U.S. existing home sales unexpectedly rise in May

U.S. existing home sales surprising redoubled in might, bolstering optimism over the health of the housing market, in step with a report free on weekday by the National Association of Realtors (NAR).
The trade knowledge showed that home resales redoubled by one.1% in might to a seasonally adjusted five.62 million units from five.56 million units within the previous month. April’s knowledge was revised down from associate initial reading of five.57 million units.
The agreement forecast was for a zero.5% drop from April’s initial reading to five.55 million units.
The data helps to determine the strength of the U.S. housing market and is taken into account to be a key indicator of overall economic strength.
The report indicated that the sales pace was a pair of.7% higher than a year agone and also the third highest over the past year.
NAR chief social scientist Lawrence Yun noted that homes square measure returning off the market at a very quick pace which listings in a reasonable value vary square measure scarce.
According to the report, the median existing-home value in might was $252,800, up 5.8% from might 2016 ($238,900).
“Home costs keep chugging on at a pace that’s not property within the long haul,” Yun extra Yun.
“Current demand levels indicate sales ought to be stronger, however it’s clear some would-be patrons square measure having to delay or defer their home search as a result of low offer is resulting in worsening affordability conditions,” he explained.
After the report, EUR/USD was mercantilism at one.1139 from around one.1137 previous the discharge of the information, GBP/USD was unchanged at one.2672, whereas USD/JPY listed at 111.66 compared to 111.63 before the discharge.
The USA dollar index, that tracks the dollar against a basket of six major rivals, was at 97.39, compared to ninety seven.40 previous the report.
Meanwhile, U.S. stock markets showed mixed trade once the open. The Dow-Jones Industrial Average Industrial Average inched down nine points, or 0.04%, the S&P five hundred edged forward a pair of points, or 0.08% , and also the tech-heavy data system Composite listed up twenty six points, or 0.43%.
Elsewhere, within the exchange, gold futures listed at $1,244.45 a apothecaries’ weight, compared to $1,244.30 previous the information, while U.S. petroleum modified hands at $43.59, compared to $43.59 earlier.

Gold costs dip as Asian stocks gain, however Trump worries support

Trump was hit on Fri by embarrassing leaks that a senior authority was a “person of interest” in a very probe of doable collusion with Russia throughout last year’s election campaign which Trump had boasted to Russian officers of firing the person heading the investigation.

Gold costs edged lower on Mon as Asian stocks gained, though political worries encompassing U.S. President Donald Trump square measure expected to stay supporting craving for the metal as a supposed safe-haven quality.

Trump was hit on Fri by embarrassing leaks that a senior authority was a “person of interest” in a very probe of doable collusion with Russia throughout last year’s election campaign which Trump had boasted to Russian officers of firing the person heading the investigation.

Secretary of State Rex Tillerson and National Security authority H.R. John Bach McMaster defended Trump voice communication the president had raised the firing of the Federal Bureau of Investigation director James Comey, in a very meeting with Russia’s secretary of state to elucidate why he had been unable to search out areas of cooperation with Russian capital.

Spot gold was down zero.2 p.c at $1,252.46 per ounce by 0404 Greenwich Time. It rose regarding zero.7 p.c on Fri.

U.S. gold futures were up zero.1 p.c at $1,252.60 an oz.

“Some of that (weekend) risk hedging has been uncoiled in early Asia commerce, with gold completely ignoring North Korea’s latest missile test,” said Jeffrey Halley, senior market analyst at OANDA.

“(But) the geopolitical heat is definitely rising again slowly, and this should ensure that gold remains bids on any material dips in the early part of this week.”

North Korea said on Monday it had successfully tested an intermediate-range ballistic missile to confirm the reliability of the late-stage guidance of the warhead.

Asian stocks posted their biggest daily rise in a month on Monday following modest gains in U.S. shares, with MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.9 percent.

The dollar held near six-month lows against a basket of currencies as investors assessed the impact of the political turmoil in the United States. [USD/]

“The outlook on gold remains relatively hazy at this juncture, given ongoing geopolitical concerns amid a likely rate-hike into the next month,” OCBC analyst Barnabas Gan said in a note.

“Fundamentally, we remain bearish on the yellow metal, underpinned by two more rate hikes by the U.S. central bank in 2017.”

Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.

Spot gold is expected to retrace to support at $1,245 per ounce, because it did not break resistance at $1,257, aforementioned Reuters technical analyst Wang Tao.

Hedge funds and different cash managers cut their web long position in COMEX gold for the third week within the week all over might sixteen, taking it to a two-month low, U.S. artifact Futures commerce Commission (CFTC) information showed.

Meanwhile, silver hit its highest since May 1 at $17.13 an oz earlier within the session, before paring gains.

Platinum fell zero.5 p.c at $933.90 an oz, whereas Pd shed zero.1 p.c to $758.97.

