Gold heads for monthly decline as Fed rate fears damp its appeal

Gold is headed for the first monthly decline since May as investors price in the prospect of higher US borrowing costs by the end of the year and slowing purchases of bullion-backed exchange-traded funds.

Bullion for immediate delivery was 0.2 per cent higher at US$1,313.49 an ounce at 9:29am in Singapore, according to Bloomberg generic pricing. The metal dropped to US$1,309.34 on Tuesday, the lowest level since June 28, and is down 2.8 per cent this month.

Gold's drop this month would be the first for August since 2009, as the metal generally climbs on jewelry demand ahead of the wedding and festival season in India, the top consumer along with China. The pullback has followed hawkish comments by Federal Reserve officials, which have increased bets on monetary tightening and boosted the US dollar.

Fed Vice Chairman Stanley Fischer said Tuesday incoming economic data will determine the trajectory of interest-rate increases and expressed optimism that productivity growth will rebound.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Gold treads water as investors count down to Yellen's address

Gold is treading water before a speech by Federal Reserve Chair Janet Yellen on Friday that may shed light on the U.S. central bank's tightening path, with prices closing within a US$4 range since Friday.

Bullion for immediate delivery was at US$1,337.07 an ounce at 3:13 pm in Singapore, according to Bloomberg generic pricing, from US$1,337.56 on Tuesday, the lowest close since Aug 12.

Gold's in a holding pattern after a 26 per cent rally this year as comments from Fed officials are parsed for clues on the timing of any increase. After several policy makers signaled in recent days that tighter policy may be warranted this year, investors are counting down toward Ms Yellen's speech at the annual Jackson Hole symposium. Higher borrowing costs typically damp the appeal of bullion.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Hot stock: CNMC Goldmine up 4.8% on active trade

SHARES of CNMC Goldmine Holdings leapt on active trading on Monday in an otherwise listless market, likely buoyed by continued positive sentiment stemming from its second-quarter results.

At 12.30pm, the share price was up 4.8 per cent or 2.5 Singapore cents at 54.5 Singapore cents, after 10.9 million shares changed hands. The broader Singapore market was edging down, with the benchmark Straits Times Index down 2.67 points at 2,841.35.

Dealers note that investors were probably responding to CNMC's strong set of results for the second quarter ended June 30 released earlier this month and higher dividends.

Having produced and sold a record amount of gold output and achieved higher average gold prices, CNMC posted a 31 per cent growth in net profit to US$4.70 million from the year-ago period. It reported its highest quarterly gold output and sales of 9,807 ounces since it started gold production in July 2010, 24.5 per cent more than a year earlier. The average realised gold price was 8.1 per cent higher in the quarter than a year ago.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Gold futures settle lower, log weekly loss

Gold futures settled lower Friday and prices ended in negative territory, marking their fourth weekly decline in five.

The metal had spent much of the session trading higher as disappointing economic data from China and the U.S. helped to draw bidders in the yellow metal, but investors were wary as prices failed to hold ground above the key $1,350-an-ounce level.

December gold GCZ6, -0.61% fell $6.80, or 0.5%, to settle at $1,343.20 an ounce after tapping a high of $1,362.50. For the week, prices lost about 0.09%, according to FactSet data.

Silver for September delivery SIU6, -1.50%  shed 31.7 cents, or 1.6%, to $19.703 an ounce, with futures prices losing 0.6% for the week.

“If gold breaks up through $1,350, it will run much higher,” said Julian Phillips, founder of and contributor to GoldForecaster.com.

Despite the losses for gold Friday, some analysts remained upbeat over the prospects for the metal in the weeks ahead.

Phillips pointed out the “rapid approach of the ‘gold season’ in September.”

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Dollar slips as weak data shift Fed rate-hike expectations

The dollar slumped Friday, locking in a slight weekly decline against its main rivals, as a raft of disappointing U.S. economic data led investors to dial back their expectations for the timing and pace of Federal Reserve interest-rate hikes.

The greenback USDJPY, -0.65% weakened to ¥101.09 late Friday after a raft of U.S. economic data, compared with ¥101.86 late Thursday in New York. The euroEURUSD, +0.2155% strengthened to $1.1163 late Friday, compared with $1.1138 late Thursday.

