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.

For More Market Update Click@ http://ow.ly/f86i3058Gyj 

Gold Prices Hover Near 1-Week Highs on Weaker Dollar-SapForex24

Gold prices were hovering near one-week highs on Friday, as fresh concerns over U.S. tax reform plans weighed on the dollar and as markets were still digesting the Federal Reserve's latest policy statement.

Comex gold futures were up $1.80 or about 0.15% at $1,258.90 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off a one-week high of $1,261.50 hit on Thursday.

the central bank did not change its projections for 2018, which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.16% at 93.50.

Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes Gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere on the Comex, silver futures added 0.16% to $15.96 a troy ounce.

For More Market Update Visit@ http://ow.ly/CKcw304wdrV

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.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com

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.

For More Information Visit@ https://goo.gl/hVcyw9 Or Whatsapp@ +91-9981999934

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.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

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.

For More Information Whatsapp@ +91-9981999934   or Visit Here@ http://sapforex24.com/

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.

For More Information Visit@ http://sapforex24.com/ForexService.aspx 

Oil prices lower after strong third quarter as Sept. OPEC output rises-SapForex24

Oil prices fell on Monday, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September.

U.S. crude was down 14 cents, or 0.3 percent, at $51.53 a barrel at 0637 GMT. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

Global benchmark Brent crude for December delivery was down 23 cents, or 0.4 percent, at $56.56 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004.

The contract reached its highest in more than two years early last week, and posted its fifth consecutive weekly gain. It was Brent's longest weekly bull run since June 2016.

The price gains have been supported by anticipated demand from U.S. refiners resuming operations after shutdowns due to Hurricane Harvey, but a quick resumption of shale production could put a dampener on prices.

"U.S. production should be soft over August and September, due to Hurricane-related shut-ins but should rebound" in the fourth quarter, Barclays (LON:BARC) Research said in a note.

Oil output from the Organization of Petroleum Exporting Countries (OPEC) also rose last month, gaining by 50,000 barrels per day (bpd), a Reuters survey found.

Iraqi exports increased and production edged higher in Libya, one of the OPEC producers exempt from a deal to curb output and support prices.

Middle Eastern oil producers are concerned the recent price rise will only stir U.S. shale producers into more drilling and push prices lower again.

U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August, energy services firm Baker Hughes said on Friday.

Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750.

Hedge funds and other money managers raised their net long positions in U.S. crude futures and options in the week to Sept. 26, the Commodity Futures Trading Commission (CFTC) reported on Friday.

Managed money net long positions rose by 43,496 contracts to 251,788 contracts, the most since the week of Aug. 22, the CFTC said.

For More Information Whatsapp@ +91-9981999934  or Visit Here@ http://sapforex24.com/

Oil prices slip as U.S. crude output rises to highest since 2015- SapForex24

Oil prices edged lower on Thursday, after U.S. government data revealed a weekly climb in domestic production to the highest level in over two years.

U.S. West Texas Intermediate (WTI) crude futures shed 20 cents, or around 0.4%, to $51.94 a barrel by 3:35AM ET (0735GMT), after rising 26 cents in the previous session to just below a five-month high.

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., dipped 37 cents, or about 0.6%, to $57.20 a barrel, moving further away from a 26-month peak reached earlier this week.
Oil prices ended higher on Wednesday, as investors digested weekly supply data from the U.S. Energy Information Administration.

Crude oil inventories fell by 1.8 million barrels, according to the EIA, after posting hefty increases in each of the last three weeks, as refiners raised output following Hurricane Harvey last month.
However, gasoline stockpiles were up 1.1 million barrels for the week, rising for the first time in four weeks.

The report also showed that domestic crude production edged up by 0.4% to 9.55 million last week, the highest level since July 2015.

Prices have been well-supported in recent weeks amid growing optimism that the crude market was well on its way towards rebalancing as data showed strong compliance from major producers with their supply cut agreement.

In May, OPEC and non-OPEC members led by Russia agreed to extend production cuts of 1.8 million barrels per day for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Elsewhere on Nymex, gasoline futures were little changed at $1.602 a gallon, while heating oil slumped 1.5 cents, or 0.8%, to $1.824 a gallon.

Natural gas futures held steady at $3.059 per million British thermal units, as traders looked ahead to weekly storage data due later in the global day.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Forex - Dollar Hovers Near 3-Week Highs Vs. Rivals- SapForex24

The dollar was hovering near three-week highs against other major currencies on Tuesday, amid fresh geopolitical tensions between the U.S. and North Korea and despite mixed messages by Federal Reserve officials.

The greenback strengthened after New York Federal Reserve President William Dudley on Monday said the Fed is on track to gradually raise interest rates given factors depressing inflation are "fading" and the U.S. economy's fundamentals are sound.

“I expect inflation will rise and stabilize around the (Fed's) 2% objective over the medium term," he said before adding that "in response, the Federal Reserve will likely continue to remove monetary policy accommodation gradually."

However, Chicago Federal Reserve Bank President Charles Evans said shortly after that the U.S. central bank should wait until there are clear signs that income and prices are rising before raising interest rates again, warning that moving too fast would be a policy “misstep.”

Meanwhile, investors remained cautious after North Korea's foreign minister Ri Yong Ho said on Monday that President Donald Trump had declared war on the country and that Pyongyang reserved the right to shoot down U.S. bombers, even if they are not in its air space.

The safe haven yen was steady, with USD/JPY at 111.71, while USD/CHF gained 0.34% to trade at 0.9698.

EUR/USD slid 0.25% to 1.1818 as market participants were also still digesting the fact that Chancellor Angela Merkel won a fourth term in office on Sunday but will have to build a coalition to form a government as Conservatives lost support in the face of a surge by the anti-immigration Alternative for Germany (AfD).

The single currency also remained under pressure after European Central Bank President Mario Draghi said Monday that that the bank's "ample" accommodation was still needed and added that currency volatility is a source of uncertainty that requires monitoring.

The pound edged higher, with GBP/USD up 0.13% at 1.3483.

Elsewhere, the Australian and New Zealand dollars were weaker, with AUD/USD down 0.25% at 0.79179 and with NZD/USD retreating 0.71% to 0.7221.

Meanwhile, USD/CAD edged 0.09% higherto trade at 1.2380.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% at 92.62 by 05:20 a.m. ET (09:20 GMT), just off a three-week high of 92.67 hit overnight.

For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/