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Showing posts with the label Futures & Commodities

Futures & Commodities | Gold | Gold Price Report: Gold gains 1% as poor US data ignites growth worries

3 minutes - Source: CNBC Gold bars on display in Tokyo on September 27, 2010. Yoshikazu Tsuno | AFP | Getty Images Gold jumped more than 1% to its highest in a week on Thursday as weak U.S. data deepened concerns over economic growth and bolstered bets for further interest rate cuts by the Federal Reserve. Spot gold was up 0.5% at $1,507.43 per ounce. Earlier, prices had hit their highest since Sept. 25 at $1,518.50.  U.S. gold futures rose 0.4% to $1,513.30. U.S. services sector growth slowed to its most anaemic pace in three years last month, and job growth in the largest segment of the economy was the weakest in half a decade, a survey of purchasing managers showed. “We continue to see a string of weak economic data that exacerbate concerns about economic growth. On the back of that, we are seeing safe haven demand return significantly in products like gold,” said David Meger, director of metals trading at High Ridge Futures. “Th

Futures & Commodities | Gold | Gold Price Report: Gold climbs 1%; weak US data feeds economic fears:

3 minutes - Source: CNBC An employee returns a box of one kilogram gold bars to the safe in Budapest, Hungary, on June 17, 2013. Akos Stiller | Bloomberg | Getty Images Gold prices rose more than 1% on Wednesday as a report showing weaker-than-expected hiring by U.S. private employers stoked economic fears the day after another report showed weak manufacturing activity in the world’s largest economy. Spot gold was up 1.5% at $1,500.66 per ounce. Prices had hit a near two-month low of $1,458.50 on Tuesday, before climbing as much as 1% during the session. U.S. gold futures climbed 1.2% to $1,506.80 an ounce. “The main thing that is moving gold higher right now is yesterday’s manufacturing data that came out worse since 2009... and that has fed expectations of lower interest rates in the U.S. and is pushing gold higher,” said Bob Haberkorn, senior market strategist at RJO Futures. “The fact that we have contraction in manufacturing show

Futures & Commodities | Gold | Gold Market Report: Gold bounces off two-month lows on weaker US data

3 minutes - Source: CNBC An Argor-Heraeus SA stamp sits on a 250 gram gold bar in Budapest, Hungary, on  March 10, 2016. Akos Stiller | Bloomberg | Getty Images Gold rose on Tuesday, reversing course from earlier in the session, when it touched a near two-month low, as the dollar pared gains after weak U.S. manufacturing data bolstered bets for another interest rate cut by the U.S. Federal Reserve. Spot gold rose 0.7% to $1,482.28 per ounce, having touched its lowest since Aug. 6 at $1,458.50. U.S. gold futures were up 1.1% at $1,488.30. The U.S. manufacturing sector contracted in September to its weakest level in more than a decade as business conditions deteriorated further amid trade tensions with China. “It shows there might be significant corrections in the economy and traders are going back into safety right now,” said Phillip Streible, senior commodities strategist at RJO Futures. “This weaker data might support another Fed r

Futures & Commodities | Gold | Gold Price Report: Platinum, gold slide as dollar soars; palladium eases off record

3-4 minutes - Source: CNBC A worker holds a gold bullion on January 13, 2015 at Istanbul Gold Refinery in Istanbul, Turkey. Ozan Kose | AFP | Getty Images Platinum plunged more than 5% and gold shed 2% on Monday, leading a sharp decline across precious metals driven by a soaring dollar, with deficit -hit palladium too giving up some gains from a record rally that saw it breach $1,700. Silver slid more than 3% to its lowest in more than a month. Spot palladium eased 0.8% to $1,668.33 an ounce, having earlier touched a record high of $1,700.71. The metal has risen more than 9% this month. “There is strong fabrication demand but a good part of this is speculative demand from investors who expect prices to rise and also people who are getting out of gold, silver and platinum because those prices are falling, some of them are shifting into palladium,” said Jeffrey Christian, managing partner of CPM Group. “There’s a lot of concern that

