Tuesday, 6 September 2016

Precious Metal Gold Steady on Dollar Dips

Gold steady as dollar dips, stocks weigh  
Gold held steady on Monday, close to a one-week high touched in the previous session, as the dollar  dipped on receding expectations of an imminent U.S. interest rate rise but the yellow metal's gains were capped by stronger global stocks. Spot gold was up 0.1 percent at $1,326.33 an ounce by 1851 GMT. The precious metal hit a one-week high of $1,328.73 on Friday after data showed U.S. employment growth slowed more than expected in August after two straight months of robust gains.
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U.S. gold futures were up 0.3 percent at $1,330.7. Cooling U.S. rate hike expectations helped world shares notch up solid gains on Monday, though they came off highs as investors concluded an oil market pact between Saudi Arabia and Russia lacked substance. 

"What we're seeing is a reversal of expectations that U.S. interest rates would rise in September," said ICBC Standard Bank analyst Tom Kendall. "The idea that monetary policy is going to stay super easy is good for gold." 

The U.S. Federal Reserve's next policy meeting takes place Sept. 20-21 and a decision to keep policy on hold could mean a lower U.S. currency, making dollar-denominated gold cheaper and more attractive for non-U.S. buyers.

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  3. In Tuesday’s trading session Gold prices were firm as investors keenly wait for a 2 day Federal meet, where chances of a likely interest rate hike in U.S., are high.
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