Meanwhile, the pound GBPUSD, -0.2779% weakened to $1.2917, compared with $1.2957 late Thursday. Against the euro, the British currency EURGBP, +0.5234% fell to a new post-Brexit low.


The ICE U.S. Dollar index DXY, -0.24% a measure of the buck’s strength against a basket of half a dozen rivals, finished the week down 0.5% at 95.7260.

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Gold finishes lower as stocks rally, dollar strengthens

Gold futures surrendered earlier gains to finish lower on Thursday as strength in the U.S. stock market and the dollar offset support from a report showing strong investment demand for precious metals in the first half of 2016.

December gold GCZ6, -0.31% fell $1.90, or 0.1%, to settle at $1,350 an ounce. Prices had traded lower early Thursday, turned higher, then fell back again near the settlement time, trading inversely to moves in the U.S. dollar. Silver for September delivery SIU6, +0.12% finished at $20.02 an ounce, up 15 cents, or 0.7%.

Earlier Thursday, gold appeared to be “gaining support from investors who do not believe in the stock market’s rally,” said Michael Armbruster, principal and co-founder at Altavest, told MarketWatch.

But “a simultaneous rally in gold and the stock market” was not likely to persist, he said. “It looks like gold blinked today, but our outlook over coming weeks is still pointed higher. We can’t help but remain skeptical of the stock market’s rally.”

Industry data released overnight showed underlying demand for gold in the face of scant yield in other so-called safety investments.

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Gold Update of 10th aug'2016 BY EPIC RESEARCH

Gold prices closed up modestly on Tuesday as weakness in the U.S. dollar delivered a boost to the yellow metal. 

December gold rose $5.40, or 0.4%, to settle at $1,346.70 an ounce, ending two consecutive sessions of losses for gold.

Technical traders said some short-covering, or buying back borrowed securities to close an open short position, emerged in the futures market to account for some of Tuesday’s rebound.

Gold prices have been subdued since last week’s stronger-than-expected July jobs report pushed down precious metals prices as expectations for a U.S. interest-rate hike in 2016 increased. So far this month, gold futures are off about 0.8%, but year to date are up 27%, underpinned by global economic uncertainty and bets that the rates will stay lower for longer.

The CME Group’s Fed Watch tool, which tracks pricing in short-term interest-rate futures, puts the chance of a rate increase by year-end at about a coin toss. That is up from a 30% chance for such a scenario priced in before last week’s stronger-than-expected July jobs report. Tuesday’s relatively thin economic calendar could extend the wait for fresh, market-moving data.

Meanwhile, new buyers for precious metals have emerged since Friday’s data-induced volatility, analysts said.

“There has been record buying of gold ETFs since Friday and this is sign of a healthy market,” said Maxwell Gold, director of investment strategy for ETF Securities. Some investors see the pullback in prices as a good buying opportunity. According to Gold, new players, such as private wealth managers, are beginning to enter the market, and there is potential for more demand from this group.

The exchange-traded fund SPDR Gold Trust ended 0.4% higher Tuesday, while the silver ETF iShares Silver Trust gained 0.7%.

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Dow, S&P 500 close lower as oil prices drop

The Dow Jones Industrial Average and S&P 500 Index closed lower Monday as oil prices slipped, while the Nasdaq Composite Index finished at its highest level in more than a year. The Dow industrials closed down 27.73 points, or 0.2%, at 18,404.51, weighed by more than 3% drops in shares of Exxon Mobil Corp. and Chevron Corp. The S&P 500 declined 2.76 points, or 0.1%, at 2,170.84, as the energy sector dropped 3.3%. Oil prices settled down 3.7% at $40.06 a barrel. The Nasdaq rose 22.06 points, or 0.4%, to close at 5,184.20, its highest close since July 21, 2015.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter :http://www.twitter.com/epicresearchsg Like Us On Facebook :http://www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Gold Market Update : Epic Research Singapore

Gold futures finished lower on Monday, extending losses from the previous session, as expectations for a U.S. Federal Reserve interest-rate increase later this year grow.