Energy | Oil | Oil Price Report: Oil slides as Saudi supply rebound weighs

3 minutes - Source: CNBC Photo taken August 19, 2013 shows a worker checking oil tanks at an oil well near Tioga, North Dakota. Karen Bleier | AFP | Getty Images Oil fell on Thursday for the third straight day as Saudi Arabia’s moves to restore output quickly after attacks on its oil installations promised yet more oil supply. Brent crude futures were down 72 cents, or 1.1%, at $61.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 79 cents, or 1.4 percent, to $55.70 a barrel. “There has been not much joy for oil bulls in recent days as either sluggish stock market performance, recovering Saudi oil production or unexpectedly disappointing U.S. inventory data hindered any attempt to push prices higher,” Tamas Varga of oil brokerage PVM said. Prices were weighed down by the faster-than-expected recovery of Saudi output after the drone and missile strikes on two of its oil-processing plants, as well as a surprise 2.4-million-barrel b

Futures & Commodities | Gold | Gold Price Report: Gold recovers after sharp fall; strong dollar caps gains

3-4 minutes - Source: CNBC One kilogram gold bars are displayed for a photograph at the YLG Bullion International headquarters in Thailand on January 13, 2016. Dario Pignatelli | Bloomberg | Getty Images Gold prices rose on Thursday after a near 2% slide in the previous session triggered buying interest for the safe-haven metal, although a strengthening U.S. dollar capped gains. Spot gold rose 0.4% to $1,510.30 an ounce. U.S. gold futures were up 0.2% at $1,514.90. “We are seeing increasing volumes in the exchange-traded funds (ETF) to position gold on yesterday’s sell-off. This goes to show that these dips are being bought by investors,” said Daniel Ghali, commodity strategist at TD Securities. Reflecting investors’ sentiment in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed ETF, jumped to 924.94 tonnes on Wednesday, up 1.8% from the previous day. However, denting gold’s appeal, the dollar firmed near thre

Futures & Commodities | Gold | Gold Price Report: Gold dips 1% as investors opt for dollar amid Trump probe

3 minutes - Source: CNBC One kilogram gold bars are displayed for a photograph at the YLG Bullion International headquarters in Thailand on January 13, 2016. Dario Pignatelli | Bloomberg | Getty Images Gold slid 1% on Wednesday, retreating from a multi-week peak, as political uncertainties in the United States stemming from an impeachment inquiry into President Donald Trump drove investors to the safety of the dollar, limiting bullion’s appeal. Spot gold fell 1.2% to $1,513.75 per ounce. On Tuesday, prices hit their highest since Sept. 5 at $1,535.60. U.S. gold futures were down 1.3% at $1,520.70. The dollar index hit a two-week high on safe haven interest amongst investors looking to hedge against risks emanating from the inquiry into Trump accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year’s election, in turn limiting the appeal of the traditional haven, gold. “It (gold’s pullback) started

Futures & Commodities | Gold | Gold Price Report: Gold hits 2-week high on growth fears, palladium scales new peak

3 minutes - Source : CNBC An employee arranges gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand on January 13, 2016. Dario Pignatelli | Bloomberg | Getty Images Gold rose on Monday to its highest in over two weeks as weak economic data from the euro zone stoked global recession fears and forced investors to seek refuge in bullion, while palladium soared to a record on a sustained supply shortfall. Spot gold was up 0.5% at $1,524.71 per ounce, after hitting its highest since Sept. 6. U.S. gold futures rose 1.1% to $1,532.40 an ounce. “The weak German PMI numbers gave a little bit of a shock to the stock market and led investors into safety like gold and silver,” said Phillip Streible, senior commodities strategist at RJO Futures. Gold could hit $1,550 in this supportive environment of “weak interest rates, increasing geopolitical risks, no (trade) agreement with China and weak data that s

Futures & Commodities | Gold | Gold Price Report: Gold gains support from weaker dollar after less-dovish Fed

