gold holds near 1012 month lowdue to the higher dollar
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Gold holds near 10-1/2 month low due to the higher dollar

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleGold holds near 10-1/2 month low  due to the higher dollar

The gold price hit $1,122.35 on Thursday
London - Arab Today

Gold steadied on Friday but held near a 10-1/2 month low due to the higher dollar after the US Federal Reserve this week signalled rates could be raised three times next year — one more than forecast at its September meeting.
Spot gold was up 0.4 percent at $1,133.26 an ounce at 1225 GMT.
The metal hit $1,122.35 on Thursday, its weakest since Feb. 2 and is down more than two percent so far this week, leaving it on track for its sixth consecutive weekly loss.
US gold futures climbed 0.5 percent to $1,135.6 an ounce.
“The rate hike from the US Federal Reserve and the hawkish outlook for next year leave a fairly negative picture for gold,” ING commodity strategist Warren Patterson said.
The dollar held near 14-year highs against the euro and a broader basket of currencies as markets repositioned for a more hawkish US central bank.
Higher interest rates next year could propel the US currency higher, making gold more expensive for non-US firms.
“The nature of recent gold selling implies fresh shorting as well as liquidation,” HSBC analyst James Steel said in a note.
“The selling may not yet be exhausted ... The bearish factors for gold — namely a high US dollar, rising yields and equities and risk-on investor demand appetite — leave bullion clearly on the defensive.” Highlighting investors’ lack of appetite for gold are physically backed gold exchange traded funds; holdings of the SPDR Gold Trust, the world’s largest gold ETF are down more than 10 percent since Nov. 9.
Silver gained 0.8 percent at $16.09 an ounce, after falling more than 5 percent on Thursday. Platinum rose 0.6 percent to $898.50 after dropping to the lowest since early February in the previous session.
Palladium was down 1.3 percent to $691.00 from an earlier $685.22, its lowest since the middle of November.
It is on track to end the week down more than five percent.
“We would refrain from buying (platinum or palladium) at this point in time,” Julius Baer analyst Carsten Menke said in a note.
“We have become more cautious on the demand backdrop, primarily related to autocatalysts and jewelry. Second, we note an unusually strong co-movement with gold. Third, we see an increasing risk of investor selling.”

Source: Arab News

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gold holds near 1012 month lowdue to the higher dollar gold holds near 1012 month lowdue to the higher dollar

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 12:33 2017 Thursday ,20 April

Premier congratulated by Sudanese Ambassador

GMT 21:47 2017 Tuesday ,31 October

January 19 - February 17

GMT 12:17 2011 Wednesday ,27 July

N. Korea calls for peace treaty with U.S.

GMT 13:34 2012 Sunday ,29 July

Palestinian intellectual passes away

GMT 15:58 2014 Tuesday ,27 May

How to heal bones

GMT 20:40 2014 Sunday ,12 October

No plan to lift fuel, butane gas subsidies

GMT 08:29 2016 Saturday ,27 August

Turkey PM denies Syria operation singling out Kurds

GMT 14:09 2017 Wednesday ,13 September

WADA 'to clear 95 Russian athletes of doping charges'

GMT 14:59 2017 Monday ,04 September

We will not allow Iran to have a foothold in Yemen

GMT 20:17 2017 Friday ,17 March

Merkel to Meet Putin in Moscow on May 2

GMT 13:40 2011 Saturday ,25 June

Explosions rock Myanmar\'s capital city
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle