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 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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Gold Market Update : Epic Research Singapore

August gold GCQ6, +1.84%  gained $18.40, or 1.4%, to settle at $1,339 an ounce, with futures marking the highest close since July 10, 2014. Trading was choppy this week, but prices saw a 1.3% weekly gain, according to FactSet data, after posting a nearly 7% climb for the second quarter.

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Gold Market Update : Epic Research Singapore

Gold futures finished lower on Thursday, as so-called riskier assets lured investors away from the metal, but still scored a second-straight quarterly gain to leave the yellow metal up nearly 25% in the first half of the year.

August gold GCQ6, +0.74%  fell $6.30, or 0.5%, to settle at $1,320.60 an ounce, pulling back a day after futures prices marked their highest close since July 11, 2014.

After spotty, post-Brexit volatility, prices have turned slightly lower for the week so far. But they were up about 6.9% for the second quarter and have climbed 24.6% since the end of 2014, according to FactSet data.

Silver has been the standout gainer among the metals over recent sessions, and Thursday was no exception; silver posted slim gains on the heels of a steep Wednesday advance.

September silver SIU6, +2.18%  gained 21.6 cents, or 1.2%, at $18.623 an ounce—the highest settlement since mid-September of 2014. Futures prices are up roughly 20% for the quarter and up about 35% year to date.

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Gold Market Update : Epic Research Singapore

Gold futures climbed toward a two-year high Wednesday, and silver rallied by nearly 3% as the precious metals gained momentum on the back of a weaker U.S. dollar.

Global markets continued to sort out risks tied to the U.K.’s plan to split from the European Union. “It is not all risk-on today…because the yellow metal is shining again as smart money is wary of current [riskier-asset] gains,” said Naeem Aslam, chief market analyst at ThinkForex.

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Gold Market Update : Epic Research Singapore

Gold futures ended lower after two consecutive days of gains as haven investments lost some traction following a tentative return of risk appetite, three days after the U.K. voted to exit the European Union.

The decision, dubbed Brexit, has roiled global markets since Friday, driving investors out of assets perceived as risky and into havens like gold

But on Tuesday, stock markets steadied, diminishing the appeal of assets like gold, which is traditionally viewed as a port in a storm.

“Given the rapid rise in gold prices from the Brexit results of around $80 per ounce, some profit taking. is a positive signal for a longer-term bullish trend in gold prices,” Anthem Blanchard, chief executive officer of Anthem Vault, told MarketWatch.

On Tuesday, August gold GCQ6, +0.44%  fell $6.80, or 0.5%, to settle at $1,317.90 an ounce after closing at $1,324.70 an ounce Monday, the highest settlement level since July 11, 2014.

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Gold Market Update : Epic Research Singapore

Gold futures settled higher for a second session in a row on Monday, holding ground at their best level in close to two years in the wake of the U.K.’s historic and market-rattling decision to exit from the European Union.

“The fear trade is likely to remain in place this week, at least until we understand the next political steps and key positions across policy makers,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. Gold tends to draw haven demand during market volatility.

August gold GCQ6, -0.27% rose $2.30, or 0.2%, to settle at $1,324.70 an ounce, with prices holding ground at their highest settlement level since July 11, 2014. On Friday, they posted a gain of $59.30, or about 4.7%—the largest single-session dollar and percentage climb since September 2013, according to FactSet data.

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