3-4 minutes - Source: CNBC An employee arranges one kilogram gold bars at the Perth Mint Refinery in Perth, Australia, on Aug. 9, 2018. Carla Gottgens | Bloomberg | Getty Images Gold prices gained on Thursday, helped by a weaker dollar and as investors looked for clarity on future U.S. interest rates after the Federal Reserve on Wednesday signaled a higher bar to further reductions in borrowing costs. Spot gold was up 0.2% to $1,497.30 per ounce, after falling to $1,484.16, a one-week low, in the previous session. U.S. gold futures dipped 0.7% to $1,504.90 an ounce. “The dollar has started to come off and provide some relief (to gold prices) and if so, you’re going to see some buying come in, prices of gold will move higher,” said Alex Turro, market strategist at RJO Futures. “The outlook as far as Fed Chairman Powell and the Fed is concerned, you’re going to be looking out to October. The committee was divided, the rhetoric really d

Futures & Commodities | Gold | Gold Price Report: Gold holds above $1,500, eyes Fed decision

3 minutes - Source: CNBC Gold bars sit in a vault at the Perth Mint Refinery in Perth, Australia, on August 9, 2018. Carla Gottgens | Bloomberg | Getty Images Gold edged higher on Wednesday, holding above the key $1,500 per ounce level, ahead of the U.S. Federal Reserve’s monetary policy decision, when the central bank is widely expected to cut interest rates. Spot gold rose 0.3% to $1,506.98 per ounce, while U.S. gold futures were up 0.1% to $1,514.90. “All eyes are now on the FOMC (Federal Open Market Committee) and the gold market has been pretty sensitive to FOMC and Fed policy this year, so the expectations of a rate cut are supportive for gold,” said James Steel, chief precious metals analyst at HSBC. The Fed interest rate decision is due at 2 p.m. with investors largely pricing in a quarter-point cut, with focus on forward guidance as the central bank policymakers are deeply divided on the need for further easing as U.S. econ

Futures & Commodities | Gold | Gold Price Report: Gold edges higher as investors await Fed policy decision

3 minutes - Source: CNBC Gold bars sit in a vault at the Perth Mint Refinery, operated by Gold Corp., in Perth, Australia, on Thursday, Aug. 9, 2018. Carla Gottgens | Bloomberg | Getty Images Gold rose on Tuesday, propped up by expectations for an interest rate cut by the Federal Reserve, but traded within a relatively narrow range as investors awaited further clarity on the U.S. central bank’s stance on future monetary policy. Spot gold was trading 0.5% higher to $1,505.26 per ounce.  U.S. gold futures rose 0.1% to $1,513.20 an ounce. “What you have is traders positioning in gold right now trying to prep themselves for the Fed meeting,” said Michael Matousek, head trader at U.S. Global Investors. The Fed is widely expected to announce a rate cut when it concludes a two-day policy meeting on Wednesday. It would be the central bank’s second such cut after lowering rates in July for the first time since the 2008 financial crisis. A Fe

Futures & Commodities | Gold | Gold Price Report: Gold rises 1% on global turmoil — but silver surges more

Saheli Roy Choudhury 3 minutes - Source: CNBC Gold and silver prices jumped more than 1% on Monday as investors fled to safe-haven assets after an attack on Saudi oil facilities raised concerns over global energy supply and ratcheted tensions in the Middle East. Spot gold jumped 1.27% to $1,507.40 per ounce while U.S. gold futures rose 0.83% to $1,512.1. The gold-backed SPDR Gold Trust exchange-traded fund was down 0.82% at $140.15, with 874.51 tonnes of gold in trust on Friday. Like gold, silver is seen as a safe-haven investment but the metal is also used in the production of consumer electronics goods as well as in the industrial sector, such as solar panels. Spot silver gained 2.96% to $17.94 per ounce. The moves came after Saudi Arabia on Saturday shut down half its oil production after a series of strikes hit the world’s largest oil processing facility . The attack was claimed by Yemen’s Houthi rebels and the Trump administration

