Commodities News

The gold prices just manage to hold on to the $1300 region for now

Gold hit a two-week high on early hours of Thursday, supported by a weaker dollar and trade worries between Washington and Beijing, even as the U.S. Federal Reserve forecast a slightly faster pace of interest rate hikes this year.

Bitcoin is on the move, but whether it can hold on to today’s gains remains to be seen as the news wires continue to deliver bad news for the bulls.

Precious metals are currently trapped in a short price band with resistance and support from high and low price handles of last 10 trading sessions as risk appetite increased among investors with US inflation data and US Fed & ECB rate decision in focus.

Gold prices eased on Tuesday as the dollar strengthened amid encouraging signs from a historic U.S.-North Korea summit and a likely interest rate hike by the U.S. Federal Reserve, limiting demand for the yellow metal.

Gold prices edged higher on Monday as the dollar softened ahead of key central bank policy meetings, the U.S-North Korea summit this week and as a weekend G7 summit fanned trade war fears.

Helping to limit gains were expectations that the U.S. Federal Reserve will announce another rate increase next week. Higher rates make the U.S. Dollar a more attractive investment, while pressuring gold, a non-interest bearing instrument.

Gold trades flat on Thursday as investors appetite for risky investments spiked on a softer geo-political scenario.

Gold prices inched up on Wednesday on a weaker U.S. dollar and lower treasury yields, but expectations of a U.S. rate rise next week kept a lid on gains.

Helping to underpin the Euro was a speech by Italy’s new Prime Minister Giuseppe Conte, which reassured investors that leaving the single-currency was not on his agenda. However, investor confidence in Italy was rattled somewhat by Conte’s announcement of new government tax cuts and higher welfare. This news sent Italian

Gold has started to decline towards the bottom-end of its recent trading range, as sellers once again start to take control of the XAU/USD pair.

The XAUUSD pair has managed to hold on the $1290 level and is steady at the beginning of the week. Across Asian market, the pair has remained above $1290 and is currently trading at $1297.80.

Commodities were also impacted by concerns over potential trade wars with Canada, Mexico and the European Union after the White House decided to move forward with its tariffs on steel and aluminum exports from those countries and region.

The prices have been unable to push through the resistance region

Gold prices continue to struggle to move higher since the beginning of the week. Oil prices edge higher.

The single-currency was helped on Wednesday by positive comments from Italian Prime Minister-designate Carlo Cottarelli, who said that possibilities had emerged “for the birth of a political government,” suggesting politicians, rather than technocrats like himself, might be able to steer the country out of deadlock.

Gold prices edged slightly down on Wednesday as a robust U.S. dollar weighed on the market, but concerns about political turmoil in Italy and China-U.S. trade conflict limited losses.

China state media criticized the U.S. announcement that it would press ahead with restrictions on investment by Chinese companies, saying that Beijing was ready to fight back if Washington was looking to reignite a trade war.

It was mentioned several times last week that OPEC and the other major players had to step in to prevent prices from running away to the upside because they feared rising oil prices would slow down economic growth and cause inflation.

Gold prices inched up on Tuesday after falling for the two previous sessions, but remained under pressure on hopes of U.S.- North Korean summit was back on track and as the U.S. dollar hovered near 6-1/2-month peaks.