Gold Prices Slip Despite Slightly Weaker Dollar-SapForex24

Gold prices slipped on Tuesday while the U.S. dollar was also slightly weakened against the yen ahead of a monetary policy decision from the Bank of Japan.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $0.80, or 0.07%, to $1,220.50 a troy ounce.

Meanwhile, the U.S. Dollar Index, which tracks the greenback against a basket of other currencies, fell 0.01% to 94.13 on Tuesday, off a one-year high of 95.656 touched on July 19. 

The Bank of Japan is expected to trim its inflation forecasts later in the day and consider changes to its stimulus program, earlier reports suggested.

Dollar-denominated commodities such as gold are sensitive to moves in the dollar. A fall in the dollar makes the yellow metal cheaper for holders of foreign currency, raising demand. 

Looking ahead, the U.S. Federal Reserve begins its two-day monetary policy meeting later on Tuesday. The central bank is largely expected to stand pat on monetary policy.

The U.S. central bank has raised benchmark lending rates twice this year and markets expected two more hikes by the end of 2018.

Higher U.S. rates tend to push the dollar higher, making greenback-denominated gold more expensive for holders of other currencies.

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Oil Prices Trade Lower Despite Spare Capacity Warning, U.S. Shale Output in Focus-SapForex24

Oil prices headed lower in European morning trade on Friday as concerns about a China-U.S. trade war and the return of Libyan oil to the market offset a warning about a shortage in global crude supplies despite increases in production from the Organization of Petroleum Exporting Countries.

New York-traded West Texas Intermediate crude futures fell 16 cents or 0.23% to $70.17 a barrel.Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 73 cents or 0.98%, to $73.72.

In other energy trading, gasoline futures fell 0.79% $2.0572 .while heating oil lost 0.81% to $2.1060 a gallon.

Lastly, natural gas futures dipped 0.04% to $2.796 per million British thermal units.

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Dollar loses further ground on the day, EUR/USD pushes past 1.1600-SapForex24

This time it is the dollar weakening across the board. GBP/USD has also posted a high of 1.3292, USD/CHF has fallen to a low of 0.9955 while AUD/USD has pared gains for the day to now close in on session highs at 0.7477.

The dollar index is now at session lows down 0.2% on the day. Even the kiwi and loonie are paring back some losses against the dollar now.

There aren't any headlines crossing the wires to have brought about the change but selling as the dollar index touched above 95.00 again is one of the things that you can point to. Apart from that, there's the trade rhetoric still as reports say that the White House is to issue a second list of tariffs against China. That has also brought US equity futures lower on the day. S&P 500 futures are now trading 0.4% lower.

As for EUR/USD, as long as price sticks near the 1.1600 handle this could still be a level of interest as there are large expiries on the day here. So, let's see how things develop.

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Gold Prices Reverse Gains, Near 2018 Lows-SapForex24

Gold prices reversed early gains on Thursday, falling back towards the lowest levels since December as a stronger dollar and rising U.S. government bond yields continued to weigh on demand for bullion.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $3.50 or 0.27% to $1,288.00 a troy ounce, off an overnight high of $1,293.70.

The precious metal plumbed a low of $1,285.70 on Wednesday, the weakest level since December 27.

Gold has slumped as expectations of higher U.S. interest rates have pushed up bond yields and the dollar.

Higher Treasury yields can spell weakness for Gold which, like other commodities, offers no yield, while a stronger U.S. currency makes dollar denominated gold more expensive for overseas buyers.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was last at 93.21, within close reach of Wednesday’s five month peaks of 93.52. The index is up around 0.93% so far this week.

The yield on 10-year U.S. Treasury notes rose as high as 3.117% overnight, the highest level since 2011. Bond yields move inversely to prices.

Yields have climbing higher since the Federal Reserve said at its May meeting that inflation is moving closer to its 2% target.

The Fed raised rates in March and projected two more rate hikes this year, although many investors see three hikes as possible.

In other metals trading, July silver futures were almost unchanged at $16.37 a troy ounce, while July platinum futures were trading at $889.20, little changed for the day. July copper futures were up 0.24% at $3.078 a pound.

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Forex - Dollar Steady near 3-1/2 Month Highs-SapForxe24

The dollar was holding steady near three-and-a-half month highs against a basket of the other major currencies on Thursday, supported by higher Treasury yields as the U.S. 10-year bond yield held above the 3% level.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was trading at 91.02 , within close reach of Wednesday’s highs of 91.04, the most since January 12.

Demand for the dollar continued to be underpinned by rising U.S. yields and the prospect of a faster pace of rate hikes by the Federal Reserve this year.

