• MTS Gold Evening News 20171121

    21 Nov 2017 | Gold News

       

• Gold prices crept up on Tuesday ahead of the release the next day of minutes of the last U.S. Federal Reserve meeting, which could offer clues on the pace of potential interest rate hikes by the central bank.

Spot gold was up 0.2 percent at $1,279.21 per ounce by 0553 GMT. The metal fell about 1.4 percent on Monday in its biggest one-day percentage drop since Sept. 11.

U.S. gold futures for December delivery gained 0.3 percent to $1,279.20.

• “Given the fact that the December rate hike is almost a done deal, market watchers will look more closely at what is the Fed rhetoric for post-December,” said OCBC analyst Barnabas Gan.

“It is very hard to predict as to what Trump is going to do ... We are waiting to see how North Korea reacts and whether it escalates global tensions,” OCBC’s Gan said.

• “The fact that Yellen has now confirmed (she will be leaving) is adding a little bit of volatility as traders adjust their positions while they make sense of the implications of the incoming new Fed chairman Jerome Powell in terms of interest rate direction,” said Loh Mun Chun, director, private wealth at GoldSilver Central in Singapore.

Spot gold may break support at $1,274 per ounce, and fall towards the Oct. 6 low of $1,260.16, according to Reuters technical analyst Wang Tao.

• In other markets, the dollar gave back some of its gains in Asian trading but remained within sight of a one-week high against a basket of currencies as German political uncertainty continued to pressure the euro.

Silver rose 0.2 percent to $16.95 an ounce and platinum was up 0.5 percent at $928.50. Palladium gained 0.3 percent to $991.50 an ounce.


Reference: Reuters

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