Bullion prices ended lower on Monday, 24 April 2017 after the outcome of the first round of France's presidential election eased fears of an outcome that could threaten the country's membership in the euro and the European Union.
Gold for June delivery dropped $11.60, or 0.9%, to close at $1,277.50 an ounce, but off a session low of $1,266.
May silver ended little changed at $17.86 an ounce.
Centrist candidate Emmanuel Macron topped the field in Sunday's first-round election. He'll face off with euroskeptic, right-wing candidate Marine Le Pen in a 7 May 2017 runoff. Early polls give Macron a substantial lead.
Investors were also waiting to hear more about a “massive” U.S. tax package that President Donald Trump said is coming this week, which could revive the so-called “Trump trade” that started after his election in November, and which came on hopes that policies seen as pro-growth would swiftly pass Congress.
precious metals ended lower at Comex on Wednesday, 19 April 2017. Gold prices tumbled to their lowest finish in a week on Wednesday as the dollar clawed its way up from the three-week low reached on Tuesday. Still, tensions over North Korea and looming French and U.K. elections that hold implications for the European economy have provided haven investor demand for precious metals in recent days.
On Wednesday, June gold fell $10.70, or 0.8%, to settle at $1,283.40 an ounce. Gold prices had scored a fifth straight session gain on Tuesday to settle at their highest level since early November. Prices for the yellow metal initially extended their losses in electronic trading after the Federal Reserve released its Beige Book synopsis of economic conditions after the gold-price settlement on Wednesday. But prices edged up to $1,283.70 about a half an hour after the report.
May silver meanwhile, fell 11 cents, or 0.6%, to settle at $18.162 an ounce, with prices holding ground around that level shortly after the Beige Book release.
The ICE U.S. Dollar Index rose 0.2% to 99.716. Gold and the dollar often move inversely as a stronger dollar dulls the appeal of dollar-pegged assets for investors using other currencies.
Meanwhile, U.S. equities, assets considered risky, traded on a mixed note, while crude-oil futures dropped on the back of a surprise weekly climb in U.S. gasoline stockpiles, ahead of the May contract's expiration on Thursday.
Investors remained nervous ahead of France's first round of the country's presidential election on Sunday. British Prime Minister Theresa May's call on Tuesday for a snap general election in June, a strategic step as she navigates Britain's exit from the European Union, added to riskier market nervousness, underpinning gold and silver.
Bullion prices ended higher at Comex on Thursday, 13 April 2017. Gold and silver prices notched their third straight session climb on Thursday, bolstered as the U.S. dollar fell.
June gold advanced by $10.40, or 0.8%, to settle at $1,288.50 an ounce, with prices ending at their highest level since Nov. 4. For the week, the yellow metal gained roughly 2.5%, based on last Friday's settlement.
Silver for May delivery climbed 21 cents, or 1.2%, to $18.51 an ounce.
Those prices were pulled higher, while the U.S. dollar was pushed down against most rivals late Wednesday after President Trump reportedly told that the U.S. currency “is getting too strong” and he would prefer the Federal Reserve to keep interest rates low. The dollar touched a five-month low against the yen. The ICE Dollar declined to a roughly two-week low after Trump's comment, though pared some of those losses by the time gold settled.
A weaker greenback tends to lift prices for dollar-denominated commodities as it makes them cheaper for holders of other currencies to buy.
In the latest economic data, weekly first-time jobless claims fell slightly in the latest week, dropping to 234,000. Separately, the producer-price index fell 0.1% in March, though core PPI—which excludes food, energy, and trade—was up 0.1%.
Separately, a preliminary reading of consumer sentiment from the University of Michigan also came in at a reading of 98 in April from 96.9 in March, better than Wall Street expectations.
The markets will be closed tomorrow (14 April 2017) on account of Dr. Baba Saheb Ambedkar Jayanti/ Good Friday. Trading will resume on Monday.