Futures & Commodities | Gold | Gold Price Report: Gold dips to 2-week low as risk sentiment improves, yields gain

3 minutes - Source: CNBC Gold bullion bars and coins. Getty Images Gold fell to an over two-week low on Monday, briefly breaking below the key $1,500 support, as renewed risk appetite and gaining U.S. yields outweighed support for bullion from expectations for interest rate reductions by top central banks. Spot gold fell 0.3% to $1,502.47 per ounce. The metal touched $1,497.30, its lowest since Aug. 23.  U.S. gold futures fell 0.3% to $1,510.70. Higher U.S. Treasury yields and a “bit of a renewed risk appetite” are weighing on gold, said Bart Melek, head of commodity strategies at TD Securities in Toronto. “Gold positions are extremely long right now so its not particularly surprising that we’re seeing some profit-taking and extension of short exposures right now. ... The market got a little bit ahead and it’s paring back that attitude.” Speculators increased their bullish positions in COMEX gold and silver contracts in the week t

Futures & Commodities | Gold | Gold Price Report: Gold rebounds on weaker US jobs growth, eyes weekly gain

3 minutes - Source: CNBC Gold turned positive on Friday, after falling as much as 1% earlier, as a weaker-than-expected U.S. nonfarm payrolls report weighed on the dollar and increased appetite for safe-haven bullion, putting it on course for a weekly gain. Spot gold was up 0.1% to $1,519.96 per ounce, while U.S. gold futures gained 0.1% to $1,526.5. The U.S. Labor Department’s monthly employment report showed job growth slowed more than expected in August, with retail hiring declining for a seventh month. The dollar also dipped following the payrolls data, making gold cheaper for investors holding other currencies. “Today’s jobs number missed expectations, causing gold to bounce higher. It just lends more credence to the fact that the job numbers are getting a little softer and it supports another rate cut by the U.S. Federal Reserve,” said Bob Haberkorn, senior market strategist at RJO Futures. Federal fund futures implied that trad

Futures & Commodities I Gold I Gold Price Report: Gold steadies near multi-year peak as US yields slip

3 minutes - Source: CNBC Lussory Gold by Lootah Premium Foods Source: Lootah Premium Foods Gold on Wednesday steadied near its highest in over six years as focus returned to economic woes with 10-year U.S. Treasury yields slumping to a three-year low, while a slight improvement in risk sentiment slowed bullion’s advance. Spot gold rose 0.3% to $1,551.14 per ounce, near last week’s $1,554.56, its highest since April 2013. U.S. gold futures settled $4.40 higher at $1,560.40. “Gold can move a bit higher, a big driving macro force is the decline in global yields, which seems to be spreading. When you have gold, at least you can get your money back if prices change. If you buy sovereign bonds, you won’t get your money back,” said Edward Meir, analyst at INTL FCStone. U.S. Treasury yields fell as the benchmark 10-year yield hit its lowest since July 2016, after U.S. manufacturing data showed the first contraction since 2016 on worries ab

Futures & Commodities I Gold I Gold Price Report: Gold, silver surge after weak US data compounds slowdown fears

3 minutes - Source: CNBC Gold rose more than 1% on Tuesday after weak manufacturing data from the United States reinforced fears of an economic downturn, while uncertainties over U.S.-China trade ties and Brexit further boosted bullion’s safe-haven appeal. Meanwhile, silver followed gold’s rally to jump 3% while breaching the $19 mark for the first time since October 2016 at $19.07 per ounce. Spot gold rose 1.1% to $1,547.70 per ounce, not far off its more than six-year high of $1,554.56. U.S. gold futures surged 1.8% to $1,557.20. Renewing fears of a sharp economic slowdown and weighing on risk sentiment, U.S. manufacturing activity contracted for the first time in three years in August. Weak manufacturing data “will further embolden the view that the U.S. Federal Reserve is going to need to be aggressive with rate cuts,” said Ryan McKay, a commodity strategist at TD Securities. “Equities are on the back foot, that’s what’s keeping

