Gold Prices Gain In Asia On Weaker Dollar

Gold prices gained in Asia on Thursday with a weaker dollar aiding buuying sentiment in the physical market.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.27% to $1,284.36 a troy ounce. The U.S. dolalr index fell 0.16% to 93.57.Overnight, gold prices were roughly unchanged on Monday as dollar strength continued to weigh on upside momentum in the precious metal.

In what was a quiet day for top-tier economic data, gold prices came under pressure on signs that sentiment on the dollar is turning positive after data showed traders continued to unwind their bearish bets on the greenback.Speculators pared net bearish bets on the dollar to their lowest level in more than a month, Commodity Futures Trading Commission data showed on Friday.

The precious metal has struggled to pare losses since falling below a key price level of $1300 amid signs of progress on tax reform and growing expectations that the U.S. central bank will hike rates later this year.According to investing.com’s fed rate monitor tool nearly 100% of traders expect the Fed to hike interest rates in December.

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

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Gold Prices Down In Asia on Monday As Dollar Gains

Gold prices fell in Asia on Monday as the dollar showed strong gains after Japan's Premier Shinzo Abe resoundingly won re-election, signalling continued easy policy.

Gold futures for December delivery fell 0.24% to $1,277.39 a troy ounce on the Comex division of the New York Mercantile Exchange.Overnight, gold prices fell on Friday, pressured lower by the stronger U.S. dollar which was boosted after President Donald Trump's plans to overhaul the tax code cleared a critical hurdle.The dollar rose on Friday, making gold more expensive for holders of other currencies, after Senate Republicans approved a budget measure that will allow them to pursue tax cuts without support from the Democratic Party.

The index ended the week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Elsewhere in precious metals trading, silver was down 1.21% at $17.04 a troy ounce late Friday, bringing its weekly decline to 2.22%, while platinum settled at $926.00.Among base metals, copper pared early gains and closed at $3.169 a pound. The industrial metal was still up 1.03% for the week after Monday’s rally to three-year highs on the back of upbeat Chinese economic data.The country accounts for almost half the world’s copper consumption.

In the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program.Markets will keep an eye on a preliminary reading of third-quarter U.S. growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Federal Reserve’s view on monetary policy.

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Oil prices rise on tighter U.S. market, Middle East tensions

Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.Brent crude futures LCOc1 , the international benchmark for oil prices, were at $58.27 at 0131 GMT, up 39 cents, or 0.7 percent from their last close - and a third above mid-year levels.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.08 per barrel, up 20 cents, or 0.4 percent and almost a quarter above mid-June levels.Traders said that prices were pushed up by a drop in U.S. crude inventories as well as concerns that fighting in Iraq and mounting tensions between the United States and Iran could affect supplies.

U.S. crude inventories fell by 7.1 million barrels in the week to Oct. 13 to 461.4 million barrels, the American Petroleum Institute (API) said late on Tuesday. data from the U.S. overnight showed a big draw...If $52.83 in WTI and $59.22 in Brent give way, then oil is stepping into a new and much higher range,"

Official U.S. fuel inventory data is due to be published later on Wednesday by the Energy Information Administration.

Adding to a tightening U.S. market, tensions in the Middle East meant that a risk premium was being priced into oil markets. government forces captured the major Kurdish-held oil city of Kirkuk earlier this week, responding to a Kurdish independence referendum, and there are concerns that fighting could disrupt supplies.

"In the case of Kurdistan, the 500,000 barrel-per-day (bpd) Kirkuk oil field cluster is at risk," U.S. bank Goldman Sachs (NYSE:GS) said on Tuesday. Iraq crisis adds to a looming dispute between the United States and Iran. Last Friday U.S. President Donald Trump last week refused to certify Iran's compliance over a nuclear deal, leaving Congress 60 days to decide further action against Tehran. the previous round of sanctions against Iran, some 1 million bpd of oil was cut from global markets.

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Gold Prices Fall In Asia As Dollar Gains Deter, Safe-Haven Demand Eases

Gold prices fell in Asia on Tuesday as investors noted a stronger dollar and less appetite for safe-haven plays weighed on sentiment and as physical demand in India for the holiday season has failed to lift the futures market.Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 0.58% to $1,295.42 a troy ounce. Copper futures on the Comex dipped 0.22% to 3.235 a pound.Overnight, gold prices held above $1300 on Monday shrugging off an uptick in the dollar and treasury yields as safe-haven demand remained steady amid ongoing geopolitical uncertainty and concerns over the pace of U.S. interest rate hikes.

Gold prices rose more than 2% last week after a data showed inflation missed expectations, lessening the Federal Reserve’s case to adopt an aggressive tightening stance on monetary policy.Fed chair Janet Yellen on Sunday, however, reaffirmed the Federal Reserve’s commitment to raising rates.

"The U.S economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates," Yellen said.

