SerpApi.Org
1451 GMT – Gold prices extend gains, supported by a softer U.S. dollar and technical buying as investors closely watch developments in the Middle East. “We expect markets to remain headline-driven in the near term,” analysts at Sucden Financial say. “Any credible de-escalation would ease pressure on yields and the dollar, but as long as oil stays elevated, the market is likely to keep an inflation premium embedded in rates despite the recent softer CPI print.” In early U.S. trading, New York gold futures rise 2% to $4,156.10 a troy ounce. Meanwhile, silver is up 2.5% to $60.61 an ounce and platinum gains 1.3% to $1,659.20 an ounce. ([email protected])
Gold Past $4,100 on Fresh Buying Interest as Traders Weigh Mideast Risks, Fed Outlook
0808 GMT – Gold prices rise past $4,100 a troy ounce on dip buying as investors weigh risks in the Middle East and await the Federal Reserve’s meeting next week for more cues on the monetary policy outlook. In early trading, New York futures are up 1% to $4,116.10 an ounce, their highest in two weeks. “The rebound appears driven more by fresh buying interest following a period of consolidation rather than a material shift in the geopolitical or macroeconomic backdrop,” analysts at ING say. “While tensions in the Middle East remain supportive for precious metals, markets are weighing softer U.S. economic data against the inflationary risks from higher energy costs.” ([email protected])
Comex Gold Futures Eyeing Resistance at $4,200 an Ounce, Chart Shows
0630 GMT – Comex gold futures are eyeing resistance at $4,200 an ounce, RHB Retail Research’s Aiman Kamil Ahmad Shauqi says in a report. The commodity closed Tuesday with a bullish candlestick pattern on the daily chart, the analyst notes. Also, the relative strength index is pointing toward the 50% threshold, showing that strong bullish momentum is under way. The precious metal could stage a fresh attempt to climb above the 20-day simple moving average, although both the 20- and 50-day simple moving averages are viewed as resistance levels, the analyst adds. Spot gold is 1.1% higher at $4,125.49 an ounce. ([email protected])
Gold Rises Amid Hopes for U.S.-Iran Deal
0035 GMT — Gold advances in Asian trade. Prices are likely supported by a broad pullback in global bond yields and a softer dollar as markets weigh the prospect of renewed U.S.-Iran talks, says Tickmill’s Joseph Dahrieh in commentary. “Optimism around a possible truce could ease concerns over energy-driven inflation, reducing the perceived need for the Federal Reserve to tighten monetary policy aggressively,” he says. A higher interest-rate environment typically weighs on nonyielding assets such as gold. XS.com’s Antonio Di Giacomo expects gold prices to increase gradually from a technical perspective, as long as it maintains above $4,000 a troy ounce, with $4,100 as the immediate resistance level. Spot gold gains 0.5% to $4,094.89 an ounce. ([email protected])