• MTS Gold Evening News 20180607

    7 Jun 2018 | Gold News


·         Gold prices edged higher on Thursday, supported by a weaker dollar amid ongoing concerns about a trade war between the United States and its allies.

Spot gold was 0.1 percent higher at $1,296.91 per ounce by 0124 GMT.

U.S. gold futures for August delivery were nearly unchanged at $1,301.30 per ounce.

·         The dollar index, which measures the greenback against a basket of six major currencies, fell 0.2 percent to 93.497.

·         U.S. President Donald Trump is not backing down from the tough line he has taken on trade, the White House's top economic adviser said on Wednesday, setting the stage for a showdown with top allies at this week's G7 summit in Canada.

·         The European Union expects to hit U.S. imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.

·         The euro stayed near two-week highs against many of its rivals on Thursday, on rising bets the European Central Bank (ECB) may announce it will wind down its stimulus programme by year-end as early as next week.

·         The European Central Bank will debate next week whether to end bond purchases later this year, the bank's chief economist said on Wednesday, a hawkish message seen preparing investors for another cut in stimulus.

·         Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.42 percent to 832.59 tonnes on Wednesday.

·         The Perth Mint's sales of gold products fell about 2.4 percent in May from a month earlier, the lowest in over a year, while silver sales rose about 21 percent, the mint said on Wednesday.

·         India's gold imports plunged a fifth straight month in May to 48 tonnes as a rally in local prices to near their highest level in 21 months curtailed retail purchases, provisional data from precious metals consultancy GFMS and bank dealers showed.
·         GOLD TECHNICAL ANALYSIS
The top of a falling channel set from set from mid-April continues to pressure prices toward the lower bound of a rising trend set from December 2016. A break downward confirmed on a daily closing basis exposes the 1260.80-66.44 area. Alternatively, a close above the channel top (1297.90) opens the door for a test of trend support’s upper layer at 1310.93.

 

Reference: DailyFX,Reuters

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