The Fed will conclude a two-day policy meeting Wednesday afternoon. While no monetary policy moves are expected, its statement will be watched closely for clues to future action.

Gold for August delivery on Comex GCQ6, -0.24%  fell $3.90, or 0.3%, to settle at $1,319.50 an ounce. Prices posted a second consecutive weekly loss on Friday as a stronger dollar and rising equities dulled its haven appeal. September silver SIU6, +0.02%  lost 4.2 cents, or 0.2%, at $19.647 an ounce.

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Gold Market Update : Epic Research Singapore

Gold futures managed to settle with a modest gain Thursday, during a rocky trading session that saw prices touch their lowest levels in about a month.

Weakness in the dollar and U.S. equities and expectations of accommodative central-bank policies combined to nudge gold prices higher.

August gold GCQ6, -0.67%  tacked on $11.70, or 0.9%, to settle at $1,331 an ounce. It saw a wide range of trading between a high of $1,332.30 and a low of $1,310.70, the weakest intraday price since June 23, according to FactSet data. It had settled Wednesday with a loss of 1% at $1,319.30. That close came just a day after gold marked its highest finish in nearly a week.

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Gold Market Update : Epic Research Singapore

Gold futures managed to settle with a modest gain Thursday, during a rocky trading session that saw prices touch their lowest levels in about a month.

Weakness in the dollar and U.S. equities and expectations of accommodative central-bank policies combined to nudge gold prices higher.

August gold GCQ6, -0.28%  tacked on $11.70, or 0.9%, to settle at $1,331 an ounce. It saw a wide range of trading between a high of $1,332.30 and a low of $1,310.70, the weakest intraday price since June 23, according to FactSet data. It had settled Wednesday with a loss of 1% at $1,319.30. That close came just a day after gold marked its highest finish in nearly a week.

Gold held its early gains after the European Central Bank took expected inaction on interest rates but said it would keep up its bond-buying stimulus. The metal then took a dip lower and climbed again.

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Gold Market Update : Epic Research Singapore

Gold and silver futures settled Wednesday at their lowest levels in about three weeks, as the dollar found traction on rate-hike expectations and U.S. stocks gained on the back of mostly upbeat earnings results.

“Haven” gold tends to move opposite the dollar and riskier stocks, but while gold has been choppy in recent sessions as stock indexes SPX, +0.43%  test records, the yellow metal remains underpinned by global growth uncertainty.

Read: Dow poised for 7th straight record as Microsoft rallies

August gold GCQ6, -0.42%  fell $13, or 1%, to settle at $1,319.30 an ounce. Prices, based on the most-active contracts, logged their lowest settlement since June 28, according to FactSet. That close comes just a day after marking its highest finish in nearly a week.

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Gold Market Update : Epic Research Singapore

Gold futures tiptoed higher in subdued action Tuesday, notching their best settlement in almost a week as some a pull back in U.S. stocks helped to support haven demand.

Gold has generally maintained its uptrend, but has been tracking stocks recently. Equities were trading mostly lower Tuesday by the time gold prices settled.

August gold GCQ6, +0.02%  rose $3, or 0.2%, to settle $1,332.30 an ounce—the highest settlement since last Wednesday. Prices of gold rose 0.1% on Monday, after falling some 2% last week amid stock-market gains and Bank of England inaction on interest rates. Still, over the previous six weeks, gold had settled higher weekly for a cumulative gain of nearly 12%.

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Gold Market Update : Epic Research Singapore

Gold futures settled narrowly higher on Monday, taking back some of last week’s decline, with investors showing caution after a failed weekend coup in Turkey.

Prices suffered a loss of 2.3% last week, their first weekly loss in nearly two months as record-high U.S. stocks and the Bank of England’s pass, for now, on cutting interest rates lured investors into riskier markets away from nonyielding gold.

“A coup attempt in Turkey late Friday that was quickly quashed, but not without violence, has not had a serious impact on the world marketplace,” said Jim Wyckoff, senior technical metals analyst at Kitco. “Traders and investors reckon the matter was an isolated incident.”

The city of Ankara shut down the coup attempt, but Turkish stocks fell sharply Monday and its currency, the lira USDTRY, +0.2015% weakened. That helped to underpin demand for gold.

