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Monthly Archives: July 2015

PRECIOUS-Gold pares gains as U.S. data takes pressure off dollar

Gold pared gains on Thursday, sliding back below $1,100 an oz like a steeper-than-forecast stop by U.S. unemployed claims assisted the dollar get over earlier lows, though prices continued to be pressurized following this week’s plunge.

Gold published its greatest one-day reduction in nearly 2 yrs on Monday, pushing prices through key chart levels and configuring it for more weakness. Affordable prices enticed some purchasers to the marketplace on Wednesday, but gains continued to be moderate.

Place gold was up .3 % at $1,096.40 an oz at 1428 GMT, off a higher of $1,105.60. U.S. gold futures for August delivery were up $3.80 an oz at $1,095.30.

Gold continues to be compromised this season by anticipation the U.S. Fed is on the right track to boost rates of interest the very first time in nearly ten years, improving the price of holding non-yielding gold and lifting the dollar.

“The marketplaces are concentrating on a September rate hike, so presuming that’s if this happens, you need to believe that gold will remain under downward pressure up to that time,Inch Citi analyst David Wilson stated. (more…)

PRECIOUS-Gold turns lower as U.S. data takes pressure off dollar

Gold switched lower on Thursday, sinking back below $1,100 an oz like a steeper-than-forecast stop by U.S. unemployed claims assisted the dollar get over earlier lows, though prices continued to be pressurized following this week’s plunge.

Gold published its greatest one-day reduction in nearly 2 yrs on Monday, pushing prices through key chart levels and configuring it for more weakness. Affordable prices enticed some purchasers to the marketplace on Wednesday, but gains continued to be moderate.

Place gold was lower .3 % at $1,089.34 an oz at 2:53 p.m. EDT (1853 GMT), off a higher of $1,105.60. U.S. gold futures for August delivery settled up .2 percent at $1,094.10.

“The marketplaces are concentrating on a September rate hike, so presuming that’s if this happens, you need to believe that gold will remain under downward pressure up to that time,Inch Citi analyst David Wilson stated.

Gold continues to be compromised this season by anticipation the U.S. Fed is on the right track to boost rates of interest the very first time in nearly ten years, improving the price of holding non-yielding gold and lifting the dollar. (more…)

Silver miner Fresnillo raises gold production outlook

Fresnillo Plc, our planet’s greatest primary silver producer, elevated its full-year gold production guidance after it retrieved more gold at its mines.

Fresnillo, which mines silver and gold in Mexico, mentioned it in all probability to create between 715,000 and 730,000 ounces of gold in 2015, 6.6 percent more than its earlier forecast.

Silver production for your quarter ended 30 June elevated by 2.seven percent to 11.3 million ounces, while gold production rose 16.8 percent to 181,985 ounces, the business added.

U.S. gold miner Newmont’s quarterly adjusted earnings rise

Newmont Mining Corp reported greater second-quarter modified earnings on Wednesday as lower oil prices and favorable forex rates counterbalance the impact of less strong metal prices.

Newmont, the earth’s No. 2 gold producer by oz . found, stated modified internet earnings rose to $131 million, or 26 cents a share, within the quarter to finish-June from $101 million, or 20 cents a share, within the same period last year.

GLOBAL MARKETS-Asian shares rise, gold firms after tumble

Asian shares gained on Tuesday, taking heart from Nasdaq’s fresh high, while gold prices took back some lost ground after plunging more than 4 percent to five-year lows in the previous session.

Financial spreadbetters predicted Britain’s FTSE 100 to open about 12 points higher, or up 0.2 percent; Germany’s DAX to gain 18 points, or 0.2 percent; and France’s CAC 40 to open flat.

“European equities are set to drift higher tracking overnight gains in the U.S. and Asia,” Jonathan Sudaria, a dealer at Capital Spreads, said in a note.

“Despite the positive start this morning, there’s not a lot of conviction in the move higher. Maybe it’s because we’ve had such a rapid rally since the start of July that the bulls need a breather, or that equities valuations are starting to look a little toppy,” he added.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up about 0.4 percent, after wavering between positive and negative territory for much of early trading. (more…)

GLOBAL MARKETS-Oil, gold up as dollar weakens; stocks fall

Crude oil edged higher and gold prices rose on Tuesday on the back of a softer U.S. dollar, while earnings hurt Wall Street and helped drag a gauge of major global stock markets lower.

