User Login

img
08 Feb

Spot gold tumbles as greenback looses grip:

admin Comments (2)
Spot gold ventured back on Monday from close to a three-month top hit the session some time recently, after a U.S. employments report cast some uncertainty over prospects for a faster pace of rate climbs this year and pushed up the dollar.
 
U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an eight-year low suggested the labour market recovery remains firm.
 
But an increasingly dovish trend by global central banks as they battle prolonged economic weakness could make a solid case to get back into the safe-haven metal.
 
UBS cut expectations for U.S. GDP growth this year, and in that kind of world, people have cut expectations for Fed interest rate normalization. If the Fed holds off raising rates, then the USD will be weaker and gold should outperform.
 
Spot gold had slipped by 0.6 percent to $1,165.86 an ounce,as it fell back from its highest since Oct. 28 at $1,174.50 hit in the previous session.
 
U.S. gold climbed 0.8 percent to $1,166.60.
 
Meanwhile, hedge funds and money managers boosted their bullish bet in COMEX gold to a three-month high in the week to Feb. 2, U.S. Commodity Futures Trading Commission data showed on Friday.
 
The recent CFTC data suggests speculators continue to trim short positions and bulls are also returning to the market.The uncertainty around the Fed tightening cycle is likely to support gold prices in coming weeks.
 
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, also said its holdings rose 0.70 percent to 698.46 tonnes on Friday from 693.62 tonnes on Thursday.
 
0 0 0
 

Comments

 

Leave a Comment

 

Categories

Popular

OPEC-Geocivics strain boosts Oil post
Nov 26 , 2015

Focus on global adversity is back as crude drops,Yen rises:
Feb 03 , 2016

Gold dips 2 percent as dollar strengthens:
Feb 23 , 2016

Recent

The Euro Features
Aug 02 , 2018

Impact of US Market Shutdown
Feb 09 , 2018

Aussie, Kiwi Hover at 1-Month Lows, RBNZ Holds
Feb 08 , 2018

Tags

opec oil prices wti brent oil forex signal trading signals currency pair manual automated trading monetary policy committee pound dropped sterling tumbles mark garney new member interest rates central banks monetary policy bond market borrowing costs credit cycle recession unemployment rate economy job market slow gdp interest rate central bank u.s economy treasuries fed rate hike green back traders federal reserve reverse repurchase programme repo programme stimulus debt purchase dovish statement quantitative easing us dollar warrants oil price economic slowdown global benchmark overproduction china yen economic data hedge funds speculators gold imf upgraded price forecast yuan economic growth global growth euro area slowdown lending rate financial events bank of japan benchmark commercial banks renminbi currencies boj pboc government bond dollar employment trade spdr cftc gdp financial markets banks oil stockpiles risky assets money markets abe jpy us bankers canada oecd investment liberal government analysts al naimi barrel crude bank governor euro ecb euro zone inventory brent wall street financial proposal australian aussie draghi monetary stimulus eu fed fomc negative rates reserve funds u.s policymakers brexit sterling pound smith futures inventories evans policy makers data yellen europe negative bank bankruptcies crude futures asia rate japanese policy meeting european union deficit greece merkel germany g-20 downgrade saudi iran qatar japan economic ounce fx currency nikkei dudley securities libya etf payrolls policy greenback tokyo uk strategists federal g7 britain market survey economists middle east bullion kiwi new zealand rbnz rates $ job voting snb swiss franc u.k matsui goldman term nigeria bpd australia reserve bank election vote decisions boe asian shares week ship cents qe money monetary rba monetary policies production investors bailout fx news resources taper chinese government asset theresa may may president price bonds report cpi clinton trump december hike england political presidential fbi pounds asian stock market stock market news forex market dollar index us currency bond yields energy minister yield reserve month forex news uk economy euro economy eurvscad forex daily news audcad calender news italy european percent eur usd news forex daily news updates usdjpy trade forex learn forex world economy global economy stock news uk forex news us forex news uk news us news cpi news federal reserve rate us economy ecb bank forexmarket australian myefo report majorforexnews forexnews dailyforexnews tradefxp news tradefxp news hour forexholiday forex christmas boxingday forex boxing day us oil crude oil wti oil bitcoin crash european stock market stock market trading trading session forex market news daily fx news forex news daily daily news iran unrest oil price high euro market eurusd stock opening bell stock maket news euro president china president bitcoin cryptocurrency kodakcoin ripple yen usdjpy euro-high world finance news finance news today finance news economic news us shutdown us govt shut down brexit euro britain usd news daily forex news forex market hours crypto currency bitcoin wanllet market news us market audusd nzdusd audnzd us market shutdown how it will affect market blockchain crypto wtiusd european economy european stocks jpy yen japanese news japan economy finance holder share invest market trading the euro currency features the euro currency market outlook

Archives

Contact Us

Newsletter

Connect With Us

Copyright © 2014 TradeFxP Ltd. All Rights Reserved.