NEW YORK/LONDON, Sept 30 (Reuters) – Gold fell to a
nine-month low on Tuesday as the dollar surged and commodities
led by crude oil tumbled on expectations of further gains in the
Spot gold prices touched their lowest since Jan. 1 at
$1,204.40 an ounce.
Though gold managed to recoup earlier losses, the metal is
still down about 6 percent for the month with a quarterly drop
of around 9 percent, marking the sharpest monthly loss since
June 2013 and first quarterly loss this year.
NEW YORK/LONDON, Sept 29 (Reuters) – Gold prices dropped on
Monday after U.S. consumer spending data pointed to a
strengthening economy, but losses were limited as pro-democracy
protests in Hong Kong added to worries about growth in China.
Mass protests in Hong Kong stirred unrest in the global
financial hub and in China, which rules its special
administrative region under a “one country, two systems” formula
that accords the territory only a degree of democracy. Global
shares broadly fell.
NEW YORK/LONDON, Sept 26 (Reuters) – Gold dropped on Friday
as a dollar rally driven by encouraging U.S. economic growth
dimmed bullion’s investment appeal, sending the metal’s prices
toward a key support level at $1,200 an ounce.
The S&P 500 equities index climbed after data showed
the U.S. economy grew at its fastest pace in 2-1/2 years in the
second quarter with all sectors contributing to the jump in
output in a bullish signal for the remainder of the year.
NEW YORK/LONDON, Sept 25 (Reuters) – Gold rose on Thursday,
rebounding sharply from a nine-month low touched earlier in the
session, as a sharp sell-off in U.S. equities prompted investors
to buy bullion as a safe haven.
Analysts said gold prices still look vulnerable, however,
because of a strong dollar and expectations of higher U.S.
NEW YORK, Sept 25 (Reuters) – The London Bullion Market
Association (LBMA) said on Thursday it appointed Citigroup as a
market maker, underscoring the bank’s ambitions to expand into
the precious metals sector while others are exiting due to
LBMA said it named Citibank NA, a unit of Citigroup,
as a spot market-making member effective Thursday.
NEW YORK/LONDON, Sept 24 (Reuters) – Gold fell on Wednesday
as the dollar climbed to levels not seen in four years and
global shares rebounded, while investors remained cautious ahead
of U.S. economic data due later in the week.
Bullion’s safe-haven appeal dropped after data showed sales
of new U.S. single-family homes surged in August and hit their
highest level in more than six years, offering confirmation that
the housing recovery remains on course.
The dollar index against a basket of currencies rose
0.4 percent and touched highs last seen in July 2010.
“A stronger dollar is a fairly consensus view as well as
higher U.S. Treasury yields … the Fed rhetoric lately has been
helping as well, and for precious metals it means that the
outlook remains poor,” Credit Suisse analyst Karim Cherif said.
Spot gold, stronger initially, fell to a session low
of $1,215.60 an ounce. It was down 0.5 percent at $1,216.66 an
ounce by 2:07 p.m. EDT (1807 GMT), less than $10 above an
8-1/2-month low of $1,208.36 reached in the previous day.
U.S. COMEX gold futures for December delivery
settled down $2.50 at $1,219.50 an ounce, with trading volume in
line with its 30-day average, preliminary Reuters data showed.
America’s brightening economic outlook and Europe’s
sputtering business environment requiring monetary loosening
have helped the dollar index post 10 straight weekly gains.
A stronger U.S. dollar, with room to appreciate further,
will continue to weigh on the commodities sector, making gold
and silver unattractive investments, said Dominic Schnider, head
of commodities at UBS Wealth Management.
The market is likely to monitor U.S. durable goods and GDP
data to be released on Thursday and Friday respectively.
Meanwhile, U.S.-led strikes against militants in Syria on
Tuesday failed to spur demand for gold.
Investor interest in gold remained weak. SPDR Gold Trust
, the world’s top gold-backed exchange-traded fund, said
its holdings fell 1.2 tonnes to 773.45 tonnes on Tuesday – the
lowest since December 2008.
Silver fell 0.7 percent to $17.62 an ounce after
slipping to a four-year low of $17.30 on Monday.
Platinum was down 0.9 percent at $1,312 an ounce, and
palladium gained 0.1 percent to $812.60 an ounce.
Palladium trimmed some of its earlier gains after Russia’s
Norilsk Nickel, the world’s largest nickel and
palladium producer, said it was in talks to buy palladium worth
up to $2 billion from the country’s central bank.
The market took the news as a sign that state-owned Russian
stockpiles are not as depleted as had been thought.
NEW YORK/LONDON, Sept 23 (Reuters) – Gold rose on Tuesday
after the first U.S.-led airstrikes against Islamic State and
other militants inside Syria, but early gains evaporated amid a
lack of followthrough buying.
The yellow metal’s failure to rally further and technical
weakness suggested gold prices are vulnerable to losses,
NEW YORK/LONDON, Sept 22 (Reuters) – Gold prices edged up on
Monday on short covering after a dollar rise and technical
selling sent the precious metal into its weakest since early
January earlier in the day.
Silver also nearly erased earlier losses after falling to a
Precious metals tumbled last week as the dollar rallied to a
four-year high against a basket of major currencies after the
Federal Reserve indicated in its policy statement it could raise
borrowing costs faster than expected when it starts moving. On
Monday, the dollar index rose 0.1 percent.
NEW YORK/LONDON, Sept 19 (Reuters) – Gold fell on Friday to
its lowest price since January, and silver slumped to a
four-year low as the dollar soared to its highest against the
euro in four years on bets that U.S. interest rates will rise
sooner than expected.
The dollar rose against a basket of currencies, on track for
its 10th straight week of gains.
NEW YORK/LONDON, Sept 18 (Reuters) – Gold rebounded on
Thursday, as investors bought back their bearish bets after
speculation over an earlier-than-expected U.S. interest rate
hike by the Federal Reserve sent bullion prices to a 8-1/2-month
Bullion prices were pressured earlier in the day after data
showed U.S. jobless claims fell more than expected, suggesting a
firming labor market, a trend seen as supportive of economic