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MCX Gold News Update

MCX Gold commercialism vary for the day is 28649-28877.

MCX Gold listed in vary as a long-awaited U.S. tax cut set up from the Trump Administration
failed to inspire investors, World Health Organization were thwarted by the shortage of recent details
ECB stuck to its ultra-easy policy stance as inflation continues to undershoot its target however
explicitly acknowledged the vigour of the monetary unit zone economy
The U.S. Department of Labor aforementioned initial idle claims increased by fourteen,000 within the week
ending Gregorian calendar month twenty two to a four-week high of 257,000.
% CNG 0.17 RES-2 28877 SELL MCX Gold JUN 2017 @ 28850 Sendero Luminoso 29000 TGT 28720-28600.MCX
MCX Gold listed in vary as a long-awaited U.S. tax cut set up from the Trump Administration did not inspire investors, World Health Organization were thwarted by the shortage of recent details. the eu financial organization stuck to its ultra-easy policy stance
as inflation continues to undershoot its target however expressly acknowledged the vigour of the monetary unit zone economy, currently on its best run since the worldwide monetary crisis. monetary unit zone economic sentiment climbed to a close to 10-year high in
April against expectations of just about no modification as confidence all told sectors improved and inflation expectations dampened, EU information showed. New orders for U.S.-made capital product rose but expected in March, however a second
straight monthly increase in shipments steered business investment accelerated within the half-moon amid a convalescent energy sector. Switzerland’s MCX Gold exports bounced back in March from the previous month’s slump as
shipments to leading bullion shoppers port, China and Bharat rose, Swiss customs information showed on Th. Holdings of SPDR MCX Gold Trust, the world’s largest MCX Gold -backed exchange-traded fund, fell 0.10 % to 853.36
tonnes on Th. China’s Q1 MCX Gold output fell nine.29 % y/y to one hundred and one.2 tonnes and Q1 gold consumption was up fourteen.73 % y/y to 304.14 tonnes, the official Xinhua agency aforementioned, quoting information from the China Gold
Association. Technically market is below trading as market has witnessed call open interest by -6.96% to settled at 5334 whereas costs up fifty rupees, currently MCX Gold is obtaining support at 28709 and below same might see a
test of 28649 level, And resistance is currently doubtless to be seen at 28823, a move higher than might see costs testing 28877.

Gold edges lower however draw back restricted amid overall caution

Gold edges lower however draw back restricted amid overall caution

Gold costs edged lower on weekday, however the dear metal’s draw back was expected to stay restricted amid overall caution within the markets when a terrorism in Paris killed one person late Th and earlier than Sunday’s initial spherical within the French presidential election.
On the Comex division of the ny Mercantile Exchange, gold futures for June delivery were down zero.22% at $1,281.00.
The June contract complete Thursday’s session simply zero.03% higher at $1,283.80 an oz..
Futures were seemingly to search out support at $1,273.80, the low of Apr twelve and resistance at $1,292.70, the high of Apr nineteen.
Safe-haven demand re-emerged when a French police officer was shot dead associate degreed 2 others were wounded in central Paris on Th night in an attack claimed by the monotheism State militant cluster.
Market participants were additionally high-strung earlier than the primary spherical of the French presidential election due on Sunday, as recent polls have forecast the foremost seemingly outcome to be centrist Emmanuel diacritic against reactionary candidate Marine autoimmune disorder Pen.
Gold’s gains were restricted but, because the dollar gently recovered from some recent losses when U.S. Treasury Secretary Steven Mnuchin aforementioned on Th that the administration can unveil a tax reform set up terribly shortly.
The comments mitigated doubts over whether or not President Donald Trump are going to be ready to pass tax reforms within the close to term.
The U.S. greenback index, that measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at ninety nine.75, off Thursday’s contemporary three-week low of ninety nine.29.
A stronger U.S. greenback typically weighs on gold, because it dampens the metal’s attractiveness as another plus and makes dollar-priced commodities costlier for holders of different currencies.
The dollar had return harassed when North Korean state media warned the U.S. earlier within the week of a “super-mighty preventive strike” and aforementioned do not “mess with US.”
Sentiment on the U.S. greenback was additionally fragile following the discharge on Th of unsatisfying information on U.S. initial unemployed claims and producing activity within the Philadelphia space.
Elsewhere in metals mercantilism, silver futures for could delivery slouching zero.43% to $17.940 a apothecaries’ weight, whereas copper futures for could delivery climbed zero.63% to $2.558 a pound.

MCX Gold News Update

Gold futures were commercialism higher throughout oncenoon change the domestic market on Th as investors and speculators extended their positions within the valuable because the North American nation greenback fell after President Trump same that the currency was too sturdy.
Moreover, rising tensions over North American nation relations with Russia and North Korea, too raised gold costs.

