Nov 2 (Reuters) - Gold prices rose on Thursday, supported by a retreat in the U.S. dollar and Treasury yields as investors wagered that the Federal Reserve may have concluded rate hikes after the central bank held interest rates steady.
Spot gold was up 0.3% at $1,988.40 per ounce at 1120 GMT. U.S. gold futures gained 0.5% to $1,996.70...[LINK]
After starting the week with a gap-up opening, gold prices are now back to where they started, despite the Middle East conflict continuing to get messier. Yesterday saw the Israelis blow up a refugee camp where a Hamas commander was hiding.
Of more importance today is the Federal Reserve's interest rate decision and, more importantly, wording from the statement and Fed press conference.
While the gold market has displayed some bullish resiliency throughout October, a lack of incendiary developments in the Middle East and renewed strength in the US dollar initially stalled December gold again around the $2,017.70 level and ultimately prompted a wave of long profit-taking yesterday...[MORE]
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Nov 1 (Reuters) - Gold was flat on Wednesday ahead of the Federal Reserve’s policy decision, while all eyes will be on Chair Jerome Powell’s speech later for guidance on rate path.
Spot gold was little changed at $1,983.32 per ounce by 1214 GMT. U.S. gold futures ticked lower by 0.1% to $1,992.40...[LINK]
The early action in gold this morning is disappointing with an expansion of tensions in the Middle East overnight with Yemeni Huthis attacking Israel and Saudi Arabia launching an attack against Yemen.
This comes as the Israelis clinched the key thoroughfare that connects northern Gaza with the south.
The bull camp should be further deflated from the lack of gains this morning following declines in the dollar and a surprising and massive single-day gold ETF inflow of 690,904 ounces yesterday...[MORE]
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Oct 31 (Reuters) - Gold steadied on Tuesday on caution ahead of the Federal Reserve’s policy meeting this week, but held on track for its biggest monthly rise since November last year as the Israel-Hamas war boosted safe-haven bets.
Spot gold was unchanged at $1,996.11 per ounce by 0910 GMT, having spiked as high as $2,009.29 on Friday. U.S. gold futures were also steady at $2,005.80...[LINK]
Gold futures gapped higher this morning to a new post-Hamas attack high of $2,004.
Gold positioning in the Commitments of Traders for the week ending October 24th showed Managed Money traders net bought 48,815 contracts and are now net long 90,682 contracts. Non-commercial & non-reportable traders were net long 169,754 contracts after increasing their already long position by 43,725 contracts.
With the December gold contract into the high Friday sitting $37 above the level where the last positioning report was measured, the net spec and fund long is only the highest since July...[MORE]
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Oct 30 (Reuters) -Gold prices slipped from the key $2,000 level on Monday, as investors positioned cautiously ahead of the U.S. Federal Reserve’s policy meeting this week, while safe-haven demand due to the Middle East conflict provided a floor.
Spot gold was down 0.6% at $1,993.71 per ounce by 0936 GMT. U.S. gold futures rose 0.3% to $2,003.50...[LINK]
In retrospect, action in gold this week has been very impressive as the market has held its ground in the face of periodic and significant outside market headwinds from the flow of periodic higher treasury yields and a consistently strong dollar which might have shifted back into an uptrend.
However, the Middle East flight to quality factor remains in place, and with US airstrikes in Syria, residual fear of the launch of a ground war, possible terrorist attacks inside Israel, or signs that the Palestinians get military aid from Arabs.
Estimates for the core month-over-month PCE report call for an uptick from the prior month which should provide the dollar with support to finish the trading week in conclusion in a vacuum of financial market influences gold and silver could be formal to liquidation...[MORE]
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Oct 27 (Reuters) -Gold prices were set to mark their third straight weekly rise on Friday as a risk averse mood due to the ongoing Middle East conflict pushed investors to the safety of bullion, while investors also awaited key U.S. consumption figures.
Spot gold was steady at $1,985.30 per ounce by 0950 GMT. U.S. gold futures fell 0.1% to $1,996.20...[LINK]
Gold and silver are showing bullish resiliency this morning as the upside breakout extension in the dollar has not thrown prices into negative territory.
While the action in the treasury markets is not distinct this morning, gold and silver traders appear to have shifted some of their focus back to currency action.
On the other hand, the markets are betting heavily on a top in US treasury Note yields at 5% and a breakout above that could compound the negative impact from the surging dollar...[MORE]
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