September 24, 2018

Gold edges down on firm dollar, 22k priced at Dh149.75

13 May 2018, 12:00 | Austin Hogan

Daily June U.S. Dollar Index

U.S. Dollar Index

U.S. interest rates futures rose on Thursday even as a smaller than expected increase in the USA consumer price index (CPI) in April did not alter traders' expectations that the Federal Reserve will mostly likely raise key borrowing costs in June.

After its most recent bottom around $1,303, gold is now above $1,305. When the dollar goes up, the precious metal will fall as dollar-priced gold turns less attractive to investors using other currencies.

"Gold is still stuck mirroring moves in the dollar", said Adrian Ash, head of research at BullionVault. 10-year US Treasuries are now yielding 2.994%.

"It's also likely to dent Chinese and especially Indian consumer buying near-term, leaving money managers as the only growing source of private demand", said Ash.

"It (gold's rise) was mostly a response to the consumer price data out of the U.S. yesterday", Capital Economics analyst Simona Gambarini said.

Potential Arsene Wenger successor will talk with his club this summer
Arsene Wenger admitted he enjoys keeping his mind active and being out on the training pitches too much to retire from football. Two names on the bookies' shortlists, Massimiliano Allegri and Luis Enrique, are reportedly in Arsenal's sights.

Are Women Candidates Winning More In 2018?
Watson, who worked on labor policy as a congressional staffer in Washington , has the backing of more than two dozen labor groups. Gallup's latest weekly update put Trump's approval rating at forty-two per cent, the highest level since May of previous year .

Police investigate deadly stabbing in Paris
The incident took place in Opera district of central Paris and the site was about 400 metres away from Paris Opera House. Macron said: "France is once again paying the price of blood, but will not cede an inch to enemies of freedom".

In other news, North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible USA sanctions on Russian Federation.

Gold is traditionally seen as a safe place to park assets in times of uncertainty or conflict. "From here, a push through minor barriers in the $1,323.60-$1,333.42 area opens the door for a challenge of resistance defining the broadly bearish bias since the beginning of the year", he said.

In other precious metals, silver gained 0.6% to US$16.59 an ounce after hitting a two-week high at US$16.62 in the previous session.

July copper climbed less than 0.1% to $3.112 a pound, with prices scoring a weekly rise of 0.8%. Spot gold was up 0.1 per cent at $1,322.90 an ounce at 1420 GMT after touching its highest since April 25 at $1,325.96, nudging its 100-day moving average of $1,326.

Elsewhere, North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russian Federation.

Other News

Trending Now

IGP Replies Senate, 'I Owe You No Apology'
The Senate consequently asked the Police Chief to appear before it unfailingly on Wednesday, May 9, 2018. I believe that a decision has to be taken on the way forward.

Ebola: Nigeria steps up surveillance activities at border posts
Most of the cases have been recorded around the village of Ikoko Impenge, near the northwestern town of Bikoro. He says the situation calls for an immediate and energetic response.

World Health Organization hopes to use Ebola vaccine to stem Congo outbreak
There are no special precautions or directives for commercial flights‚ passengers or crew departing on flights bound for DRC or returning from DRC.

Shooting reported at high school in California
According to the San Gabriel Valley Tribune , Harris said officers recovered the weapon in the desert located a " distance away ". Police were also called to a nearby elementary school after reports of gunfire but found no evidence of any crime.

Lilly buys cancer biotech ARMO for $1.6bn
The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.06. Following the completion of the sale, the insider now owns 4,130 shares of the company's stock, valued at $320,281.50.

Oil Futures Rebound on Bullish US Inventory Data
One catch: Output is surging so much in the Permian Basin, America's biggest oilfield, that pipelines can't keep up. Niels Christensen: That's a big question, it's very uncertain how big the impact will be on Iran oil exports.

US Air Drive jets intercept 2 Russian bombers off Alaska coast
Two Russian bombers were intercepted by USA stealth fighters in global airspace off the coast of Alaska on Friday. Russia's state-run news agency TASS said the USA jets did not come within "100 metres" of the Russian aircraft.

Peel Hunt Reiterates Buy Rating for WANdisco (LON:WAND)
The shares were bought at an average cost of GBX 95 ($1.29) per share, with a total value of £9,889.50 ($13,414.95). The rating was upgraded by Peel Hunt to "Add" on Thursday, February 8. (LON:HMSO) has 33% bullish analysts.

'Minecraft' Bedrock Update Coming to Nintendo Switch in June
The newly updated Bedrock Edition will also be receiving a physical release on Switch alongside its digital counterpart. This new version of Minecraft offers players even more options to play anytime and anywhere on Nintendo Switch.

DD vs RCB: Virat Kohli doubtful before the crucial match
Today, they suffered their ninth defeat in 12 games and with six points in hand, the DD is at the bottom of the points table. Lamichhane too stood out with his performance as he took Parthiv Patel's wicket and conceded 25 runs in four overs.