MCX Gold Futures for June 2017 contract is trading at Rs 29337 , up by 0.37 per cent, after opening at Rs 29300, against a previous close of Rs 29229. It touched the Intraday high of Rs 29349

MCX Gold News Update

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 Gold marginally down at MCX in quiet trade as U.S. holiday mutes action

Gold prices ended marginally lower at MCX, with investors hesitant to take strong positions due to the U.S. national holiday for President’s Day. Trading activity was light as markets in the U.S. remained closed for President’s Day on Monday. Market players also awaited further hints on the timing of the next U.S. rate hike. In the week ahead, global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting as well as housing-related data for more clues on the timing of the next U.S. rate hike. There are also more than a few Fed speakers this week, including Minneapolis Fed President Neel Kashkari, Philadelphia Fed President Patrick Harker and Atlanta Fed President Dennis Lockhart. Fed Chair Janet Yellen said last week that the U.S. central bank will likely need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic policy under the Donald Trump administration. Fed fund futures priced in a less than 15% chance of a rate hike in March, according to Fed Rate Monitor Tool. Headlines from Washington will most likely remain in focus in the week ahead, as traders await further details on President Donald Trump’s promises of tax reform, deregulation and infrastructure spending.

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 Gold steadied on weaker dollar, registered third weekly gains

Gold held steady on Friday as the dollar hovered near one-week lows, keeping the metal on track for a third week of gains amid political uncertainties in the United States and Europe. A gauge of major world equity markets inched to a record for a second straight day on Thursday, but took a breather on Friday. Although the strong likelihood of the Fed raising U.S. interest rates this year may pressure gold in the longer term, it will be the cocktail of events in Europe, Brexit woes and the Trump saga that may ensure gold remains buoyed in the short term. Holdings of SPDR Gold, the world’s largest gold-backed exchange-traded fund, have risen 5.6 percent so far this month, the most since June 2016. Fed Chairwoman Janet Yellen spent two days this week testifying on Capitol Hill. She said on Tuesday that the Fed has penciled in three interest-rate hikes this year and on Wednesday she defended the central bank’s monetary and bank regulatory policy from House Republicans unhappy with the pace of economic growth and the health of the financial sector.

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 Gold set sights on a more than 3-month high

Gold futures tried for back-to-back gains Thursday, setting prices up for their highest finish in more than three months. The yellow metal’s gain on Wednesday snapped what had been a four-session fall stoked by expectations that the dollar would rise on heightened expectations for U.S. interest-rate hikes, following two days of testimony this week on Capitol Hill from Federal Reserve Chairwoman Janet Yellen. Some analysts, however, believe that gold’s modest near-term gains look vulnerable as U.S. equities remained near record highs amid optimism for the Trump administration’s plan to deliver tax reforms. Jitters ahead of a coming G-20 foreign ministers’ meeting—the first to be attended by members of the Trump administration—may have encouraged a cautious disposition. Concern over U.S. President Donald Trump’s policies, as well as elections in the Netherlands, France and Germany this year, have fuelled gold’s rise. Adding support to gold prices, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, increased its bullion holdings for an 11th consecutive day on Wednesday.

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Gold pulled back on stronger dollar 

Gold prices fell to a more than one-week low on Monday, as a stronger dollar weighed on the metal and investors awaited a Federal Reserve meeting this week. The dollar hit a two-week high against the yen as investors focused again on the U.S. reflation trade which dominated in the aftermath of Donald Trump’s election as U.S. President in November, but has stalled this year. A higher U.S. currency makes dollardenominated commodities more expensive for holders of other currencies, potentially subduing demand. Investors bought equities, betting that Trump’s tax reform plans will boost economic growth and corporate profits, but they are concerned by his protectionist ideas on trade. Meanwhile national elections in Europe this year, starting with the Netherlands at the end of March, make the political outlook uncertain. The first round of the presidential elections in France follows in April, with the possibility of Marine Le Pen of the National Front winning a root cause of much uncertainty. This week, investors will hear from U.S. Federal Reserve Chairwoman Janet Yellen, who will appear before the Senate Banking committee on Tuesday and the House Financial Services Committee on Wednesday.

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Gold at 3-month high on European political risks, Trump uncertainty

Gold steadied on Friday, but remained below this week’s three-month top as the U.S. dollar and Treasury yields came off their highs after the currency initially jumped on U.S. President Donald Trump’s promise of a major tax announcement. Gold prices ended a second weekly gain, up 1 percent. The dollar .DXY pared gains against a currency basket on Friday after earlier strength from U.S. President Donald Trump’s pledge to announce a major tax plan within weeks cooled some market nerves, reinvigorating dollar bulls. U.S. economic data has also stoked talk that the Federal Reserve would press ahead with U.S. interest rate hikes sooner rather than later. U.S. import prices rose more than expected in January, while initial jobless claims dropped unexpectedly last week to the lowest in nearly 43 years. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.