Gold ticked up on Tuesday :-
it attempted to recover from a 2 percent slide in the previous
session, but was unlikely to rally as the outlook for the U.S.
dollar remained optimistic.
session, but was unlikely to rally as the outlook for the U.S.
dollar remained optimistic.
The dollar steadied on Tuesday after recouping some of its
post-payrolls losses as an uptick in risk appetite sent U.S.
Treasury yields higher and underpinned Wall Street stocks.
Spot gold gained 0.4 percent to $1,154.80 an ounce by
0330 GMT, after dropping 2.2 percent in the previous session.
"U.S. economic growth in particular looks buoyant and is
likely to drive the dollar even higher, placing downward
pressure on gold," .
The bleak investor interest in bullion indicated that
investors expect prices to drop further amid a strong recovery
in the U.S. economy, the likelihood of the Federal Reserve
rising rates sooner than later and a robust dollar.
Holdings of ETF Securities' rival SPDR Gold Trust, the
world's top gold exchange-traded fund, fell 0.25 percent to
725.36 tonnes on Monday - a fresh six-year low.
Gold prices could tumble towards $800 to $900 an ounce, not
seen since the 2008/2009 financial crisis, as the metal is no
longer seen as a decent portfolio diversifier, metals merchant
and hedge fund.
post-payrolls losses as an uptick in risk appetite sent U.S.
Treasury yields higher and underpinned Wall Street stocks.
Spot gold gained 0.4 percent to $1,154.80 an ounce by
0330 GMT, after dropping 2.2 percent in the previous session.
"U.S. economic growth in particular looks buoyant and is
likely to drive the dollar even higher, placing downward
pressure on gold," .
The bleak investor interest in bullion indicated that
investors expect prices to drop further amid a strong recovery
in the U.S. economy, the likelihood of the Federal Reserve
rising rates sooner than later and a robust dollar.
Holdings of ETF Securities' rival SPDR Gold Trust, the
world's top gold exchange-traded fund, fell 0.25 percent to
725.36 tonnes on Monday - a fresh six-year low.
Gold prices could tumble towards $800 to $900 an ounce, not
seen since the 2008/2009 financial crisis, as the metal is no
longer seen as a decent portfolio diversifier, metals merchant
and hedge fund.
Analysts and traders surveyed by Reuters last week predicted
that prices could fall to $1,000 by the end of the year,
revisiting that level for the first time since 2009.
PRICES AT 0330 GMT :-that prices could fall to $1,000 by the end of the year,
revisiting that level for the first time since 2009.
Metal Last Change Pct chg
Spot gold 1154.8 4.67 0.41
Spot silver 15.59 0.02 0.13
Spot platinum 1197.8 5.8 0.49
Spot palladium 762.5 3.9 0.51
Comex gold 1154.2 -5.6 -0.48
Comex silver 15.595 -0.076 -0.48
Euro 1.2435
DXY 87.719
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