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Apr 24, 2014

Gold turns higher on Ukraine worries, options buying

NEW YORK/LONDON, April 24 (Reuters) – Gold rose on Thursday
as rising geopolitical tensions and options-related buying
helped reverse the precious metal’s early sharp losses after it
fell to a 2-1/2 month low.

Bullion prices were underpinned after Ukrainian forces
killed up to five pro-Moscow rebels as they closed in on the
separatists’ military stronghold in the east.

Apr 24, 2014

CME plans to launch physically settled Asia gold futures-sources

SINGAPORE/NEW YORK, April 24 (Reuters) – CME Group Inc
plans to launch a physically deliverable gold futures
contract in Asia, three sources familiar with the matter said,
as the world’s No.1 futures exchange targets rising hedging and
investor demand in the top gold-consuming region.

An Asian contract from CME could help set a pricing
reference for gold futures in Asia, much like its U.S. COMEX
gold contract sets the benchmark for bullion futures globally.

Apr 23, 2014

Gold flat, holds above key support after U.S. housing data

NEW YORK/LONDON, April 23 (Reuters) – Gold prices were
little changed on Wednesday, holding above a key technical
support near $1,275 an ounce, though the metal is vulnerable to
further losses as investor demand remains slack, analysts said.

The bullion market found some support after Commerce
Department data showed sales of new U.S. single-family homes
tumbled to their lowest level in eight months in March, dealing
a setback to the housing market recovery.

Apr 22, 2014

Gold hits lowest since Feb on ETF outflows, S&P gains

NEW YORK/LONDON, April 22 (Reuters) – Gold prices dropped to
their lowest in more than two months on Tuesday, weighed down by
gains on Wall Street stocks and as outflows from physical gold
funds pointed to weak investment appetite.

Bullion is on track to fall for a fourth straight day after
government data showed U.S. home prices rose in February, while
a report by the National Association of Realtors suggested the
housing market might be stabilizing after its recent downward
trend.

Apr 21, 2014

Gold falls as ETF outflows weigh; palladium tumbles

NEW YORK/SINGAPORE, April 21 (Reuters) – Gold prices fell to
a nearly three-week low in thin trade on Monday, as sharp
outflows from the world’s biggest bullion-backed exchange-traded
fund (ETF) and no further escalation of geopolitical tensions
prompted selling.

Palladium slid about 2.5 percent on follow-through weakness
after South Africa’s biggest platinum producers last week
offered to raise wages for miners in a bid to end a widespread
mining strike for platinum group metals.

Apr 17, 2014

Platinum drops as S.African wage offer eases supply fears

NEW YORK/LONDON, April 17 (Reuters) – Platinum prices fell
to their lowest in more than two weeks on Thursday, reversing
initial gains after South Africa’s biggest platinum producers
offered to raise wages for miners in a bid to end a 13-week-old
strike that has curbed metal output.
Anglo American Platinum Ltd and Impala Platinum
Holdings Ltd said they have tabled a strike settlement
offer to end the debilitating strike, South Africa’s longest and
most damaging mining strike in living memory.
The country produces 40 percent of global output for
platinum, which is mostly used by the auto industry as catalytic
converters or consumed as jewelry products.
Signs of progress in talks between the world’s biggest
platinum producers and the AMCU union representing its 70,000
striking members have already pressured platinum prices after
they hit a one-month high at about $1,470 an ounce on Monday.
“The strike was last bastion supporting the bullish case for
platinum this week. That was the only thing holding the market
up,” said Frank McGhee, head precious metals dealer at Chicago
commodities brokerage Alliance Financial LLC.
Platinum was down 1.1 percent to $1,415.99 an ounce
by 1:41 p.m. EDT (1741 GMT). U.S. NYMEX contract for July
delivery settled down $9.10 at $1,428.70 an ounce.
Palladium also reversed early gains, falling 0.3
percent to $795 an ounce.
Among other precious metals, signs of weaker investment
demand weighed down on gold.
Holdings in the world’s biggest exchange-traded fund, SPDR
Gold Trust, fell 8.39 tonnes to 798.43 tonnes on
Wednesday, the biggest daily outflow since late December.

Spot gold was down 0.7 percent at $1,293.81 an ounce.
1:41 PM EDT LAST/ NET PCT LOW HIGH CURRENT
SETTLE CHNG CHNG VOL
US Gold JUN 1293.90 -9.60 -0.7 1292.80 1304.40 82,731
US Silver MAY 19.596 -0.038 -0.2 19.490 19.720 28,776
US Plat JUL 1428.70 -9.10 -0.6 1415.50 1442.30 9,590
US Pall JUN 807.10 4.80 0.6 796.10 808.40 4,651

Apr 16, 2014

Gold eases on Wall Street gains, strong US industry data

NEW YORK/LONDON, April 16 (Reuters) – Gold prices eased on
Wednesday as Wall Street stocks rose and as strong U.S.
industrial production data fed investor caution about bullion a
day after prices fell nearly 2 percent.

Gold traded near its key 200-day moving average support near
$1,300 an ounce after a U.S. government report showed industrial
production rose faster than expected in March.

Apr 15, 2014

Gold tumbles nearly 2 pct in technical sell-off

NEW YORK/LONDON, April 15 (Reuters) – Gold prices tumbled
about 2 percent on Tuesday, hit by technical selling below its
key 200-day moving average and as investors cashed in after its
sharp rally on hopes that the U.S. Federal Reserve would not
raise interest rates any time soon.

Silver and platinum group metals were also sold off after
Monday’s gains as renewed concerns over the escalation of
hostilities in Ukraine prompted investors to add positions in
precious metals as a hedge.

Apr 14, 2014

Gold rises on renewed Ukraine tension, palladium jumps

NEW YORK/LONDON, April 14 (Reuters) – Gold rose to a
three-week high on Monday as renewed concerns over the
escalation of hostilities in Ukraine prompted investors to add
positions in bullion as a hedge, while supply fears lifted
palladium prices to a fresh 2-1/2 year peak.

Gold’s safe-haven appeal increased on growing violence
between pro-Russian separatists and Ukrainian government forces,
and news that a Russian fighter aircraft made repeated
low-altitude, close-range passes near a U.S. ship in the Black
Sea over the weekend.

Apr 10, 2014

Gold extends rally after Fed minutes as stocks tumble

NEW YORK/LONDON (Reuters) – Gold rose to its highest price in more than two weeks on Thursday, boosted by a sharp pullback in U.S. equities and follow-through buying a day after minutes from the Federal Reserve’s latest policy meeting revealed its cautious approach in future interest-rate hikes.

Gold came uncoupled in the afternoon from U.S. equities, stalling even as the S&P 500 index accelerated losses. The S&P, which fell 2 percent for the day, has given back all its gains to turn negative for the year.