Expectations of higher interest rates make the dollar more attractive to investors seeking yield. The yield on 10-year U.S. Treasury notes rose above 3% for the first time since 2014 this week, a sign of confidence in the outlook for the U.S. economy.

The dollar eased against the yen, with USD/JPY dipping 0.11% to 109.31 after setting a fresh two-and-a-half month high of 109.46 overnight.

The euro was little changed against the dollar, with EUR/USD last at 1.2167, not far from Wednesday’s two-month trough of 1.2158.

Investors were looking ahead to the European Central Bank’s monetary-policy meeting later Thursday to gauge whether officials are growing more confident on the inflation outlook.

The ECB was expected to keep monetary policy unchanged and indicate that it is still on track to wind up its bond purchasing stimulus program by the end of the year.

The pound was trading at five-week lows, with GBP/USD last at 1.3923, almost unchanged for the day.

The Australian dollar was holding above the previous sessions four month trough, with AUD/USD last at 0.7561.

The New Zealand dollar plumbed fresh four month lows, with NZD/USD sliding 0.14% to 0.7058.

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Forex- U.S. Dollar Rises as Bond Yields Jump-SapForex24

The dollar was higher on Friday as the yield on U.S. Treasury notes rose to February levels and interest rate expectations offset trade war worries.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% to 89.88.

EUR/USD falling 0.30% to 1.2308 as investors worry that the euro zone’s economy is rebounding and the European Central Bank could wait to tighten monetary policy.

Elsewhere, the Australian dollar was lower, with AUD/USD down 0.44% to 0.7694 while NZD/USD decreased 0.69% to 0.7221.

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Oil Prices Rise on Hints of OPEC Extending Production Cuts-SapForex24

Crude Oil WTI Futures gained 0.58% to $64.67 a barrel by 5:37 AM ET (9:37 GMT). Brent crude futures, the benchmark for oil prices outside the U.S., rose 22 cents, or 0.32%, to $69.13 a barrel.

In other energy trading, gasoline futures rose 0.40% at $2.0165 a gallon, while heating oil increased 0.30% to $1.9954 a gallon. Natural gas futures slipped 0.27% to $2.613 per million British thermal units.

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Crude Oil Prices Move Lower as Optimism Fades-SapForex24

The U.S. West Texas Intermediate crude April contract was down 20 cents or about 0.32% at $61.84 a barrel

Brent oil for May delivery on the ICE Futures Exchange in London declined 32 cents or about 0.49% to $65.17 a barrel.

Gasoline futures dropped 0.53% to $1.890 a gallon, while natural gas futures were up 0.11% to $2.735 per million British thermal units.

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Gold Prices Edge Higher With All Eyes on U.S. Tariffs-SapForex24

Gold prices edged higher on Thursday, as investors remained cautious ahead of an expected clarification by U.S. President Donald Trump on his proposed tariffs.

Comex gold futures were up 0.11% at $1,329.0 a troy ounce by 0205.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 89.60, just off Wednesday\'s two-week lows of 89.36.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Elsewhere on the Comex, silver futures gained 0.34% to $16.56 a troy ounce.

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International Market Update by SapForex24: 19-Jan-2018

Gold:1332.50

Silver:17.050

Crude Oil:63.09

Copper:3.212

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Gold Prices Back Off 4-Month Highs as Dollar Rebounds-SapForex24

Comex Gold futures were at $1,335.50 a troy ounce by 3:25AM ET (0825GMT), down around $2.00, or 0.1%, from the last session's closing price. It hit the best level since Sept. 8 at $1,345.00 a day earlier.
silver futures were little changed at $17.19 a troy ounce. It reached a three-month high of $17.42 on Monday.

The dollar index, which gauges the U.S. currency against a basket of six major rivals, inched up from a more than three-year low. It was last at 90.38, after dropping as low as 89.98 on Tuesday, its deepest nadir since December 2014.

palladium prices tacked on 0.7% to $1,096.60 an ounce. It marked a record-high of $1,133 on Monday thanks to soaring demand for the auto industry.

Sister metal platinum meanwhile inched up 0.2% to $1,006.40 an ounce, after touching its strongest since Sept. 8 at $1,012.50 in overnight trade.

March copper dipped 0.6% to $3.201 a pound.

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Oil Prices Hold Near 3-Year Highs; U.S. Drilling, OPEC Cuts in Focus - SapForex24

U.S. West Texas Intermediate (WTI) crude futures tacked on 8 cents to $64.38 a barrel.It rose to its highest since Dec. 2014 at $64.77 last Thursday.