Gold is sensitive to moves higher in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

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Gold prices in India traded at a premium this week for the first time in more than three months after a spurt in purchases ahead of a key festival next week and as regulations eased.Indian authorities last week withdrew the amendment to the Prevention of the Money Laundering Act (PMLA) that had made jewellers subject to anti-money laundering legislation. felt the PMLA required them to keep records of customers' personal identification number or tax code for transactions above 50,000 rupees ($771), limiting gold sales by buyers hesitant to give the information.Investor sentiment has improved since the government withdrew the PMLA notification, said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

"Jewellers are increasing purchases expecting healthy retail demand during Diwali."Indians will celebrate Diwali next week, a holiday period when buying gold is considered auspicious."Dussehra (festival) sales were disappointing due to the PMLA. Now since the rule has been withdrawn, we are expecting good demand," said Arjun Raychaudhuri, managing director of MMTC-PAMP India, the biggest refiner in the country, referring to sales during a major festival late last month.

Dealers charged a premium of up to $2 an ounce this week, for the first time since July 8. Last week, they offered a discount of up to $3 an ounce. The domestic price includes a 10 percent import tax.

Local gold prices MAUc1 were trading around 29,760 rupees per 10 grams on Friday, up nearly a percent from last week. 

In top gold consumer China, premiums rose to between $9 and $14 per ounce over global spot benchmark rates, from $8-$10 range offered two weeks ago, on an appreciating Chinese yuan and as investors returned from the Golden Week holidays. CNY=CFXS CNY/

"Buying has not been very active, especially with prices near $1,300 an ounce. There was some demand when prices were near the $1,270 levels," Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

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Oil rises on tighter U.S. market, strong China imports

Oil prices rose on Friday as both U.S. crude production and inventories declined, pointing towards a tightening market.Strong Chinese oil import data also supported crude prices, traders said.With the Organization of the Petroleum Exporting Countries (OPEC) leading a production cut, analysts said that global oil markets were now broadly balanced after years of oversupply.U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $50.88 per barrel at 0350 GMT, up 28 cents, or 0.6 percent, from their last settlement.U.S. crude inventories C-STK-T-EIA dropped 2.7 million barrels in the week to Oct. 6, to 462.22 million barrels, the Energy Information Administration (EIA) said late on Thursday. production slipped 81,000 barrels per day (bpd) to 9.48 million bpd.

September's imports were slightly over 9 million bpd, solidifying China as the world's biggest importer. rebalancing of the oil market has made significant progress over this time, although there is still some way to go to get back to the five-year average," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.Bernstein Research said that it expected fuel inventories to continue falling, although they added that OPEC would need to extend the cuts beyond the current expiry date in March 2018 to further reduce excess stocks.

"OPEC will not achieve normalized inventory levels before cuts expire at the end of March," Bernstein said, but added that "we believe an extension of cuts through 2018 should allow inventories to reach normalized levels before the end of 2018."OPEC, together with other producers including Russia has been restraining output since January. The pact to cut production is set to expire by the end of March 2018, and there are discussions for an extension. said they were awaiting a decision later on Friday by U.S. President Donald Trump on whether to continue to certify the 2015 Iran nuclear deal.Trump is expected not to certify the agreement, which has to be re-certified every 90 days and is due for renewal on Sunday.

The step would not withdraw the United States from the deal but would give the congress 60 days to decide whether to reimpose new sanctions. sanctions could cut off a lot of Iranian oil trade finance," FGE President Jeff Brown told Reuters this week."Last time we saw this, it cut off 1 million bpd of supplies. I don't think it'd be that big this time round, but it would still be significant," 

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Gold Prices Gain In Asia As Fed Minutes Seen Slightly Dovish

Gold gained in Asia as the Fed appears on track for a December rate hike, but set a somewhat overall dovish tone on the track for 2018 in minutes released overnight.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.65% to $1,297.32 a troy ounce.

Federal Reserve policymakers had a prolonged debate about the prospects of a pickup in inflation and slowing the path of future interest rate rises if it did not, according to the minutes of the U.S. central bank's last policy meeting on Sept. 19-20 released on Wednesday.

The readout of the meeting, at which the Fed announced it would begin this month to reduce its large bond portfolio mostly amassed following the financial crisis and unanimously voted to hold rates steady, also showed that officials remained mostly sanguine about the economic impact of recent hurricanes.

"Many participants expressed concern that the low inflation readings this year might reflect... the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted,"

As such several said that they would focus on incoming inflation data over the next few months when deciding on future interest rate moves. Nevertheless, many policymakers still felt that another rate increase this year "was likely to be warranted," the Fed said.Japan reported PPI figures for September rose 0.2% as expected on month.

Gold is sensitive to moves higher in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.Overnight, gold prices dipped below breakeven on Wednesday amid easing geopolitical uncertainty but losses were capped by dollar weakness following labor market data that undershot expectations.

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