Alexander-Arnold commits to Liverpool with new contract    Tennis: Angry Djokovic regains calm to see off Shapovalov challenge    Inter launch anti-racism campaign ahead of another closed doors match    Diplomatic passports, pouches help the wealthy get richer    Mercedes-Benz considers resuming car assembly in Egypt    Tesla announces it will lay off 7 percent of its workforce    Marie Juchacz: A life for justice and equality    Borussia Dortmund and RB Leipzig: The Bundesliga's ideological battleground    Australian Open: Alexander Zverev scrapes through in five-set thriller    We wanted to know: Which mountains have you climbed?    Healthy eating in traditional Chinese medicine    Solid news on real estate in Egypt    Egypt's Foreign Minister Sameh Shoukry meets with Lebanese parliament speaker in Beirut    At least five people killed in Kashmir avalanche    Egypt's presidency of the African Union    The Decent Life Initiative    Saving print journalism    Russia dismisses Islamic State responsibility claim for deadly blast    UK's Cultural Protection Fund invests over £3m in six projects across Egypt    Israeli museum to drop 'McJesus' sculpture after protests    Two weeks into 2019: A hopeful start for the Egyptian economy    Egypt court renews detention of woman jailed over torture claims in BBC report    Weather across Egypt improves as dusty wind to retract on Thursday    Two Roman tombs unearthed in Dakhla Oasis    Separating walls    Opinion: Gillette ad takes blade to fragile male ego    Egypt signs $1.2bn worth agreement with Exim Bank of China to finance 1st electric train    Ministry of Interior kills 5 alleged extremists in Al-Arish    Sectarian-related crimes to be addressed in State Security Emergency Courts    Shoukry, Guterres discuss Palestinian issue, counterterrorism    Ingenious minds: The Bauhaus artists whose designs became icons    Saudi Arabia embraces Supercoppa Italiana    A hopeful start on the economy    Hosting a spectacular event    Containing sectarian violence    The plummeting credibility of CBS    Morale booster    Newsreel    Renewing emergency measures    Connecting Egypt and Sudan    Interests stronger than differences    Egyptian painter's hand-crafted colours keep tradition alive    Don't miss Gary Al-Tahmeel theatre performance at Malak Opera Theatre    Fifty years of the Book Fair    Prime minister, minister should not travel without president's approval: decree    Egypt's president issues decree regulating travel of senior officials on state business    Egypt parliament approves extending state of emergency for another three months    Egypt police kill 6 terrorists in remote hideout in Upper Egypt    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Gold scales over five-month peak, investors await Fed outlook
Published in Amwal Al Ghad on 19 - 12 - 2018

Gold edged higher to more than five-month peak on Wednesday as a softer dollar supported the bullion while investors awaited cues on the rate hike trajectory of U.S. central bank from its two-day policy meeting.
Spot gold was up 0.1 percent at $1,250.20 per ounce, as of 0405 GMT, after hitting its highest since July 11 at $1,251.06 earlier in the session.
U.S. gold futures were up 0.1 percent at $1,254.60 per ounce.
"The market is largely in a holding pattern as everyone is focusing on the FOMC (Federal Open Market Committee) meeting … We see prices largely range-bound," said Benjamin Lu, a commodities analyst with Phillip Futures in Singapore.
"The market has priced in the fourth hike but what remains important is the foreguidance for 2019."
The Federal Reserve is widely expected to raise interest rates for the fourth time this year, but weak stock markets and slowing global growth may prompt it to tone down its stance on monetary tightening.
If it sounds dovish, prices should consolidate and hold at $1,256 and if it breaks that we might see prices going much further to $1,265, Lu added.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar, in which it is priced.
The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 percent, having hit a one-week low in the previous session.
Meanwhile, Asian share markets played second fiddle to bonds as a sharp fall in crude oil prices fanned speculation the Fed might be done with tightening after its policy meeting later in the day.
"Gold continues to put in an active session as traders remain strong buyers on dips," Stephen Innes, APAC trading head at OANDA in Singapore, said in a note.
Spot gold may test a resistance at $1,253 per ounce, a break above which could lead to a gain into a range of $1,258-$1,266, according to Wang Tao, a Reuters market analyst for commodities and energy technicals.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.08 percent to 771.79 tonnes on Tuesday.
Among other precious metals, spot palladium rose 1.5 percent to $1,262.50 per ounce.
Silver was down 0.1 percent at $14.63, while platinum was flat at $787.05.
Source: CNBC


Clic here to read the story from its source.