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Gold extends decline

FOREX_Gold-extends-decline_FXPIG

Gold prices extended a decline on Thursday, pressured by gains in the U.S. dollar and stock market, to hold ground at their lowest levels in about five weeks.
The dollar, however, traded a bit higher and U.S. stocks climbed, dulling gold’s investment appeal.

In Thursday dealings, June gold GCM8, -0.31% was down $3.60, or 0.3%, to $1,319.10 an ounce Prices for the most-active contract, which had earlier tapped a high of $1,328, were poised for their lowest settlement since March 20.

Concerns over rapidly rising U.S. interest rates were still hanging over markets, as the yield on 10-year Treasury notes TMUBMUSD10Y, -1.21% recently traded at its highest since January 2014.

The ICE U.S. Dollar Index DXY, +0.32% was up 0.3% at 91.45. Its moves impact the appeal of dollar-priced commodities, including the yellow metal, to investors using other currencies.
On the U.S. data front, U.S. durable goods orders jumped in March on plane orders, while weekly jobless benefits requests were again at their lowest in decades. Against this mostly upbeat data backdrop, financial markets have priced in a more aggressive course for U.S. interest rates this year than the current three hikes—two more after a March move—that the Fed itself has flagged.

Trade uncertainty also hangs over markets and that uncertainty could prove supportive of haven gold. Germany said it expects that tariffs on steel and aluminum imported from the European Union to the U.S. will begin on May 1, according to reports Thursday.

Some attention was focused on the prospect of the U.S. reimposing sanctions on Iran, despite French President Emmanuel Macron’s efforts at brokering a new deal between Washington and Iran. But investors remain circumspect about the possibility of fresh sanctions, analysts say.

Elsewhere in the metals market, May silver SIK8, -0.28% lost 0.5% to $16.42 an ounce.
May copper HGK8, -0.26%  fell by 0.5% to $3.12 a pound, while July platinumPLN8, -0.42%  shed 0.3% to $910.20 an ounce.

June palladium PAM8, +1.43%  rose 1.6% to $982.70 an ounce. The contract trades up over 4% month to date despite pulling back sharply in recent sessions. U.S. tensions with Russia, which threaten global supplies, have recently fueled strong weekly gains.

The SPDR Gold Shares GLD, -0.38% exchange-traded fund fell 0.4% and the iShares Silver Trust SLV, -0.45%  fell 0.5%. The VanEck Vectors Gold Miners GDX, +0.64%  rose 0.1%.


Source: marketwatch.com

Gold prices extended a decline on Thursday, pressured by gains in the U.S. dollar and stock market, to hold ground at their lowest levels in about five weeks.
The dollar, however, traded a bit higher and U.S. stocks climbed, dulling gold’s investment appeal.

In Thursday dealings, June gold GCM8, -0.31% was down $3.60, or 0.3%, to $1,319.10 an ounce Prices for the most-active contract, which had earlier tapped a high of $1,328, were poised for their lowest settlement since March 20.

Concerns over rapidly rising U.S. interest rates were still hanging over markets, as the yield on 10-year Treasury notes TMUBMUSD10Y, -1.21% recently traded at its highest since January 2014.

The ICE U.S. Dollar Index DXY, +0.32% was up 0.3% at 91.45. Its moves impact the appeal of dollar-priced commodities, including the yellow metal, to investors using other currencies.
On the U.S. data front, U.S. durable goods orders jumped in March on plane orders, while weekly jobless benefits requests were again at their lowest in decades. Against this mostly upbeat data backdrop, financial markets have priced in a more aggressive course for U.S. interest rates this year than the current three hikes—two more after a March move—that the Fed itself has flagged.

Trade uncertainty also hangs over markets and that uncertainty could prove supportive of haven gold. Germany said it expects that tariffs on steel and aluminum imported from the European Union to the U.S. will begin on May 1, according to reports Thursday.

Some attention was focused on the prospect of the U.S. reimposing sanctions on Iran, despite French President Emmanuel Macron’s efforts at brokering a new deal between Washington and Iran. But investors remain circumspect about the possibility of fresh sanctions, analysts say.

Elsewhere in the metals market, May silver SIK8, -0.28% lost 0.5% to $16.42 an ounce.
May copper HGK8, -0.26%  fell by 0.5% to $3.12 a pound, while July platinumPLN8, -0.42%  shed 0.3% to $910.20 an ounce.

June palladium PAM8, +1.43%  rose 1.6% to $982.70 an ounce. The contract trades up over 4% month to date despite pulling back sharply in recent sessions. U.S. tensions with Russia, which threaten global supplies, have recently fueled strong weekly gains.

The SPDR Gold Shares GLD, -0.38% exchange-traded fund fell 0.4% and the iShares Silver Trust SLV, -0.45%  fell 0.5%. The VanEck Vectors Gold Miners GDX, +0.64%  rose 0.1%.


Source: marketwatch.com

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