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Gold settles lower

Gold tried but failed to extend its streak of gains, with prices settling slightly lower as the U.S. dollar strengthened a bit after last week’s sharp loss.

“Gold is taking a breather after a big run up the last few days,” said Colin Cieszynski, chief market strategist at CMC Markets. Prices for the metal had logged gains in each of the last six sessions in a row.

“The U.S. Dollar is stabilizing as well and in the absence of major news,” Cieszynski said. Gold and the greenback “may both be going into a holding pattern ahead” ahead of a monetary policy statement from the U.S. Federal Open Market Committee due Wednesday.

On Monday, August gold GCQ7, -0.28%  fell 60 cents, or less than 0.1%, to settle at $1,254.30 an ounce after tapping an intraday high at $1,259. Its settlement of $1,254.90 on Friday was the highest since June 23, according to FactSet data. September silver SIU7, -0.78% shed 1.4 cents, or about 0.1%, to $16.443 an ounce, also reversing from modest gains earlier in the session.

A broad measure of the U.S. currency, the ICE U.S. Dollar Index DXY, -0.05% which compares the buck against a half-dozen other currencies, was down about 1.7% month to date, but edged up to 0.2% to 94.03 as gold prices settled Monday. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

“Metals are not likely to rampage higher, unless a catalyst such as an equity meltdown or political event, possibly a more serious fact surrounding the Russian collusion probe, develop,” said Peter Hug, global trading director with Kitco Metals. “The trajectory should remain higher for gold, but likely a two-steps-up, one-step-back pattern. Gold’s next target is $1,268, with support at $1,250.”

Gold prices had logged their highest settlement in a month on Friday, tacking on more than 2% for the week, as turmoil surrounding the White House spurred haven demand for the precious metal and a wavering dollar improved the appeal of gold to investors using other currencies to buy precious metals.

But this week, attention now turns to the Federal Reserve’s policy meeting.

“The committee’s Wednesday communication is not expected to convey new policy directives but it may relay a shift in how current economic data fit into the Fed’s view of the world,” said Steven Blitz, chief U.S. economist and managing director of global macro investing, at TS Lombard, in a note.

The Fed still seems unified on its plan to start selling off part of its $4.5 trillion portfolio in Treasurys and mortgage-backed bonds that it acquired over the past decade to help keep down U.S. interest rates. Investors are hoping this week to find out just exactly when the drawdown will begin.

Higher rates tend to push the dollar higher, nicking gold prices, and cut demand for precious metals, which don’t offer a yield, in favor of assets that do.

Overall, U.S. economic data “has remained dismal and the next two days should play a critical role in interpreting the Fed’s message,” said Bill Baruch, chief market strategist at iiTRADER.

Data Monday were mixed. A reading of U.S. manufacturing output reached a four-month high in July, while sales of existing homes fell in June to the lowest pace since February.

Among other metals, September copper HGU7, +2.38%  ended at $2.737 a pound, up 1.4 cents, or 0.5%. October platinum PLV7, -0.28%  shed $5.10, or 0.5%, to $932.30 an ounce and September palladium PAU7, +1.01%  added $4.70, or 0.6%, to $849.05 an ounce.

In exchange-traded funds, the SPDR Gold Trust GLD, -0.31% added less than 0.1%, the VanEck Vectors Gold Miners ETF GDX, -1.61%  fell 1.5%, while the iShares Silver Trust SLV, -0.90%  shed 0.1%.

Source: marketwatch.com

Gold tried but failed to extend its streak of gains, with prices settling slightly lower as the U.S. dollar strengthened a bit after last week’s sharp loss.

“Gold is taking a breather after a big run up the last few days,” said Colin Cieszynski, chief market strategist at CMC Markets. Prices for the metal had logged gains in each of the last six sessions in a row.

“The U.S. Dollar is stabilizing as well and in the absence of major news,” Cieszynski said. Gold and the greenback “may both be going into a holding pattern ahead” ahead of a monetary policy statement from the U.S. Federal Open Market Committee due Wednesday.

On Monday, August gold GCQ7, -0.28%  fell 60 cents, or less than 0.1%, to settle at $1,254.30 an ounce after tapping an intraday high at $1,259. Its settlement of $1,254.90 on Friday was the highest since June 23, according to FactSet data. September silver SIU7, -0.78% shed 1.4 cents, or about 0.1%, to $16.443 an ounce, also reversing from modest gains earlier in the session.

A broad measure of the U.S. currency, the ICE U.S. Dollar Index DXY, -0.05% which compares the buck against a half-dozen other currencies, was down about 1.7% month to date, but edged up to 0.2% to 94.03 as gold prices settled Monday. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

“Metals are not likely to rampage higher, unless a catalyst such as an equity meltdown or political event, possibly a more serious fact surrounding the Russian collusion probe, develop,” said Peter Hug, global trading director with Kitco Metals. “The trajectory should remain higher for gold, but likely a two-steps-up, one-step-back pattern. Gold’s next target is $1,268, with support at $1,250.”

Gold prices had logged their highest settlement in a month on Friday, tacking on more than 2% for the week, as turmoil surrounding the White House spurred haven demand for the precious metal and a wavering dollar improved the appeal of gold to investors using other currencies to buy precious metals.

But this week, attention now turns to the Federal Reserve’s policy meeting.

“The committee’s Wednesday communication is not expected to convey new policy directives but it may relay a shift in how current economic data fit into the Fed’s view of the world,” said Steven Blitz, chief U.S. economist and managing director of global macro investing, at TS Lombard, in a note.

The Fed still seems unified on its plan to start selling off part of its $4.5 trillion portfolio in Treasurys and mortgage-backed bonds that it acquired over the past decade to help keep down U.S. interest rates. Investors are hoping this week to find out just exactly when the drawdown will begin.

Higher rates tend to push the dollar higher, nicking gold prices, and cut demand for precious metals, which don’t offer a yield, in favor of assets that do.

Overall, U.S. economic data “has remained dismal and the next two days should play a critical role in interpreting the Fed’s message,” said Bill Baruch, chief market strategist at iiTRADER.

Data Monday were mixed. A reading of U.S. manufacturing output reached a four-month high in July, while sales of existing homes fell in June to the lowest pace since February.

Among other metals, September copper HGU7, +2.38%  ended at $2.737 a pound, up 1.4 cents, or 0.5%. October platinum PLV7, -0.28%  shed $5.10, or 0.5%, to $932.30 an ounce and September palladium PAU7, +1.01%  added $4.70, or 0.6%, to $849.05 an ounce.

In exchange-traded funds, the SPDR Gold Trust GLD, -0.31% added less than 0.1%, the VanEck Vectors Gold Miners ETF GDX, -1.61%  fell 1.5%, while the iShares Silver Trust SLV, -0.90%  shed 0.1%.

Source: marketwatch.com

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