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Gold Market Update : Epic Research Singapore

Gold futures snapped a six-week rally Friday, posting their first weekly loss in almost two months, as the world reacted to another gruesome terror attack in France.

August gold GCQ6, +0.41%  shed $4.80, or 0.4%, to settle at $1,327.40 an ounce on Friday, for a 2.3% drop on the week. Over the previous six weeks, gold had settled higher on a weekly basis for a cumulative gain of nearly 12%.

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Gold Market Update : Epic Research Singapore

Gold futures finished with a loss on Thursday, their fifth in six sessions, as global equities mostly climbed after the Bank of England surprised investors by opting not to cut benchmark interest rates.

Some analysts expected a rate cut in the wake of the U.K.’s decision to exit the European Union.

August gold GCQ6, -0.22%  fell $11.40, or 0.9%, to settle at $1,332.20 an ounce. Prices gained 0.6% on Wednesday after a four-session decline.

September silver SIQ6, -0.36%  eased by 9.1 cents, or 0.5%, to $20.322 an ounce. Silver futures settled near a two-year high on Wednesday.

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Gold Market Update : Epic Research Singapore

Gold futures turned in a third day of declines Monday, after an attempt to recoup recent losses fizzled in light of stronger U.S. stocks and the dollar.

Meanwhile, silver futures extended recent gains that lifted prices for seven out of the previous eight trading sessions.

A stronger-than-expected report on U.S. employment Friday prompted gold to end last week on a sour note. Gold and silver, however, still managed to each log a sixth-weekly gain as investors expect the metals’ rise to be underpinned by global economic uncertainty and what’s still anticipated to be a go-slow approach to interest-rate increases at the Federal Reserve.

August gold GCQ6, +0.07% settled down $1.80, or 0.1%, at $1,356.60 an ounce, after trading above $1,360 earlier in the session. Even with the recent declines, gold logged a weekly gain of 1.5% on Friday.

Silver, boosted both by hedging demand and for its use as an industrial commodity, settled higher. September silver SIU6, +1.01%  added 20.5 cents, or 1%, to finish at $20.304 an ounce, the highest settlement price since August 2014.

The SPDR Gold Trust ETF GLD, -0.94% was down 0.8%, while the iShares Silver Trust SLV, +0.42% tacked on 0.5%.

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Gold Market Update : Epic Research Singapore

Gold futures settled lower Thursday, pulling back after a three-session climb that lifted prices to their highest level in roughly two years.

The decline came as upbeat U.S. economic data triggered some uncertainty around U.S. interest-rate expectations, ahead of the closely watched monthly employment report due Friday.

August gold GCQ6, -0.36%  shed $5, or 0.4%, to settle at $1,362.10 an ounce. Gold futures had climbed over the past three trading session and closed on Wednesday at $1,367.10 an ounce, the best finish since March 2014, according to FactSet data.

September silver SIU6, -0.52%  dropped 36.5 cents, or 1.8% at $19.838 an ounce following Wednesday’s settlement at a roughly two-year high of $20.203.

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Gold Market Update : Epic Research Singapore

Gold futures rallied to settle at a fresh two-year high on Wednesday, while silver rose for a sixth straight session to top $20 an ounce.

Prices for both metals had benefitted from a rush to safety sparked by uncertainty surrounding the U.K. vote late last month to leave the European Union. In electronic trading, gold futures extended their gains after minutes from the U.S. Federal Reserve’s last meeting implied that an interest-rate hike remained on hold.

August gold GCQ6, +0.26%  gained $8.40, or 0.6%, to settle at $1,367.10 an ounce, again marking their highest settlement since March 2014, according to FactSet data.

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Gold Market Update : Epic Research Singapore

Gold futures rose Monday, building on their recent gains spurred by the U.K.’s decision to exit the European Union.

August gold GCQ6, +0.49%  climbed $15.20, or 1.1%, to $1,354.20 an ounce, while September silver SIU6, +1.77%  jumped by 98 cents, or 5%, to $20.57 an ounce.

On Friday, gold settled 1.4% higher for the session, finishing with an advance of 1.3% for the week and achieving its fifth straight weekly gain.

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