Browsing all articles tagged with SPDR Gold Trust

Gold falls 1.6 Percent Notches Second Sharp Monthly Loss

Precious metal knock down almost 2 percent on Friday following US data showing low inflation and improving consumer confidence dampened investor interest, with gold notching sharp losses for a second consecutive month.

A combination of declining fund interest, option expiration and squaring of books following investors covered short positions also sent open interest in US gold futures to its lowest in approximately four years traders said.

Data showing a six-year high in consumer sentiment weighed on yellow metal a traditional safe haven.

Carlos Perez-Santalla at brokerage Marex Spectron said that the metals were previously under pressure going into the end of the month as many people have a lot of short positions outstanding and the consumer confidence statistics just added fuel to selling.

Spot gold knock down 1.6 percent to $1,390.80 per ounce by 3:17 p.m. EDT (1917 GMT), its largest one-day loss in two weeks.

US Comex gold futures for August delivery settled down $19 at $1,393 per ounce, with trading volume almost 30 percent below its 30-day average.

Yellow metal had gained more than 3 percent in the previous three sessions as discouraging US growth data and jobless claims figures boosted expectations for continued Federal Reserve stimulus.

However for the month of May, precious metal fall 5.8 percent following April’s decline of more than 7 percent. On Thursday, CME data showed Comex gold futures open interest inched up less than 1 percent to 385,901 contracts, hovering near its weakest level since September 2009. The market gauge was 13 percent lower versus 445,517 lots previous Thursday.

Economic optimism and increasing investor interest in better-performing assets such as equities explained decreasing interest in the safe-haven metal.

Holdings in the SPDR Gold Trust, the world’s biggest gold backed exchange traded fund, remained unchanged at 1,013.15 tonnes on Thursday, following increasing for the first time in three weeks on Wednesday. However these are still near four-year lows, having lost almost 337 tonnes in 2013 so far.


Gold Price Fall as US Statistics Reinforces Growth Expections

Yellow metal pushed lower during the Thursday’s trading session, because statistics presenting signs of development in the US job market strengthen exceptions for growth and evaluated safe haven demand, as investors waiting for policy meetings of major central banks.

The US Labor Department’s February employment report coming on Friday, is expected to demonstrate reasonable job growth as higher taxes and worries of deep government spending cuts made employers. Arguing for the constant monetary support from the Federal Reserve.

Holdings of SPDR Gold Trust, the world’s greatest gold backed exchange traded fund was unaffected on March 6 at 1,244.855 tonnes, following dipping for an unprecedented eleven continuous sessions. The end of rapid outflow could assist steady precious metal prices.

Spot gold knock down 0.2 percent to $1,580.54 per ounce by 0045 GMT.  US gold climbed up 0.3 percent to $1,580.20 per ounce.

The FOMC (Federal Open Market Committee)  earlier in the year stated that considerable progress in the labor market would be required to either slow or stop the quantitative easing (QE) program.

Gold ended it’s session with a little changed in New York Wednesday, further on the policy conference at the Bank of England and the European Central Bank.

The precious metal’s market may interpret the Beige Book’s description of the economy emerging at a slow to slower pace because insufficient evidence for the Fed to stop QE. This is positive for gold prices because gold had turn down recently on worrier that the Fed may rein in QE.

Gold future for April delivery climbed $8.30 to $1,583.20 per ounce in electronic

trading session on Thursday.


Gold Float’s around $1,575 per ounce, Bank’s Intrested In Buying

Precious Gold float around $1,575 per ounce during the Wednesday’s trading session, suffering form a recent range as a strong stock market performance drew the attention of investors who have become more certain in the economic growth position.

South Korea’s central bank stated on Wednesday it purchased 20 tonnes of yellow metal in February in the fifth purchase of the gold in less than two years, captivating total holdings to 104.4 tonnes.

Some other major banks are breaking away from the agreement for continued addition in yellow metal prices as an initial return to growth of the global economy has damaged the argument for holding the gold.

Holdings of SPDR Gold Trust, the world’s greatest gold backed exchange traded fund, fall for an eleventh successive session to a 16-month low of 1,244.855 tonnes on March 5. The fund had observed an outflow of 105.965 tonnes so far this year as compared with a 96.25 tonne inflow in 2012.

The US Congress is moving swiftly to pass legislation funding the federal government during Sept. 30, while Senate leaders on Tuesday expressed eagerness to prevent any threat of agency pack up when money runs out on March 27.

Spot gold climbed up 0.1 percent to $1,577.05 per ounce by 0037 GMT, floating within a recent range among $1,564 to $1,587 per ounce. US gold was also increased 0.1 percent to $1,576.80 per ounce.

Peter Hug, global trading director at Kitco Metals said that some superior demand for physical gold from Asia and bright economic stimulus measures from China are prompting bargain hunting and short covering in yellow metal and silver markets.

Gold future for April delivery increased $3.20 to $1,578.10 per ounce in Asian trading session.