In other energy trading, gasoline futures held steady at $1.847 a gallon, while heating oil was little changed at $2.084 a gallon.

Natural gas futures declined 4.6 cents, or 1.5%, to $3.154 per million British thermal units. It soared nearly 15% last week, after data showed the largest withdrawal on record in U.S. supplies in storage.

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Forex - Dollar Dips after Fed Minutes, Upbeat U.S. Data-SapForex24

The dollar dipped on Thursday after ending the previous session higher as upbeat U.S. data and the minutes of the Federal Reserve’s latest policy meeting helped it recover from recent losses.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged down 0.07% to 91.83 by 02:58 AM ET (07:58 AM GMT).

On Tuesday, the index had fallen to three-and-a-half month lows of 91.47.
The euro moved higher, with EUR/USD rising 0.17% to 1.2035 after losing around 0.4% on Wednesday. The single currency had hit a four-month high of 1.2080 on Tuesday, putting it within striking distance of a September peak of 1.2092, its strongest level since early 2015.

The dollar was little changed against the yen, with USD/JPY at 112.54, having pulled up from Tuesday’s two-and-a-half week lows of 112.04.

The pound was steady, with GBP/USD at 1.3520 after sliding 0.57% the previous day to pull back from a three-and-a-half month high of 1.3612.

Meanwhile, the Australian and New Zealand dollars were higher, with AUD/USD rising 0.22% to 0.7852 and NZD/USD adding 0.47% to trade at 0.7123.

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Daily Market Forecast, December 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

USD/JPY: Quiet Conditions for Yen

Forex will remain very quiet today for all the major currencies. This includes the Yen as many global financial institutions remain in holiday mode. The Japanese currency is near 113.30 against the U.S Dollar. Traders should be ready for sudden bursts of activity amidst the very tranquil conditions. Volumes will pick up tomorrow.

Gold: Precious Metal Propelled Higher

Gold is near 1279.00 U.S Dollars an ounce as of this morning. The commodity was propelled higher via a large buy in the market earlier today. The precious metal is near important resistance, but with holiday trading in effect, Gold may prove to be a difficult short term to predict.

EUR/USD: Low Trading Volumes Today for Euro

The Euro will experience extremely low trading volume as most of the European continent remains on official holiday. The Euro is around 1.1880 against the U.S Dollar. Range traders might enjoy an opportunity to look for short-term spikes, but risk management would be wise today.

GBP/USD: Boxing Day Holiday in U.K

The Pound is around 1.3370 against the U.S Dollar. U.K investors are celebrating Boxing Day and trading will be nearly non-existent today. However, traders with positions on will want to monitor the range of the Pound and be ready for potential moves when investing picks up tomorrow.

Crude Oil: Solid Trend Upwards for U.S Crude Oil

U.S Crude Oil could be the commodity to watch today as some traders in America make their way back to the marketplace. The commodity is above 58.50 U.S Dollars a barrel and has provided a solid trend upwards the past week.

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Gold Prices Remain Supported on U.S. Dollar Softness-SapForex24

Comex gold futures were up $2.70 or about 0.21% at $1,266.80 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session's two-week high of $1,268.40.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 93.09.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

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Forex - Dollar Steadies after Post-Fed Slide-SapForex24

The dollar stabilized against a basket of the other major currencies on Thursday, having slid after the Federal Reserve raised interest rates as expected, but left its interest rate projections for 2018 unchanged.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.47.

The dollar was also on the back foot after U.S. core consumer price data released on Wednesday showed slowing inflation.

But hopes for progress on U.S. tax reform, including tax cuts, continued to lend support to the dollar.
The dollar pushed higher against the yen, with USD/JPY rising 0.19% to 112.76 after tumbling 0.9% on Wednesday.

The euro was little changed against the dollar, with EUR/USD at 1.1830, having advanced 0.7% the previous day.

In the euro zone, data on Thursday showed that the German economy grew at the fastest rate in more than six-and-a-half years in December, while a similar survey showed that the French economy also ended 2018 on a strong note.

Sterling edged higher, with GBP/USD rising 0.13% to 1.3432.

The Bank of England and the European Central Bank were to make their final monetary policy announcement of the year later in the day and are expected to hold rates steady.

Meanwhile, the Swiss National Bank left interest rates unchanged at a record low of minus 0.75% after its meeting on Thursday, and pledged to “remain active” in the foreign exchange market to prevent the Swiss franc becoming too strong.

The Swissy remained slightly lower against the euro and the dollar following the announcement, with USD/CHF at 0.9861 and EUR/CHF at 1.1670.