Bullion metals ended lower at Comex on Monday, 10 APril 2017. Gold settled with a loss on Monday, after a brief rebound attempt failed to lift prices past a key technical level.
June gold fell $3.40, or 0.3%, to settle at $1,253.90 an ounce. During the session, however, prices briefly turned higher to touch an intraday high of $1,258.90. Meanwhile, silver for May delivery lost 23.6 cents, or 1.3%, to end at $17.915 an ounce.
The yellow metal's latest moves come after it traded around a five-month high at $1,273.30 an ounce on Friday, drawing haven bids, in the wake of the U.S.'s airstrike against Syria, but subsequently pulled back as worries about the military action, which threatened to stoke geopolitical angst, abated.
The dollar, as measured by the ICE U.S. Dollar Index was down 0.2% in Monday dealings, helping dollar-denominated gold prices trade above the session's worst levels. A weaker dollar tends to support commodities priced in the currency lifting their appeal to buyers using other monetary units.
Bullion prices ended mixed at Comex on Friday, 07 April 2017 at Comex. Gold futures finished with gains on Friday, but ended well off a five-month high set earlier in the session, as strength in the U.S. dollar and a rebound in stocks cut into the rally that followed U.S. airstrikes on Syria. A much weaker-than-expected March jobs report had helped the yellow metal to extend gains, but the yellow metal pulled back later as the dollar rose.
Gold for June delivery rose $4 or 0.3%, to end at $1,257.30 an ounce. For the week, gold advanced 0.5%, while May silver SIK7, gave up earlier gains to end at $18.151 an ounce, down 9.5 cents, or 0.5%. Silver booked a weekly decline of 0.5%.
Gold extended gains after the government said the U.S. economy created just 98,000 new jobs in March, well below the 185,000 consensus figure that was forecast. The unemployment rate, however, fell to 4.5% from 4.7% as the number of people who found work outstripped the labor force.
A surge by the dollar saw gold and other metals lose altitude. A stronger U.S. currency can weigh on commodities priced in dollars as it makes them more expensive to users of other currencies.
Gold prices retreated on Wednesday, 05 April 2017 at Comex after a reading of private-sector employment came in stronger than expected, steering buying to assets perceived as risky such as stocks.
June gold fell $9.90, or 0.8%, to settle at $1,248.50 an ounce, logging its first decline out of the past four sessions. Silver for May delivery dropped 13 cents, or 0.7%, to settle at $18.18 an ounce.
The precious metal then weakened further in electronic trade to $1,247.40 after the release of the minutes from the Federal Reserve's meeting in March. In the report, the committee revealed that it would like to start reducing the Fed's balance sheet later in the year. In addition, the Minutes showed that some Fed officials are worried about high equity valuations. Stocks held steady immediately following the report, but the hawkish tone eventually seeped in, sending the cash market into the red.
The minutes indicated that the Fed is likely to start shrinking its balance sheet this year in line with its tighter monetary-policy regime. Higher rates tend to strengthen the dollar which in turn makes assets priced in the U.S. currency more expensive.
Among economic data expected for the day, investors received March ADP Employment Change, March ISM Services, and the weekly MBA Mortgage Applications Index. The ADP National Employment Report showed an increase of 263,000 in March (consensus 175,000) while the February reading was revised lower to 245,000 from 298,000. The ADP reading precedes Friday's more influential Employment Situation Report for March, which the consensus expects will show the addition of 180,000 nonfarm payrolls. The Employment Situation Report for February indicated that nonfarm payrolls increased by 235,000.
The ISM Services Index for March declined to 55.2 from an unrevised reading of 57.6 in February while the consensus expected a downtick to 57.0. The key takeaway from the report is that growth in the services sector, which accounts for a much bigger slice of economic activity than the manufacturing sector does, persisted for the 87th straight month.
Separately, the weekly MBA Mortgage Applications Index decreased 1.6% to follow last week's 0.8% decline.