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Published
May 13th, 2012
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The bullion cost did accept a bit of support from a latest Producer Price Index (PPI) data, a pivotal magnitude of acceleration in a U.S. With a 0.2% decrease in April, a PPI came in next a unvaried turn economists were expecting. Michelle Meyer, comparison U.S. economist during Bank of America Merrill Lynch, commented that “Looking forward consumer prices should sojourn contained. The Fed shouldn’t be disturbed about inflation.”
On Thursday a bullion cost snapped a three-day losing strain and quickly bounced behind above $1,600 per ounce. However, a mark cost of bullion pared a gains and finished aloft by usually $2.82 during $1,594.30. The bullion cost primarily modernized as a euro banking rose opposite a U.S. dollar, though a yellow steel retreated as a greenback pared a losses. The SPDR Gold Trust (GLD), a world’s largest bullion ETF and bullion cost proxy, sealed aloft by $0.30 during $154.77 per share.
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Silver fared worse yesterday than a cost of gold, as it began in certain domain though incited reduce to tighten down by $0.16, or 0.6%, during $29.09 per ounce. In doing so, a mark cost of china sealed during a misfortune turn given Jan 2nd and cut a year-to-date benefit to 4.9%. Gold, on a other hand, stays aloft by usually 2.0% so distant in 2012.
Gold shares hold solid in and with a bullion price, as a Market Vectors Gold Miners ETF (GDX) staid adult by $0.07 during $43.09 per share. The GDX primarily rallied 1.9% to $43.89, though relinquished a vast infancy of a benefit alongside a broader equity markets. Among a world’s largest bullion producers, Barrick Gold (ABX) rose 0.4% to $37.77 per share while Goldcorp (GG) slid 0.7% to $35.36 per share.
Commenting on a bullion price, Anne-Laure Tremblay – a changed metals strategist during BNP Paribas – settled that “Gold seems to be now trade some-more as a unsure item than a protected haven. While a U.S. dollar has gained on a behind of aloft risk aversion, bullion was sole off.” She combined that “The decrease is expected a effect of murder in a paper marketplace rather than miss of seductiveness on a earthy side.”
Published
May 4th, 2012
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By Jan Harvey
LONDON |
Wed May 2, 2012 3:25pm BST
LONDON (Reuters) – Gold prices fell on Wednesday along with the euro as U.S. factory orders data helped the dollar extend early gains and as speculation faded that the Federal Reserve is set for another round of monetary easing.
Comments from several Fed officials on Tuesday reinforced the notion that the bank is happy to stand pat on policy. Talk of further easing, which could hurt the dollar and keep interest rates low, has added significant support to gold this year.
Spot gold was down 0.8 percent at $1,648.15 an ounce at 1401 GMT, while U.S. gold futures for June delivery were down $13.50 an ounce at $1,648.90.
The metal briefly came off lows after a report showed U.S. private employers added the fewest jobs to the economy since September 2011 in April, denting the dollar’s gains. The data is seen as an important precursor to a major jobs report on Friday.
“ADP private sector employment (data) in the U.S. (is) usually seen as a good proxy to non-farm payrolls on Friday,” VTB Capital analyst Andrey Kryuchenkov said. A weak payrolls report could reignite talk about more monetary stimulus, weighing on the dollar, he said.
A spate of more positive readings on the U.S. economy recently has cut speculation the United States will extend quantitative easing to stimulate growth, which helped lift gold prices earlier in the year.
BNP Paribas cited waning expectations that quantitative easing is imminent in cutting its gold and silver forecasts for this year, by $140 to $1,715 an ounce and by $4.40 to $33.10 an ounce, respectively.
“(Our economists’) central scenario is now for further Fed monetary accommodation to be implemented only in the fourth quarter instead of June,” it said.
“This change has significant implications for our gold price forecasts (and by extension for our silver price forecasts), given gold’s tight positive relation with the level of market liquidity.”
PHYSICAL DEMAND SOFT
Gold prices have been held in check in the last month by a dearth of physical demand, with buyers in key jewellery consumer India deterred by high prices and a weak rupee, exchange-traded funds reporting outflows and coin sales easing.
