Saturday, 21 April, 2018

Gold prices inch down on stronger dollar, Fed in focus

Gold prices see another fall, will it dip further?... Gold moves lower as the dollar and rates go higher
Preston Stone | 20 March, 2018, 14:12

Gold touched its lowest in more than two weeks on Monday as markets remained nervous ahead of a United States central bank meeting that could raise interest rates and signal three more increases this year.

Higher interest rates are negative for gold because they raise bond yields, reducing the appeal of non-yielding bullion, and tend to boost the dollar, making gold more expensive for users of other currencies. As economic indicators continue to point towards to accelerating U.S. growth, there is a risk that Fed Chair Jerome Powell signals a faster pace of hikes at his first meeting.

Meanwhile, the S&P/ASX 200 index traded 0.22 percent lower at 5,912.5 by 02:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -121.32 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). In the previous session, it touched $1,307.51 an ounce, its lowest since March 1.

Globally, gold fell 0.22 per cent to USD 1,313.70 an ounce and silver by 0.15 per cent to USD 16.27 an ounce in Singapore as the dollar firmed, with focus shifting to the US Federal Reserve's policy meeting that kicks off later in the day.

"In gold we're seeing mostly buying on the dip in equities and the fact that traders do believe that the market has priced in a quarter-point increase from the Fed in interest rates", said Bob Haberkorn, senior market strategist at RJO Futures.

Xi Speech Escalates Taiwan Tensions with Warning on Attempts to 'Split' China
All will receive the condemnation of the people and the punishment of history", he said. Besides Taiwan, China brands the Dalai Lama as "splitist".

The two-day Federal Open Market Committee (FOMC) meeting begins on Tuesday, with the U.S. central bank expected to raise interest rates for the first time this year on Wednesday.

"I think the overall economic recovery is good enough for the (US) central bank to consider a faster pace of normalization of monetary policies", said Mark To, head of research at Hong Kong's Wing Fung Financial Group. It is expected that 2018 will bring three interest rate hikes from the Fed, including this one.

As gold has fallen, funds have scaled back bets on higher prices, with the net long position in Comex gold falling to around 136,000 contracts from nearly 210,000 in late January.

Similarly, the yellow metal for delivery in far-month June was trading lower by Rs 42, or 0.14 per cent to Rs 30,365 per ten grams in 1 lot.

Platinum rose 0.1 percent to $944.10 per ounce after touching its lowest since January 3 at $939.50.

Recommended

  • Indians Abducted by ISIS in Mosul are Dead, Says Sushma Swaraj

    Indians Abducted by ISIS in Mosul are Dead, Says Sushma Swaraj

    Swaraj told the Rajya Sabha that the special plane will take the mortal remains to all the three states. Massi had escaped along with Bangladeshis with the help of a caterer with a fake name "Ali", she said.
    Ronaldo scores four goals as Madrid beat Girona

    Ronaldo scores four goals as Madrid beat Girona

    Real Madrid - Navas 5, Carvajal 4, Varane 5, Nacho 6, Marcelo 6, Vazquez 7, Kovacic 7, Kroos 8, Asensio 8, Benzema 8, Ronaldo 9. Madrid defender Nacho Fernandez told BeIN Sports on Sunday that not even his own teammates really understood what had changed.
    Putin says he 'doesn't want arms race' with the West

    Putin says he 'doesn't want arms race' with the West

    Just weeks ago, he announced that Russian Federation has developed advanced nuclear weapons capable of evading missile defenses. Putin piled up almost 77 percent of the vote, burnishing his credentials as a leader who enjoys overwhelming public support.
  • 1 injured after package bomb explodes at FedEx in Texas

    1 injured after package bomb explodes at FedEx in Texas

    A package being sent to Austin, Texas blew up early Tuesday at a FedEx facility northeast of San Antonio, authorities said. According to police, who spoke with San Antonio ABC affiliate KSAT , a medium-sized box exploded at the facility.
    Self-driving auto  kills Arizona pedestrian

    Self-driving auto kills Arizona pedestrian

    Autonomous-vehicle technology has been touted as having potential to save fuel, ease congestion, and make transportation safer. Proposals also are pending in Congress, including one that would stop states from regulating autonomous vehicles, Smith said.
    U.S.  warns Abbas must choose between 'hateful rhetoric' and peace efforts

    U.S. warns Abbas must choose between 'hateful rhetoric' and peace efforts

    In response to Abbas, Friedman, who is Jewish, told a conference that Abbas's comments could have anti-Semitic connotations. President Donald Trump's December 6 decision to recognize Jerusalem as Israel's capital and to move the U.S. embassy there.
  • MNS workers target Gujarati signboards at shops in Thane dist

    MNS workers target Gujarati signboards at shops in Thane dist

    Raking up the issue of demonetization or note bandi, Raj Thackeray called it the biggest scam in the history of independent India. While extending MNS's support for Ram temple, Thackeray said, "My objection is to their design and politics.
    UK's Gambling Commission says fixed-odds top bet should…

    UK's Gambling Commission says fixed-odds top bet should…

    Carolyn Harris, chairman of the FOBTs All Party Parliamentary Group, said: "The problem is that these machines are addictive". The package would minimise the risk of "diverting problematic play onto other machines" or other forms of gambling.
    New York's governor orders review of 2015 Weinstein case

    New York's governor orders review of 2015 Weinstein case

    Clips from the tape were later included in Ronan Farrow's explosive New Yorker report, published in October 2017. The NYPD set up the sting after Gutierrez told authorities that Weinstein groped her the day before.
  • Chinese Premier Li Keqiang re-elected for second five-year term

