Egypt parliament condemns US recognition of Israeli sovereignty over Golan Heights    Egypt's Sisi receives Jordan's King Abdullah in official ceremony    Up-fuse, Farahzada El Shihy create ‘The Ripples'    Dior Dubai Show brings circus to desert    Egypt's tourism minister presents tourism promotion plan at UNWTO meeting    Referees must not penalize all contact in box, says Maguire    We have begun a new journey: Spain's Sergio Ramos after Norway win    Tennis: Ferrer stuns Zverev, Federer fights back in Miami    EU to launch 120 mln euros-water program for Egypt: Ambassador    Thousands attend New Zealand vigil to honor 50 mosque dead    Egyptian, Britsh armies continue ‘Ahmose-1' in Alexandria    Apple bets billions on streaming service to curb Netflix dominance    King of Malaysia, El Attal discuss investment opportunities in Egypt    UNB reduces its Egyptian branch's board of directors to seven members    Irrigation Minister asks Egyptians to be ‘more concerned' over water scarcity    Jadon Sancho is the type of player England has and Germany wants    Euro 2020 qualifying: Germany look to emulate neighbors in period of evolution    Supreme Media Council block Al-Mashhad newspaper    Unilever Mashreq invests over EGP 500m in Egypt since end-2016    Gap between rich, poor in Egypt shrinking, middle class doing worse: LSE Director    Passengers airlifted from cruise ship stranded off Norway    Pope accepts resignation of Chilean cardinal accused of covering up abuse    Meet Egypt's youngest female football coach    Ghzela: living life despite marginalisation    Making Ends Meet    Dahabeya: passage through time on Nile river    Fitch upgrades Egypt's credit rating to B+    Tutankhamun goes to Paris    Disney closes $71B deal for Fox entertainment assets    To be continued    International Universities to start its next academic year in the New Capital    Darts for all    Greta    A Broken Window play is the latest at Taliaa Theatre, don't miss it    Mustafa Al-Razzaz's art is on show at the Gezira Arts Centre    Don't miss Asmaa Waguih's photography show at the AUC Photographic Gallery    Egypt's Parliament began national dialogue over constitutional amendments    Mohammed Ali Palace celebrates Mother's Day with royal jewellery exhibition    National dialogue begins    New horizons    Christchurch terror    Diaa Rashwan    Another year for Syria?    Not German Christian Democrats    Egypt parliament provisionally approves bill on protecting personal data    Uganda releases 14 Egyptian expats after embassy intervention    Right man for the right job    Egypt's Court of Cassation upholds verdict putting 169 Brotherhood members on terror list    

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.