Some appetite returned for gold coins in May, with the U.S. Mint reporting sales of 10,000 ounces on the first day of the month, half the total sold in the whole of April. That was its worst month for gold coin sales since June 2008.
Holdings of gold-backed, exchange-traded funds monitored by Reuters, which issue securities backed by physical gold and proved a popular investment during the financial crisis, fell by 194,000 ounces in April and edged below 70 million ounces on Tuesday for the first time since February 2.
“As much as the remarkable resilience of gold ETF investment is testament to the ongoing positive sentiment among longer-term players, in our view there’s no doubt that the buying has dried up,” UBS said in a note on Wednesday.
“In the current lackluster environment, the market needs more than just resilience. Significant ETF buying will have to resume in order to breathe some life back into gold,” it added. “Absent that resuscitating factor, we think gold is likely to continue its aimless wander.”
Silver was down 1.4 percent at $30.50 an ounce. Its underperformance lifted the gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, to 3-1/2 month highs.
Spot platinum was down 0.6 percent at $1,557.69 an ounce, while palladium was down 1.2 percent at $667.47.
(Editing by William Hardy and Jane Baird)
Published
May 2nd, 2012
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By Jan Harvey
LONDON |
Wed May 2, 2012 7:55pm IST
LONDON (Reuters) – Gold prices fell on Wednesday along with a euro as U.S. bureau orders information helped a dollar extend early gains and as conjecture faded that a Federal Reserve is set for another turn of financial easing.
Comments from several Fed officials on Tuesday reinforced a idea that a bank is happy to mount pat on policy. Talk of serve easing, that could harm a dollar and keep seductiveness rates low, has combined poignant support to bullion this year.
Spot bullion was down 0.8 percent during $1,648.15 an unit during 1401 GMT, while U.S. bullion futures for Jun smoothness were down $13.50 an unit during $1,648.90.
The steel quickly came off lows after a news showed U.S. private employers combined a fewest jobs to a economy given Sep 2011 in April, denting a dollar’s gains. The information is seen as an critical predecessor to a vital jobs news on Friday.
“ADP private zone practice (data) in a U.S. (is) customarily seen as a good substitute to non-farm payrolls on Friday,” VTB Capital researcher Andrey Kryuchenkov said. A diseased payrolls news could reignite speak about some-more financial stimulus, weighing on a dollar, he said.
A spate of some-more certain readings on a U.S. economy recently has cut conjecture a United States will extend quantitative easing to kindle growth, that helped lift bullion prices progressing in a year.
BNP Paribas cited loss expectations that quantitative easing is approaching in slicing a bullion and china forecasts for this year, by $140 to $1,715 an unit and by $4.40 to $33.10 an ounce, respectively.
“(Our economists’) executive unfolding is now for serve Fed financial accommodation to be implemented usually in a fourth entertain instead of June,” it said.
“This change has poignant implications for a bullion cost forecasts (and by prolongation for a china cost forecasts), given gold’s parsimonious certain propinquity with a turn of marketplace liquidity.”
PHYSICAL DEMAND SOFT
Gold prices have been hold in check in a final month by a default of earthy demand, with buyers in pivotal trinket consumer India deterred by high prices and a diseased rupee, exchange-traded supports stating outflows and china sales easing.
Some ardour returned for bullion coins in May, with a U.S. Mint stating sales of 10,000 ounces on a initial day of a month, half a sum sole in a whole of April. That was a misfortune month for bullion china sales given Jun 2008.
Holdings of gold-backed, exchange-traded supports monitored by Reuters, that emanate bonds corroborated by earthy bullion and valid a renouned investment during a financial crisis, fell by 194,000 ounces in Apr and edged next 70 million ounces on Tuesday for a initial time given Feb 2.
“As most as a conspicuous resilience of bullion ETF investment is covenant to a ongoing certain perspective among longer-term players, in a perspective there’s no doubt that a shopping has dusty up,” UBS pronounced in a note on Wednesday.
“In a stream muted environment, a marketplace needs some-more than only resilience. Significant ETF shopping will have to resume in sequence to breathe some life behind into gold,” it added. “Absent that resuscitating factor, we consider bullion is expected to continue a drifting wander.”
