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GOLD LIVE NEWS UPDATE
Gold extends rally from 17-mth low, stronger dollar caps gains
Gold prices inched higher on Monday, extending their recovery from a 17-month low, amid lingering worries over the U.S.-China trade conflict, while a stronger U.S. dollar capped the safe haven's gains.
Spot gold XAU= was up 0.2 percent at $1,215.71 an ounce at 0410 GMT, building on its 0.5 percent gain on Friday.
U.S. gold futures GCcv1 were little changed at $1,223.7 an ounce.
"Gold is still very much being influenced by how the dollar is moving. The uptick in gold prices is from the market pricing in how the U.S-China trade war issues actually play out," OCBC analyst Barnabas Gan said.
Gold prices rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed U.S. job growth slowed in July.
The dollar also weakened against the yuan on Friday after the Chinese central bank sought to stabilize its currency. greenback, however, regained footing on Monday and strengthened against major peers. USD/
China proposed retaliatory tariffs on $60 billion worth of U.S. goods on Friday, further escalating a bitter trade conflict, after the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-percent tariff on $200 billion worth of Chinese imports. the intensifying trade spat has been one of the reason gold prices have been supported above the $1,200 handle, the trade issues have also been playing off into a more expensive dollar rather than higher gold prices, Gan said.
"The more expensive dollar is capping the rally in gold prices. Further downside for gold still appears to be possible especially if the dollar continues to rally."
Spot gold may retest a support at $1,206 per ounce, a break below which could cause a loss to the next support at $1,194, Reuters technicals analyst Wang Tao said. in SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, fell 0.26 percent to 794.90 tonnes on Friday. funds and money managers added a hefty 13,931 contracts to their net short position, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. CFTC/
Myanmar could export as much as 20 tonnes of gold in 2019 after the Southeast Asian country earlier this year permitted exports of the precious metal for the first time in five decades, a senior industry official said on Saturday. other precious metals, silver XAG= rose 0.5 percent to $15.45 an ounce after posting an eighth weekly decline last week.
Platinum XPT= rose 0.2 percent to $828.95 an ounce, while palladium XPD= was 0.5 percent higher at $913.65 an ounce.
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GOLD LIVE NEWS UPDATE
Gold extends rally from 17-mth low, stronger dollar caps gains
Gold prices inched higher on Monday, extending their recovery from a 17-month low, amid lingering worries over the U.S.-China trade conflict, while a stronger U.S. dollar capped the safe haven's gains.
Spot gold XAU= was up 0.2 percent at $1,215.71 an ounce at 0410 GMT, building on its 0.5 percent gain on Friday.
U.S. gold futures GCcv1 were little changed at $1,223.7 an ounce.
"Gold is still very much being influenced by how the dollar is moving. The uptick in gold prices is from the market pricing in how the U.S-China trade war issues actually play out," OCBC analyst Barnabas Gan said.
Gold prices rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed U.S. job growth slowed in July.
The dollar also weakened against the yuan on Friday after the Chinese central bank sought to stabilize its currency. greenback, however, regained footing on Monday and strengthened against major peers. USD/
China proposed retaliatory tariffs on $60 billion worth of U.S. goods on Friday, further escalating a bitter trade conflict, after the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-percent tariff on $200 billion worth of Chinese imports. the intensifying trade spat has been one of the reason gold prices have been supported above the $1,200 handle, the trade issues have also been playing off into a more expensive dollar rather than higher gold prices, Gan said.
"The more expensive dollar is capping the rally in gold prices. Further downside for gold still appears to be possible especially if the dollar continues to rally."
Spot gold may retest a support at $1,206 per ounce, a break below which could cause a loss to the next support at $1,194, Reuters technicals analyst Wang Tao said. in SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, fell 0.26 percent to 794.90 tonnes on Friday. funds and money managers added a hefty 13,931 contracts to their net short position, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. CFTC/
Myanmar could export as much as 20 tonnes of gold in 2019 after the Southeast Asian country earlier this year permitted exports of the precious metal for the first time in five decades, a senior industry official said on Saturday. other precious metals, silver XAG= rose 0.5 percent to $15.45 an ounce after posting an eighth weekly decline last week.
Platinum XPT= rose 0.2 percent to $828.95 an ounce, while palladium XPD= was 0.5 percent higher at $913.65 an ounce.
Traders Get Freedom From Losses
https://www.royaltraders.co
*Get Highly Accurate Calls With Highly Qualified Research Team
*Our Reaserch and Analysis based Tips are intraday validity
only which Get Target in a Short Time Period.
*We have very Expensive Team of CFA professionals Who Provides You Best Call in Mcx Market After
The Accurate Research in All International Markets and DATA.
*Our Market Tips are covered by the Full Proof
Follow-Up in which you Enjoy Profit Instantly.
*We will provide you Best Online and Offline support 24/7 via WhatsApp,Facebook,
Yahoo messenger,Telephone,Telegram etc.
For Tons Of Profit Join Now-9719026661
www.RoyalTraders.co
Best Accuracy For Royal Traders
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