Gold prices tumble in Asia

19 August, 2016

Gold prices tumble in Asia

On Friday, gold prices sank during Asia trade with a cautious eye on the Fed as debate grows on the necessity for a rate lift by the end of the year.

In New York, December delivery gold futures decreased 0.28% to $1,353.45 per troy ounce. September delivery silver futures dropped 0.34%, trading at $19.672 per troy ounce. Additionally, September delivery copper futures surged 0.14%, being worth $2,171 a pound.

Overnight, gold rose as the evergreen buck dropped to a seven-week minimum against its main counterparts, while traders digested minutes from the Fed and the ECB for further clues on the scope as well as duration of a host of low interest rate policies from key banks around the globe.

Metal traders kept reacting to opaque minutes from the Federal Open Market Committee's July gathering, that provided few signals on whether the Fed could lift short-term interest rates before the end of 2016.

While some traders felt that economic conditions would warrant taking another step in removing policy accommodation soon, others judged that it would be good to wait for further incoming data on the American price stability as long-term inflation keeps hovering below the Fed's targeted objective of 2%. 


Source link  
Morning brief for December 30

EUR/USD spiked to 1.0653 in the course of the Asian session (its biggest intraday gain since early November). The US dollar slackened on the year-end profit-taking. There wasn’t any news hitting the wires. Italy’s government is going to bailout the country’s banks...

Morning brief for December 27

Financial markets are still sleeping with Christmas carols. Trading should be thin this week as the market participants are closing out 2016 volatile year...

Gold is tired of moving in the range

On the daily chart of gold, the bears remain control over the market. As long as quotes are below $ 1,195, their positions are not under threat. The update of the December low can lead to the continuation of downward movement towards $1,116...


Banks guidance ahead of the ECB meeting

It seems that everything is clear the ECB will extend its asset-purchasing program, and send the euro lower. But banks smell a rat in this announcement. The ECB should introduce more easing measures...

Goldman Sachs trade ideas for 2017

2017 is promising to be auspicious for the US dollar with the fiscal stimulus, immigration rhetoric and more protectionism spurring inflation rates and offsetting monetary policy tightening. The greenback should have a good advantage in light of the incoming political reshufflings in Europe...

Gold prices drop, but losses seen limited

Gold prices dipped, though losses were expected to remain quite limited as markets were jittery ahead of an American jobs report due later in the day and the American presidential election next week...


Sterling falls notwithstanding UK GDP

On Thursday, the British pound sagged against the greenback, notwithstanding data on third quarter growth showing that Britain’s economy shrugged off the immediate shock of the Brexit referendum...

Greenback is powered by Fed rate expectations

On Wednesday, the US dollar was backed by hopes that American interest rates will edge up by the year-end. It stood flat during Asia trade, just below a nine-month high reached overnight, while the Australian dollar earned as inflation data doused the probability of a rate drop there...

Gold prices drop in Asia amid stronger greenback

On Friday, gold dropped during Asia trade amid a strengthening greenback as well as surging chances of a rate hike weighing on the hedge commodity...

  


Share: