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Gold holds to tight

FOREX_gold-holds-tight-ahead-of-north-korea-summit1106_FXPIG

Gold futures held to a tight trading range on Monday, with an overall a wait-and-see mood taking hold ahead of the much-touted meeting over North Korea’s denuclearization and a bevy of major central bank gatherings in the coming week.

August gold GCQ8, +0.08%  tacked on 20 cents to $1,302.90 an ounce, holding between a low of $1,297.80 and high of $1,305.70. The metal had managed a modest weekly return of about 0.3% last week after challenging the closely watched $1,300 line.

Global trade issues remained in the fore, though fresh direct market impact was so far limited, after weekend tensions between Trump and Canadian Prime Minister Justin Trudeau, with Trump withdrawing his support for the Group of Seven communiqué after Trudeau criticized U.S. tariffs on Canadian metals.

Hostilities between Trump and the leaders of two close allies—Canada and France—had intensified ahead of the G-7meeting, and Trump and administration trade officials continued the spat on Monday.

As for interest-rate policy, the key driver of currency and gold levels, the Federal Reserve is expected to raise interest rates after its two-day meeting that begins Tuesday. European Central Bank policy makers are expected to announce the timing of a reduction of its crisis-era asset-purchase initiative when it meets on Thursday.

Ahead of those events, the ICE U.S. Dollar Index DXY, -0.13% a measure of the dollar against a half-dozen major currencies, traded less than 0.1% lower. However, it has climbed by nearly 4% so far this quarter, helping to put pressure on dollar-denominated gold prices, which have lost roughly 2% for the quarter, according to FactSet Data.

Meanwhile, July silver SIN8, +1.19%  was trading up 1% at $16.915 an ounce. It logged a weekly rise of 1.8% as gold’s sister commodity, which also attracts industrial-use demand, handily outperformed its rival. July copper HGN8, -0.85% traded at $3.274 a pound, down 0.8%, after logging a sharp weekly rise of 6.5%

Source: marketwatch.com

Gold futures held to a tight trading range on Monday, with an overall a wait-and-see mood taking hold ahead of the much-touted meeting over North Korea’s denuclearization and a bevy of major central bank gatherings in the coming week.

August gold GCQ8, +0.08%  tacked on 20 cents to $1,302.90 an ounce, holding between a low of $1,297.80 and high of $1,305.70. The metal had managed a modest weekly return of about 0.3% last week after challenging the closely watched $1,300 line.

Global trade issues remained in the fore, though fresh direct market impact was so far limited, after weekend tensions between Trump and Canadian Prime Minister Justin Trudeau, with Trump withdrawing his support for the Group of Seven communiqué after Trudeau criticized U.S. tariffs on Canadian metals.

Hostilities between Trump and the leaders of two close allies—Canada and France—had intensified ahead of the G-7meeting, and Trump and administration trade officials continued the spat on Monday.

As for interest-rate policy, the key driver of currency and gold levels, the Federal Reserve is expected to raise interest rates after its two-day meeting that begins Tuesday. European Central Bank policy makers are expected to announce the timing of a reduction of its crisis-era asset-purchase initiative when it meets on Thursday.

Ahead of those events, the ICE U.S. Dollar Index DXY, -0.13% a measure of the dollar against a half-dozen major currencies, traded less than 0.1% lower. However, it has climbed by nearly 4% so far this quarter, helping to put pressure on dollar-denominated gold prices, which have lost roughly 2% for the quarter, according to FactSet Data.

Meanwhile, July silver SIN8, +1.19%  was trading up 1% at $16.915 an ounce. It logged a weekly rise of 1.8% as gold’s sister commodity, which also attracts industrial-use demand, handily outperformed its rival. July copper HGN8, -0.85% traded at $3.274 a pound, down 0.8%, after logging a sharp weekly rise of 6.5%

Source: marketwatch.com

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