Silver was down 1.4 percent during $30.50 an ounce. Its underperformance carried a gold/silver ratio, that measures a series of china ounces indispensable to buy an unit of gold, to 3-1/2 month highs.
Spot gold was down 0.6 percent during $1,557.69 an ounce, while palladium was down 1.2 percent during $667.47.
(Editing by William Hardy and Jane Baird)
Published
April 27th, 2012
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By Jan Harvey
LONDON (Reuters) – Gold reason above $1,640 an section in Europe on Wednesday as a dollar’s slip to a three-week low opposite a banking basket upheld prices, though moves were pale forward of a process proclamation from a U.S. Federal Reserve after in a day.
Appetite for nominally higher-risk resources such as bonds and line also improved, assisting lift gold, as stronger-than-expected association gain and plain direct for marginal euro section debt helped palliate some investors’ jitters.
Spot bullion was during $1,641.26 an section during 0947 GMT opposite $1,641.73 late on Tuesday, while U.S. bullion futures for Jun smoothness were down $1.60 an section during $1,642.20.
The Fed is approaching to contend it will reason seductiveness rates during record lows later, gripping a event cost of holding bullion low. Its concomitant matter will be closely watched for signs that another spin of quantitative easing is imminent.
Gold overwhelmed a high of $1,790 an section in late Feb as investors gamble on a uninformed spin of financial easing. It fast retreated, however, after a spate of organisation mercantile information eroded those hopes and has reason within a $70 operation this month, a tightest monthly widespread given final June.
“The Federal Open Market Committee proclamation could be a trigger that takes bullion divided from a trade range,” BNP Paribas researcher Anne-Laure Tremblay said.
“Any discuss of a need for serve financial accommodation would of march be certain for a changed metal. On a other hand, a concentration on a aloft acceleration and practice forecast, rather than on stream risks to mercantile growth, could see bullion scold lower.”
The dollar, that remained a arch motorist of bullion prices. Gold’s association with a euro/dollar sell rate has been during a top given early Jan this month.
The U.S. section fell to a lowest in 3 weeks contra a basket of currencies, creation bullion cheaper for holders of other currencies, as a arise in ardour for riskier resources speedy discreet offered of a low-yielding dollar forward of a Fed announcement. (FRX/)
The euro rose as investors were relieved when successful auctions sent yields on Dutch, Spanish and Italian debt reduce on Tuesday, after a Dutch supervision collapsed in a predicament over bill cuts. (GVD/EUR)
EURO ZONE WORRIES ABATE
Physical bullion direct has been light in new weeks, charity small support to bullion prices.
“Following a outflows from bullion exchange-traded supports a day before yesterday, direct in a United States also appears to be on a lessen from another side,” Commerzbank pronounced in a note.
“The U.S. Mint, for example, is on march to record a lowest rate of bullion silver sales in Apr for 5 years. So far, usually 17 thousand ounces have been sole this month, as compared to an normal figure of 70 thousand ounces in a initial 3 months of a year.”
Spending on bullion in vital consumer India during this year’s Hindu and Jain holy festival of Akshaya Tritiya on Tuesday was resigned compared with a common complicated buying, as families struggled with rising losses and high prices.
Meanwhile cost sensitivity could arise forward of Wednesday’s May COMEX options expiry, as call and put options investors demeanour to distinction from complicated bets during a $1,650 strike price.
Among other changed metals, bullion was adult 0.6 percent during $1,548.49 an ounce, recuperating some mislaid belligerent after a new unperformance. The steel widened a historically surprising bonus to a bullion to scarcely $100 on Tuesday.
One section of bullion now buys 0.94 ounces of gold, down from 0.96 ounces a week ago, and 2.3 ounces of palladium, opposite 2.4 ounces final Wednesday.
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Gold/platinum ratio: http://link.reuters.com/xez92s
Platinum/palladium ratio: http://link.reuters.com/qub87s
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Silver was adult 0.1 percent during $30.80 an ounce, while mark palladium was adult 0.4 percent during $665.83 an ounce.
“Palladium has been rather of an outlier in that it has been relocating solemnly though usually aloft over a past 10 days and was in need of a medium correction,” INTL FCStone pronounced in a note. “However, bullion has been diseased for some time now, and deteriorating draft patterns have usually exacerbated a selling.”