Futures & Commodities I Gold I Gold Price Report: Gold firms as slowdown fears linger; positive trade vibes cap gains

2-3 minutes - Source: CNBC A Jordanian goldsmith places gold chains for display at his jewelry shop in Amman, Jordan. Muhammad Hamed | Reuters Gold firmed near a multi-year peak on Thursday as fragile sentiment over the global economy boosted safe havens, while positive signals on U.S.-China trade buoyed risk sentiment and capped bullion’s advance. Other precious metals also rallied, with silver hitting its highest in more than two years and platinum jumping 3%. Spot gold rose 0.2% to $1,541.64 per ounce, within sight of its highest level since April 2013, the $1,554.56 hit on Monday.  U.S. gold futures rose 0.1% to $1,550.70 per ounce. “A lot of traders out there feel that even though China came back and said that they want to talk calmly, nothing has really changed ... (Even) with the markets rallying, gold has been pretty much flat,” said Michael Matousek, head trader at U.S. Global Investors. Wall Street gained after China’s comm

Futures & Commodities | Gold Price Report: Gold eases as investors book profits, dollar firms

3 minutes A worker holds a gold bar in the Austrian Mint (Muenze Oesterreich) headquarters in Vienna. Leonhard Foeger | Reuters Gold eased on Wednesday on a stronger dollar and as investors locked profits following the more than 1% jump in the last session, but uncertainty over U.S.-China trade and the global economy kept safe-haven bullion near a multi-year peak. Spot gold fell 0.4% to $1,536.83 per ounce. On Monday it touched $1,554.56, its highest since April 2013. U.S. gold futures fell $2.70 to settle at $1,549.10 per ounce. “We aren’t seeing any additional tensions. A lot of the news - the trade war and economic concerns - has been factored in by the market over the last few days,” said David Meger, director of metals trading at High Ridge Futures, adding profit-taking following the rally in response to a firmer dollar was weighing on gold. The dollar rose 0.2%, making gold more expensive for holders of other currencies, while U.S. stock markets

Futures & Commodities I Gold I Gold Price Report: Gold gains on trade concerns, silver breaches $18/oz mark

3-4 minutes - Source: CNBC A woman checks products in a gold and jewelery store in Corum, Turkey. Umit Bektas | Reuters Gold rose on Tuesday as investors sought cover from global uncertainties including the U.S.-China trade dispute, while silver latched on to bullion’s rally to breach the $18 an ounce mark for the first time in nearly two years. Spot gold rose 1.1% to $1,542.7 per ounce. However, gold prices shed nearly $30 from a high of $1,554.56 it hit on Monday, a level last seen in April 2013, after U.S. President Donald Trump said negotiations with China on the long-drawn tariff war have resumed. U.S. gold futures for December delivery rose 1% to $1,552.7. While Trump’s comments that China had offered to resume trade talks assuaged some concerns in the wider financial markets, uncertainty prevailed as Beijing declined to confirm the assertion. “We continue to have concerns about the global economy. The U.S. President’s deal

Futures & Commodities | Golds | Gold Price Report: Gold scales over 6-year peak on heightened trade, economic risks

3-4 minutes - Source: CNBC Gold surged to a more than six-year peak on Monday, surpassing $1,550 in early trade, as investors sought safety from a host of uncertainties including heightened U.S.-China trade tensions and a fragile global economy. Spot gold rose 0.6% to $1,534.44 per ounce, paring gains to shed more than $20 from earlier in the session when the metal had jumped to its highest since April 2013 at $1,554.56.  U.S. gold futures for December delivery gained 0.5% to $1,544.50. Meanwhile, gold in euro and Australian dollar hit record levels. “There’s a great deal of uncertainty and instability in the global financial markets and economies. And in that kind of environment, investors are bouncing around so they are buying into gold and buying out of gold,” said Jeffrey Christian, managing partner of CPM Group. Washington announced last week an 5% additional duty on $550 billion in targeted Chinese goods, hours after China unve