase soon.

   

    FUNDAMENTALS

    * Spot gold edged up 0.4 percent to $1,157.40 by 0041 GMT, after posting nine straight sessions of losses.  

    * The metal is down nearly 1 percent for the week, after earlier falling to its lowest in more than three months at $1,147.10.

    * Gold has taken a beating since a stronger-than-expected U.S. jobs report last week that stoked speculation the U.S. Federal Reserve would hike interest rates sooner than later.

    * Markets believe higher rates would dent demand for assets that don't pay interest such as gold.

    * Adding to the concerns was the strength in the dollar, which climbed to its highest in nearly 12 years this week before profit-taking prompted some losses. The dollar index, however, is still on track to end the week up more than 1 percent, extending last week's 2.5 percent rally.

    * A stronger greenback dents bullion's safe-haven appeal, and makes it more expensive for holders of other currencies.     

    * In a reflection of investor sentiment, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.28 percent to 750.95 tonnes on Thursday - the lowest since late January.

    * Other precious metals have also taken a hit along with gold. Silver is on track for a second straight weekly fall, while palladium is on course for its worst week since mid-January.

    * Platinum prices, which fell to their lowest since 2009 this week, were poised for a seventh weekly fall in eight.   

   

    MARKET NEWS

    * The U.S. dollar nursed modest losses early on Friday after nervous investors booked profits in an extended rally that has driven the greenback to successive multiyear peaks this week.

 

    DATA/EVENTS (GMT)

    0700 Germany Wholesale price index Feb

    1230 U.S. Producer prices final Feb

    1400 U.S. Univ of Michigan sentiment index March

   

    PRICES AT 0041 GMT

 Metal            Last     Change  Pct chg

                                         

 Spot gold         1157.4     4.1     0.36

 Spot silver         15.6    0.03     0.19

 Spot platinum     1121.2    9.86     0.89

 Spot palladium       792       4     0.51

 Comex gold        1156.7     4.8     0.42

 Comex silver       15.61   0.094     0.61

 Euro               1.062                

 DXY               99.258                

                                         

 COMEX gold and silver contracts show the most active months

 

 

 

Edited by SHMET

PRECIOUS-Gold near 3-month low after eight-day losing streak

Date Mar 12 2015 09:29:50
Mar.12,2015(SHMET)--

(Reuters) - Gold traded near a three-month low on Thursday, struggling to get past losses from

the last eight sessions, as the metal continued to be hammered by a strong dollar amid increasing expectations of a rate hike in the United States.

   

    FUNDAMENTALS

    * Spot gold was firm at $1,154.76 an ounce by 0036 GMT. It fell to a fresh low of $1,147.10 on Wednesday, the lowest since Dec. 1.

    * Tracking gold, other precious metals have also headed lower. Platinum was trading near its lowest since 2009, while silver hovered near a three-month low.  

    * Bullion has taken a big hit since Friday when data showed U.S. nonfarm payrolls increased by a stronger-than-expected number.

    * Expectations the Federal Reserve will end its near-zero rate policy given a tightening labour market propelled an index which measures the dollar against six major currencies to an almost 12-year high on Wednesday.

    * Some Fed officials have hinted that the Fed might act soon on rates. Richard Fisher, president of the Dallas Federal Reserve Bank, said this week the U.S. central bank should promptly end its easy monetary policy and press ahead with an interest rate hike, followed by a set of gradual moves higher.

     * Markets believe higher rates would dent demand for assets that don't pay interest such as gold. A stronger greenback also dents bullion's safe-haven appeal.

    * Technical outlook for gold also looked weak, with several analysts saying the next support level for gold was near $1,130, a level last seen in November.

    * Investors have been pulling out of bullion, given the bullish outlook for dollar. SPDR Gold Trust <GLD, the world's top gold-back exchange-traded fund, saw its holdings drop to their lowest in over a month earlier this week.  

    * In other industry news, Russia's 2015 gold production is likely to rise by 3 percent in annual terms to 298 tonnes, Sergei Kashuba, head of Russia's Gold Producers Union, told reporters on Wednesday.   

    MARKET NEWS

    * The euro wallowed just above a fresh 12-year low early on Thursday having faced an unrelenting onslaught this week as the European Central Bank kicked off its 1 trillion euro bond-buying campaign.

    DATA/EVENTS (GMT)

    1000 Euro zone Industrial production Jan

    1230 U.S. Import prices Feb

    1230 U.S. Export prices Feb

    1230 U.S. Weekly jobless claims

    1230 U.S. Retail sales Feb

    1400 U.S. Business inventories Jan

    PRICES AT 0036 GMT   

 Metal            Last      Change  Pct chg

                                          

 Spot gold         1154.76    0.71     0.06

 Spot silver         15.49    0.03     0.19

 Spot platinum     1119.99    3.59     0.32

 Spot palladium     788.75    1.99     0.25

 Comex gold         1153.9     3.3     0.29

 Comex silver        15.49   0.125     0.81

 Euro               1.0546                

 DXY                99.697                

COMEX gold and silver contracts show the most active months.

Edited by SHMET