Tag: gold prices today

Gold prices dip on rising dollar, bond yields, BFSI News, ET BFSI

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Gold prices eased on Tuesday, hurt by a stronger dollar and rising U.S. Treasury yields, while investors awaited more cues from Federal Reserve officials on the central bank’s monetary policy shift.

FUNDAMENTALS

* Spot gold fell 0.1% to $1,748.01 per ounce by 0115 GMT, while U.S. gold futures were down 0.3% to $1,747.50.

* The dollar index was up 0.1%, making gold more expensive for holders of other currencies.

* Overnight, benchmark 10-year U.S. Treasury yields rose to their highest level in three months.

* U.S. Federal Reserve officials on Monday tied reduction in the Fed’s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank’s bond “taper.”

* Fed Chair Jerome Powell is due to testify later in the day before Congress on the central bank’s policy response to the pandemic.

* In prepared remarks, Powell said the U.S. central bank would move against unchecked inflation if needed.

* While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest.

* China’s central bank vowed to protect consumers exposed to the housing market on Monday and injected more cash into the banking system as the Shenzhen government began investigating the wealth management unit of ailing developer Evergrande.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 990.32 on Monday.

* Poland’s central bank has more than 230 tonnes of gold and plans to expand its reserves, the head of Poland’s Central Bank said on Monday.

* Silver fell 0.8% to $22.47 per ounce.

* Platinum dropped 0.5% to $976.07, while palladium was down 0.6% at $1,952.44.

DATA/EVENTS (GMT) 0130 China Industrial Profit YTD, YY Aug 1400 US Consumer Confid. Final Sept



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Gold eases as investors eye US inflation data, BFSI News, ET BFSI

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Gold prices edged lower on Tuesday as a stronger dollar crimped bullion’s appeal ahead of US inflation data that could offer cues on the possible timeline for the Federal Reserve‘s tapering.

FUNDAMENTALS
Spot gold fell 0.2% to $1,790.74 per ounce by 0138 GMT.

US gold futures eased 0.1% to $1,792.10.

The dollar index was steady after hitting a two-week high on Monday, making gold more expensive for holders of other currencies.

US consumer price data is due at 1230 GMT. Economists expect core CPI, an index which strips out volatile energy and food prices, to have risen 0.3% in August from July.

Expectations of US consumers for how much inflation will change over the next year and the coming three years rose last month to the highest levels since 2013, according to a survey released on Monday by the New York Federal Reserve.

Inflation in the euro area will “in all likelihood” ease as soon as next year but the European Central Bank is ready to act if it does not, ECB policymaker Isabel Schnabel said on Monday.

A city in China’s southeastern province of Fujian has closed cinemas and gyms, sealed off some entries and exits to highways and told residents not to leave town as it battles a local COVID-19 outbreak.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,000.21 tonnes on Monday from 998.17 tonnes on Friday.

Silver fell 0.1% to $23.70 per ounce, platinum was down 0.1% at $959.71 and palladium rose 0.3% to $2,092.64.



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Gold steadies below $1,800 as firm dollar, yields weigh, BFSI News, ET BFSI

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Gold prices steadied on Wednesday, after slipping 1.6% in the previous session when it breached the key psychological level of $1,800, as gains in the dollar and a rise in US Treasury yields hurt bullion’s appeal.

FUNDAMENTALS
Spot gold rose 0.1% to $1,796.03 per ounce by 0116 GMT, hovering slightly above the more than one-week low of $1,791.90 hit on Tuesday.

US gold futures were steady at $1,799.40.

The dollar hovered near a one-week peak against major peers.

The benchmark 10-year Treasury note rose as high as 1.385% on Tuesday for the first time since mid-July, increasing the opportunity cost of holding non-interest bearing bullion.

US President Joe Biden will present on Thursday a six-pronged strategy intended to fight the spread of the Delta coronavirus variant and increase vaccinations.

Japan’s economy grew faster than the initially estimated in the April-June quarter, helped by solid capital expenditure, although a resurgence in COVID-19 is undermining service-sector consumption and clouding the outlook.

Russia’s Nornickel, world’s largest producer of palladium and high-grade nickel, has extracted additional metals from waste products as part of new technology it tested to support its 2021 output from its Arctic mines that were hit by flooding, it said on Tuesday.

Venezuela’s gold reserves fell by three tonnes in the first half of 2021 to their lowest level in 50 years, central bank data showed on Tuesday, as President Nicolas Maduro’s cash-strapped government continues selling gold as a source of income.

Silver rose 0.1% to $24.32 per ounce, platinum edged 0.3% higher to $1,001.36 and palladium was up 0.2% to $2,376.37.



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Gold steady on caution ahead of US jobs data, BFSI News, ET BFSI

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Gold prices held steady on Wednesday as investors awaited a key US jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures.

FUNDAMENTALS
Spot gold was steady at $1,813.93 per ounce by 0109 GMT.

US gold futures were down 0.2% to $1,815.10.

The dollar index clawed 0.1% higher, having hit a more than three-week low on Tuesday.

Friday’s US nonfarm payrolls data is expected to help shape the Fed’s stance on monetary policy.

Gold is considered a hedge against inflation and currency debasement, which can be caused by massive stimulus measures.

US consumer confidence fell to a six-month low in August as worries about soaring COVID-19 infections and higher inflation dimmed the outlook for the economy.

Euro zone inflation surged to a 10-year high this month with further rises still likely to come, challenging the European Central Bank‘s benign view on price growth and its commitment to look past what it deems a transient increase.

ECB policymaker Robert Holzmann called for reducing the central bank’s emergency bond purchases as soon as next quarter, adding he expected a discussion on the matter next week.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 1,000.26 tonnes on Tuesday, its lowest level since April 2020.

Silver was flat at $23.88 per ounce, while platinum rose 0.3% to $1,015.49. Palladium climbed 0.5% to $2,479.06.



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Gold surpasses 45,000 mark today while silver struggles, BFSI News, ET BFSI

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Gold prices today rose in India as the U.S. dollar and Treasury yields eased, while President Joe Biden‘s $2 trillion-plus jobs plan supported the yellow metal’s appeal as a hedge against inflation. The dollar index pulled back after hitting a five-month high on Wednesday, making gold less expensive for holders of other currencies.

On MCX Gold May futures rose 0.23% to trade at Rs 45,040 per 10 gram, while Silver May futures traded 0.29% lower at Rs 63,630 per kg. Spot gold fell 0.16% to $1,713.20 per ounce, after touching its lowest since March 8 at $1,677.61 on Wednesday. In India, spot gold plunged by Rs 49 to Rs 43,925 per 10 gram on Wednesday reflecting overnight selling in global precious metal prices.

Gold is having support at $1700-1688 per troy ounce and resistance at $1724-1738 per troy ounce. Silver is having support at $24.20-23.80 per troy ounce and resistance at $24.88-25.20 per troy ounce

In the first three months of this year, gold is down about ₹5,000 per 10 gram in Indian markets and as compared to all-time high of ₹56,200, hit in August last year, the precious metal has corrected ₹11,000 from those levels.

According to Good Returns, the price of 10 grams of 22-carat-gold declined by Rs 250 to stand at Rs 43,370 from the earlier rate of Rs 43,620. Similar to the rates of 22-carat yellow metal, a fall of Rs 250 was witnessed in the prices of 10 grams of 24-carat gold which stood at Rs 44,370 compared to the previous day rate of Rs 44,620.



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