“Nevertheless, a changed metals formidable as a whole could see a rather decent pierce aloft if a arriving Federal Reserve process matter contains adequate hints of a probable palliate that, in turn, will capacitate account income to upsurge behind into a complex.”
(Reporting by Jan Harvey, modifying by Jane Baird)
Published
April 4th, 2012
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By Michelle Martin and Jan Harvey
LONDON (Reuters) – Gold hold nearby $1,675 an unit on Tuesday as investors took to a sidelines forward of a recover of mins from a Federal Reserve‘s latest process meeting, that will be closely watched for clues on a instruction of monetary policy.
Ultra-loose financial process helped send bullion to record highs in 2011. But a new raft of firmer-than-expected U.S. mercantile information has tempered expectations for a uninformed turn of quantitative easing, that has put a brakes on gold’s climb.
Spot bullion was down 0.1 percent during $1,676.06 an unit during 1322 GMT, while U.S. bullion futures for Apr smoothness were down $1.70 an unit during $1,678.00.
The mins of a Fed’s Mar assembly due after are approaching to offer serve discernment on how actively a executive bank is deliberation additional stairs to boost growth. Fed policymakers on Monday signaled small ardour for serve financial stairs to kindle U.S. expansion in an economy that is gradually strengthening.
“The bullion marketplace has recently been unequivocally supportive to Fed statements, so it is expected to conflict to a news,” BNP Paribas researcher Anne-Laure Tremblay said. “The apparent deficiency of earthy demand, particularly with a strike of Indian jewelers, has been weighing on prices.”
Gold direct from India, a world’s biggest customer of bullion, remained indolent as a enlarged strike by jewelers to criticism opposite dig taxes levied in a bill continued into a third uninterrupted week.
Prices have depressed around 6 percent given expectations that a Fed would launch another turn of asset-buying pushed bullion to $1,790 during a finish of February, a top given November.
“We cruise a dump in a bullion cost to be a shopping event as we design a U.S. economy to warn on a downside over entrance months, that should outcome in a doing of (a third turn of quantitative easing),” Societe Generale researcher Robin Bhar pronounced in a note late on Monday.
“We belong to a medium-term bullish stance. The markets sojourn endangered about a probability of serve quantitative easing/liquidity increases in Europe and a U.S., associated to disastrous genuine seductiveness rates worldwide,” he added.
RISK APPETITE WANES
Appetite for resources seen as aloft risk, like holds and tough commodities, valid frail on Tuesday. European shares fell after recording their largest one-day arise in 3 weeks, while oil prices retreated. (.EU) (O/R)
Safe-haven German supervision holds topsy-turvy early waste to organisation a touch, after hopes for stronger tellurian expansion gave approach to concerns about euro zone’s ability to keep bill deficits underneath control. (GVD/EUR)
The dollar dollar firmed after descending to a one-month low opposite a basket of currencies progressing on Tuesday. A weaker dollar tends to support gold, that is labelled in a U.S. currency. (FRX/)
“It’s unequivocally a weakening dollar (supporting gold), since conditions are improved in terms of tellurian expansion conditions, tellurian mercantile conditions,” Deutsche Bank researcher Daniel Brebner said. “In that environment, what’s a genuine reason for shopping gold?”
Brebner pronounced he was bullish on bullion in a prolonged tenure and expected an normal cost of $1,800 an unit this year though pronounced prices were expected to be prosaic or go down in a nearby term.
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Asset earnings in 2012: http://link.reuters.com/muc46s
Commodity earnings in 2012: http://link.reuters.com/faz36s
Gold association with dollar: http://r.reuters.com/ryx52s
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Traders will also be examination U.S. bureau orders due during 1400 GMT as good as a pivotal U.S. practice marketplace news due after in a week for uninformed clues on a health of a world’s biggest economy.
Among other changed metals, mark china was f latat $32.92 an ounce, mark gold was adult 0.9 percent during $1,656.99 an ounce, and mark palladium was adult 1.2 percent during $657.47 an ounce.
(Reporting by Michelle Martin and Jan Harvey; Editing by Jane Baird and Jason Neely)
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