    Chinese Premier Li Keqiang re-elected for second five-year term

    The government aims to expand its economy by around 6.5 per cent this year, having easily surpassed the same target in 2017. Li is expected to take part in a 3-way summit of Japan, China and South Korea.
    Mississippi Enacts US' Most Restrictive Abortion Law

    Mississippi Enacts US' Most Restrictive Abortion Law

    Several states ban abortion at 20 weeks , but Mississippi's new law is the first in the nation to ban abortion at 15 weeks. The only exceptions to the measure are if a fetus or the mother has health problems and their lives are threatened.
    Kushner's Company Regularly Filed False Work Permits in NY

    Kushner's Company Regularly Filed False Work Permits in NY

    Tenant advocates say the tactic is used by landlords to avoid protections that prevent them from forcing out low-paying tenants. Jared Kushner stepped down as CEO of Kushner Cos. past year as he assumed an advisory role in his father-in-law's White House.

Is Trump Preparing to Fire Robert Mueller? Is Trump Preparing to Fire Robert Mueller? Trump marauds across American democracy, they are forcing the targets of his attacks to defend themselves and also abetting Mr. But Trump tweeted: "Spent very little time with Andrew McCabe , but he never took notes when he was with me".

Merkel to congratulate Putin on election victory soon, her spokesman says Merkel to congratulate Putin on election victory soon, her spokesman says Russian Federation faces increasing global isolation over its interventions in Ukraine and in Syria with a fresh round of USA sanctions over election meddling in 2016.

IBM Reveals a Computer the Size of a Grain of Salt IBM Reveals a Computer the Size of a Grain of Salt The exact specifications haven't yet been revealed, but it is said to have the computing power of the x86 chip from the 1990s. This tiny computer could revolutionize the use of computers and can open the several possibilities for businesses.

New God of War Preview Shows-Off Fifteen Minutes of New Gameplay New God of War Preview Shows-Off Fifteen Minutes of New Gameplay One they didn't want an open world game, and two they wanted to make sure the new combat system didn't just feel like Dark Souls. The TV commercial of God of War depicts Kratos and his son, Atreus, traveling the Norse lands and encountering deadly entities.

Steven Seagal Accuser Claims He Raped And Robbed Her Virginity Steven Seagal Accuser Claims He Raped And Robbed Her Virginity From left to right, Fabiola Dadis , Lisa Bloom and Regina Simons appear at a news conference in Woodland Hills on March 19, 2018. The pair met late in the evening, which Dadis claimed she felt was unusual but didn't comment on at the time.

Huawei P20 Pro to Feature 40MP, 20MP and 8MP Triple Rear Cameras Huawei P20 Pro to Feature 40MP, 20MP and 8MP Triple Rear Cameras The nova 3e runs on the familiar in-house Kirin 659 chipset with an octa-core A53 processor, Mali-T830 MP3 GPU, and 4GB of RAM. It will come with "Light Fusion" mode for capturing clearer and brighter selfies even in low light conditions.

South Korean prosecutors seek arrest warrant for ex-President Lee: Yonhap South Korean prosecutors seek arrest warrant for ex-President Lee: Yonhap Both their sentences were reduced on appeal, and they were eventually pardoned and released after serving about two years each. Lee will likely be arraigned as early as Wednesday and the court is expected to make a decision that night or early Thursday.

Rwanda: African Union Rallies Members Ahead of Landmark Trade Deal Rwanda: African Union Rallies Members Ahead of Landmark Trade Deal The Continental Free Trade Area is an African market of over US$1.2 billion people with a gross domestic product of US$2.5 trillion.

'Stranger Things' Stars Get Major Pay Raise for Season 3 'Stranger Things' Stars Get Major Pay Raise for Season 3 Brown, the young breakout actress of Stranger Things , reportedly scored a bigger payday than the other young cast members. Aside from the return of a much beloved character, there's been few details shared regarding the upcoming third season .

Penny Hardaway set to become Memphis basketball coach, reports say Penny Hardaway set to become Memphis basketball coach, reports say His last season in the National Basketball Association came in 2007-08, where he teamed with O'Neal as a member of the Miami Heat. Early in the 1997-98 season, Hardaway suffered a major knee injury that had an impact on the rest of his career.

Amazon debuts GameOn, a new cross-platform competitive game platform Amazon debuts GameOn, a new cross-platform competitive game platform GameOn looks to be another way that the company can help developers while simultaneously creating a new revenue stream. After that date only the first 35,000 tournament plays per month will be free.

France coach Didier Deschamps speaks about Paul Pogba situation at Manchester United France coach Didier Deschamps speaks about Paul Pogba situation at Manchester United He may not be impressing much on the pitch but at least Paul Pogba is dazzling with his hair. But of course it's a situation he won't be enjoying. "I don't know what it is".

Bottas can emulate Rosberg in unsettling Hamilton Bottas can emulate Rosberg in unsettling Hamilton I know I can do a lot of good things so let's see race by race". "I think consistency is definitely going to be the key.

Devastating Australia Bush Fire Destroys Scores of Homes Devastating Australia Bush Fire Destroys Scores of Homes The New South Wales south coast town was devastated by the fire that destroyed 69 homes on Sunday but both offers to help were said to refused by the RFS.

Vivo X21 and X21 UD goes official in China with Jovi Vivo X21 and X21 UD goes official in China with Jovi In the camera department, there are 24MP & 5MP dual cameras on the rear with f/1.8 and f/2.4 aperture respectively. In terms of features, the Oppo R15 features 6.28-inch 19:9 AMOLED display along with a 2280 x 1080 resolution.