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Forex - Dollar Dips Before U.S. Tax Bill, Sterling Eyes Rate Decision-SapForex24

The dollar edged lower on Thursday as investors awaited the release of a U.S. tax bill after a one-day delay, while the pound pushed higher ahead of a Bank of England policy decision later in the day.

House Republicans were expected to release a tax bill later Thursday amid ongoing internal disagreements over how proposed tax cuts will be paid for.

Lawmakers have made plans for measures seeking up to $6 trillion in tax cuts over 10 years.
The dollar has been boosted in recent months by hopes that tax reforms could bolster growth, adding pressure on the Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

The Fed left rates unchanged on Wednesday in a widely expected decision, but expectations for a December rate hike sharpened as officials noted “solid” economic growth and a tightening labor market.

Earlier Wednesday a strong ADP nonfarm payrolls report underlined the case for further monetary tightening.

Meanwhile, investors were awaiting an official White House announcement on President Donald Trump’s pick for the next Fed chairman. Recent reports have indicated that Trump is likely to appoint Fed Governor Jerome Powell, who is viewed as more dovish than other candidates.

The dollar was a touch lower against the yen, with USD/JPY last at 114.11, holding above an overnight low of 113.61.

The euro pushed higher, with EUR/USD rising 0.15% to 1.1635.

Sterling gained ground, with GBP/USD up 0.18% at 1.3269 ahead of a BoE meeting later in the day where the bank was widely expected to raise interest rates for the first time since 2007.

Investors will be focusing on the degree of consensus among policymakers as they try to gauge the likelihood of further rate hikes.

The pound was little changed against the euro, with EUR/GBP at 0.8770.

Meanwhile, the Australian and New Zealand dollars advanced, with AUD/USD adding 0.42% to 0.7709 and NZD/USD rising 0.38% to 0.6911.

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Oil Prices Slip Further Following Surprise U.S. Crude Build-SapForex24

Crude oil prices edged lower on Thursday, after data from the U.S. Energy Information Administration showed domestic crude stockpiles increased for the first time in five weeks.

U.S. West Texas Intermediate (WTI) crude futures dipped 20 cents, or around 0.4%, at $51.98 a barrel by 3:15AM ET (0715GMT), after losing 29 cents, or 0.6%, a day earlier.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., shed 11 cents, or 0.2%, to $58.34 a barrel.

Oil prices settled lower on Wednesday, pressured by an unexpected increase in U.S. crude inventories and as oil output and exports from the United States rose last week.

Crude oil inventories rose by 856,000 barrels, according to the EIA, marking the first increase in five weeks. That compared with analysts' expectations for a decline of 2.6 million barrels.

The report also showed that domestic production rebounded by 1.1 million barrels per day (bpd) to 9.5 million and net imports rose by just over 500,000 bpd, after the falloff due to Hurricane Nate the week before.

Prices remained supported by comments from Saudi Arabia's energy minister on Tuesday reiterating its determination to end a global supply glut and as geopolitical turmoil threatened global inventories.
In other energy trading Thursday, gasoline futures held steady at $1.731 a gallon, while heating oil slipped 0.4 cents to $1.814 a gallon.

Gasoline inventories fell by 5.5 million barrels last week, much more than expectations for a decline of 17,000 barrels. For distillate inventories including diesel, the EIA reported a decline of 5.2 million barrels.

Natural gas futures rose 0.6 cents to $2.925 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

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Forex - Sterling Hits Day’s Highs after UK GDP Data-SapForex24

The pound rose to the day’s highs on Wednesday after data showing that UK economic growth picked up the third quarter was seen as raising the chances of an interest rate hike by the Bank of England next month.

GBP/USD was up 0.31% at 1.3176 by 04.50 AM ET (08:50 AM GMT) from around 1.3122 ahead of the report.

The Office for National Statistics reported that gross domestic product grew by 0.4% in the three months to September, up from 0.3% in the previous quarter. Economists had expected grow to remain steady at 0.3%.

The UK economy expanded 1.5% on a year-over-year basis, matching the previous quarter’s growth and above forecasts for an expansion of 1.4%.

Service sector output provided the bulk of the growth the ONS said, expanding by 0.4% during the quarter.

The manufacturing sector also returned to growth, with output rising by 1.0%, but construction activity contracted by 0.7% on the quarter.

The pick-up in growth was likely to cement expectations that the BoE will raise interest rates next month, but growth of 0.4% is still well below the UK’s long term growth rate.

The euro fell to the day's lows against the pound following the report, with EUR/GBP down 0.38% to 0.8922 from around 0.8966 earlier.

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Gold Prices Hit 2-Week Low as Dollar Gains -SapForex24

Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 .

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75.

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

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