Bullion prices ended substantially higher at Comex on Tuesday, 17 January 2016 at Comex. Gold prices settled at their highest level since mid-November on Tuesday as nervousness surrounding Britain's push to exit from the European Union and U.S. President-elect Donald Trump's inauguration this week fed haven demand for the precious metal.
Gold for February delivery rose $16.70, or 1.4%, to settle at $1,212.90 an ounce after trading as high as $1,218.90.
Silver for March delivery rose 38.3 cents, or 2.3%, to $17.148 an ounce.
Just days ahead of his inauguration, Donald Trump has predicted that more countries will leave the EU and described NATO as obsolete. He has also commented on China, stoking fears over a possible trade war.
In an interview on Friday, Trump said the dollar, which touched a more than 14-year high about two weeks ago, has gotten “too strong,” as China keeps its own yuan weaker. He said the dollar's strength is impeding the competitiveness of U.S. companies. Meanwhile, U.K. Prime Minister Theresa May has announced that the U.K. isn't looking to be a partial member of the EU, which has also aggravated fears of the future of the union.
The ICE U.S. Dollar Index was trading 0.7% lower on Tuesday as gold futures settled, and U.S. stocks were moving broadly lower.
Gold futures had gained about 1.9% last week, boosted by a retreat for the dollar and stock markets, as post election enthusiasm for riskier assets stalled. Speculative financial investors have built up net long positions in the metal for the first time in nine weeks.
Data on Tuesday showed that an index of manufacturing conditions in the New Year area pulled back in January from an eight-month high at the end of last year. The Empire State's general business conditions slipped to 6.5 in January from a revised 7.6 in December.
It was mixed finish for bullion metals on Thursday, 12 January 2017 at Comex. Gold prices on Thursday hit a new seven-week high, as the dollar fell on disappointment that President-elect Donald Trump didn't provide details on his economic plans at a closely watched news conference. But prices for the yellow metal finished just short of the $1,200-an-ounce level. But silver ended marginally lower.
Gold for February delivery rose $3.20, or 0.3%, to settle at $1,199.80 an ounce, paring earlier gains that lifted it to a high of $1,207.20. The metal has gained in seven out of the last eight sessions.
March silver fell less than half a cent to $16.825 an ounce.
On Thursday, U.S. stocks traded broadly lower, bonds rose and the dollar fell - all of which are supporting a continued rebound in gold.
The ICE Dollar Index slid 0.6% to 101.22, trading around its lowest level in a month.
The sharp dollar drop came after Trump on Wednesday, in his first full-scale press conference since July, offered few details on his administration's plans for economic stimulus, trade policy and tax reforms, but instead focused on railing against news outlets. Investors had hoped for more clarity on his policies to keep the dollar and stock rally going.
Bullion metals pared early gains by Tuesday's settlement as the dollar strengthened on 10 January 2017, but uncertainty a day ahead of a scheduled press conference by President-elect Donald Trump helped lift the yellow metal to its highest finish in six weeks.
Gold for February delivery tacked on 60 cents, or less than 0.1%, to settle at $1,185.50 an ounce. Prices touched a high above $1,190 during the session.
Silver for March delivery added 16.5 cents, or 1%, to $16.848 an ounce after climbing 1% Monday.
The dollar had been rising, and gold suffering, on hopes that the Trump administration's fiscal stimulus will boost the economy.
On Tuesday, the ICE U.S. Dollar Index, a measure of the dollar against six rival currencies, edged up 0.1% to 102.02 by the time gold futures settled. It has lost roughly 0.2% week-to-date. A weaker buck makes assets priced in the currency, including most gold on the global markets, less expensive to buyers using other monetary units. Gold and the dollar typically move inversely.
Gold has also been supported by the unclear pace of the Federal Reserve's interest-rate increases, which helps the precious metal because it doesn't offer a yield. Higher rates are also dollar-bullish.
Economic data at Wall Street showed that November Wholesale Inventories increased 1.0%, which was above the consensus of 0.9%. The prior month's reading was revised to -0.1% from -0.4%.
Separately, November Job Openings and Labor Turnover Survey showed that job openings decreased to 5.198 million from a revised 5.451 million (from 5.534 million) in October.
Bullion prices settled lower on Friday, 06 January 2017 at Comex. Gold futures settled lower on Friday as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal. Prices, however, gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve.
February gold fell $7.90, or 0.7%, to settle at $1,173.40 an ounce, after notching its highest settlement in five weeks on Thursday. Expectations about the pace of rate increases—a negative for gold that doesn't offer a yield—has cooled somewhat. For the week, the yellow metal tallied a 1.8% gain.
March silver was off 11.8 cents, or 0.7%, at $16.519 an ounce, paring its weekly rise to roughly 3.3%.
The Labor Department reported on Friday that 156,000 jobs were added in December to cap off the sixth straight year in which the economy created more than 2 million new jobs. Market had predicted a 180,000 increase in new nonfarm jobs. The unemployment rate rose to 4.7% from 4.6%. An increase in wage growth, however, provided support for the argument that the employment market remains on a solid footing. Average hourly wages jumped 0.4% to $26 last month, while hourly pay increased 2.9% from December 2015 to December 2016, marking the fastest 12-month increase since a recovery that began in mid-2009.
Strength in the dollar, with the ICE U.S. Dollar Index, a measure of the currency against six rival currencies, tacking on 0.7% Friday, weighed on gold, which is priced in the currency. A stronger buck makes assets priced in the currency more expensive to buyers using other monetary units.
Bullion prices ended lower at Comex on Friday, 30 December 2016. Gold futures moved in and out of positive territory on Friday, risking a fifth straight session gain, but still on track to snap what had been the longest weekly losing streak in more than 12 years.
Gold futures for February delivery fell $1.00, or 0.1%, to $1,157.10 an ounce, but had earlier traded up to $1,164.
Gold futures fell on Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit 6 July 2016.
March silver was down 15 cents, or 0.9%, at $16.08 an ounce after trading at its highest in about two weeks. For the month, silver fell a roughly 2%. Silver gained 17% for the year.
Precious metals moved in choppy fashion in this final trading day of 2016 as the dollar index pulled back from the 14-year highs it hit late this month. Thanks to strong early-year performances, both gold and silver logged sizable gains for the year, their best annual showing since 2012.
The ICE Dollar which typically moves inversely to gold, was down 0.5% at 102.13. This dollar gauge, which measures the strength of the buck against a basket of six currencies, traded in recent sessions at its highest level since December 2002.