Spot gold prices halted a plunge of nearly 6 percent in the past six days, after hitting a five-year low on Monday as investors dumped inflation hedges. A stronger U.S. dollar and Greece looking to seal a bailout deal added to the bearish catalysts for the metal.

U.S. crude oil futures rose after slipping under $50 a barrel, while Brent remained toward the bottom of its $55-$60 a barrel range, near its lowest since early April.

Stocks on Wall Street fell, with results from bellwethers IBM and United Technologies weighing the most on the S&P 500, while Apple was also down ahead of its earnings report, expected after the closing bell. (more…)

GLOBAL MARKETS-Gold slumps to five-year low, dollar at highest in months

Gold prices stepped for their cheapest in additional than 5 years on Monday, at some point shedding 4 % on aggressive selling from China, as the U.S. dollar hit a 3-month at the top of anticipation for greater U.S. rates of interest.

Major U.S. and European equity indexes published modest gains.

The dramatic sell-off in gold arrived a few minutes in Shanghai. Greater than 3.3 million plenty of a vital contract exchanged there, far surpassing average daily amount of about 30,000 contracts.

The precise reason behind the selling was unclear. Recent strength within the U.S. currency and anticipation for greater U.S. rates have compromised the situation for holding gold along with other gold and silver, while experts also noted that China imported an archive amount of gold in 2013 which has produced an oversupply situation. Still, the speed from the decline surprised traders and led to two separate trade halts in U.S. gold futures.

The place cost for gold what food was in $1,109.75 an oz, after striking a minimal of $1,088.50 overnight. (more…)

Gold slide helps erase half of gains from 12-yr bull run, $1000/ounce on horizon

Gold’s latest slide has assisted eliminate half increases in the last decade’s historic bull run, taking prices to a vital chart level on Monday and threatening a rest towards $1,000 an oz.

Gold slid to some five-year low of $1,088.05 an oz overnight in Asia, roughly a 50 % retracement from the rally from the 1999 low of $251.70 to the record a lot of $1,920.30 observed in September 2011.

Technical experts, who study past cost designs for clues to future direction of trade, expect this level to carry for the time being. However, a rest often see gold drop to levels not observed in nearly six years.

“It’s not only the 50 % retracement from the entire bull progress in the 1999 low, it is also the approximate location of the 40-year pivot line which is available in at $1,095,” Commerzbank technical analyst Karen Johnson stated.

A pivot point is really a key section of support and/or resistance based on our prime, low and shut of the given period. (more…)

PRECIOUS-Gold near 8-mth low on US rate hike expectations, eyes 4th weekly drop

Gold held near its cheapest level in eight several weeks on Friday and it is set to increase its losing go to a 4th week, compelled by anticipation the Fed will raise rates of interest this season.

Basic principles

Place gold was little transformed at $1,143.96 an oz by 0043 GMT, a little way above Thursday’s trough of $1,142.10, its cheapest since November 2014. Gold has lost nearly 2 percent for that week.

U.S. gold for August delivery seemed to be steady at $1,142.90 an oz.

Gold required a success now after Fed Chair Yellen told Congress the U.S. central bank is on the right track to lift rates of interest this season when the U.S. economy grows not surprisingly. (more…)

China gold reserves at 53.31 mln fine troy ounces at end-June

China’s gold reserves was at 53.31 million fine troy oz . through the finish of June, the central bank stated, the very first adjustment to the reserve figures in additional than six years.

It last modified its reserve estimate April 2009, once the level was elevated to 33.89 million troy oz . from 19.29 million troy oz

Peru renews raids on illegal gold mines as wildcatting spreads

Peruvian police razed a large number of illegal gold mining camps close to an Amazonian character reserve now, a part of a restored bid to prevent multiplication of wildcatting inside a remote jungle region.

The stings close to the Tambopata National Reserve were the very first within the southeastern region of Madre p Dios since a attack let in December.

Another six procedures planned for that relaxation of the season – comparable pace as with 2014 – could sap a fledgling rebound in gold output from Peru, the earth’s fifth greatest producer and exporter.

Production from wildcat miners in Madre p Dios, who sell their ore in the logistics, composed about 10 % of national production before Leader Ollanta Humala released the toughest attack yet on illegal gold mining this past year.

Inside a two-day operation that ended late Tuesday, police burned lower greater than 50 mining camps, detained six people on accusations of human trafficking, and blew up a large number of motors that energy makeshift dredges in alluvial mining starts. (more…)