Sep 6, 2021
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Gold down
BENGALURU: Gold edged lower on Thursday as investors awaited cues on market direction amid a number of geopolitical events later in the day that could boost the safe-haven demand for the metal.
Polls open in the UK national elections later on Thursday while the European Central Bank (ECB) may discuss dropping additional stimulus pledges at a meeting later and former United States Federal Bureau of Investigation director James Comey will testify before the U.S. Congress about his interactions with President Donald Trump later in the day.
"A lot of things are happening at the same time. There may be some kind of impact that may push up the volatility rather than the direction of price moves," said Mark To, head of research at Hong Kong´s Wing Fung Financial Group.
"Gold is likely to fluctuate somewhere between the $1,280-$1,300 range," he said Spot gold was down 0.2 percent, to $1,284.24 per ounce at 0439 GMT.
Gold down
Gold down
Bengaluru
Gold fell on Friday to hit its lowest in a week, with stock markets climbing and the dollar firming after upbeat U.S. private sector job figures appeared to boost the prospects for an interest rate hike this month.
Investors will be looking for further clues on the timing of rate rises in U.S. non-farm payroll data due later in the day.
Spot gold had dropped 0.3 percent to $1,260.96 per ounce by 0404 GMT.
It earlier touched its weakest since May 26 at $1,258.60. Gold has fallen 0.4 percent for the week and could register its first weekly decline in four weeks.
U.S. gold futures fell 0.5 percent to $1,263.50 an ounce.
"A stronger dollar and firming U.S. equity markets, along with weaker oil are all headwinds that could hamper gold´s advance over the short-term," said INTL FCStone analyst Edward Meir.
Gold down
Gold down
Bengaluru
Gold edged down on Friday after falling more than one percent in the previous session, and was on track for its first weekly decline since late January on expectations of a U.S. rate hike in March.
Spot gold dropped 0.2 percent to $1,232.81 per ounce at 0309 GMT.
The metal had its worst session since Dec. 15 on Thursday, when it fell 1.1 percent to touch a more than one-week low at $1,230.58.
U.S. gold futures rose 0.2 percent to $1,234.90. Increasing chances of a rate hike should keep a lid on any gold rallies leading into the March meeting, MKS PAMP Group trader Sam Laughlin said.
"With (U.S. Federal Reserve) President Janet Yellen on the wires tonight, we look to see further weakness across the precious complex should she, as expected, promote the potential for an interest rate increase in March," Laughlin said.
Gold down
Gold down
Bengaluru
Gold prices edged lower on Wednesday on an uptick in the dollar after United States Federal Reserve Chair Janet Yellen hinted at a hike in interest rates in an upcoming meeting of the central bank.
Spot gold fell 0.24 percent, to $1,225.20 per ounce at 0046 GMT, while United States gold futures were up 0.11 percent, to $1,226.7.
The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Yellen said on Tuesday, although she flagged considerable uncertainty over economic policy under the U.S. President Donald Trump´s administration.
Yellen, in response to a warning from a U.S. congressman to halt global regulatory talks in the early stages of Trump´s presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States.
Gold down
Gold down
Bengaluru
Gold on Tuesday inched away from three-month highs touched in the previous session, although it was supported by safe-haven demand on the back of rising political uncertainty globally.
Spot gold had slipped 0.1 percent to $1,234.20 per ounce at 0051 GMT.
The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 100.030. * Political uncertainty in the United States has been fueled by President Donald Trump´s policies, the most controversial of which is a temporary ban on entry by people from seven mostly Muslim countries.
Investors were also watching French politics, where conservative presidential candidate Francois Fillon on Monday vowed to fight on for the presidency despite a damaging scandal involving taxpayer-funded payments to his wife for work that a newspaper alleges she did not do.
Gold down
Gold down
Bengaluru
Gold drifted down on Wednesday as Chinese demand ebbed ahead of the Lunar New Year festival, with some analysts warning of further declines as prices for the metal could be due a technical correction.
That came after bullion touched two-month highs earlier in the week, buoyed by a weaker dollar and uncertainty over the policies of U.S. President Donald Trump. Spot gold had fallen 0.5 percent to $1,202.90 per ounce by 0617 GMT. U.S. gold futures shed 0.7 percent to $1,202.90.
"(Gold was) unable to capitalise on a softer dollar with Chinese physical demand beginning to wane as we head ever closer to the New Year holiday period," MKS PAMP Group trader Sam Laughlin said in a note.
The dollar index , which measures the greenback against a basket of currencies, fell 0.1 percent to 100.270. Spot gold is due for a deep correction, following its failure to break strong resistance at $1,219 per ounce, said Reuters technical analyst Wang Tao.
Gold down