arabtoday
Last Updated : GMT 11:38:17
Arab Today, arab today
Arab Today, arab today

Gold near 2-week high on dollar

Arab Today, arab today

Arab Today, arab today Gold near 2-week high on dollar

Washington - Arabstoday

Gold held near a 2-week high on Monday on prospects of more safe haven buying, with the dollar under pressure from weaker-than-expected US economic data and speculation the Federal Reserve could ease policy further to boost growth. Although the slowdown may not be bad enough to prompt the Fed to launch a third round of bond buying, or quantitative easing, expectations for such a move plus fears about the debt crisis in Europe could offer gold much-needed impetus to break free from the current range.      Money managers in gold futures and options had slashed net long positions in the week ended April 24 for a third decline in four weeks, after gold failed to break out of a narrow range. Gold added US$1.12 to US$1,663.44 an ounce by 0301 GMT, but the metal was heading for its third monthly decline. Bullion had risen to US$1,667.11 on Friday, its strongest since April 13, on disappointing US growth and European debt jitters. \"In the short run, you can have one or two weeks for the market to get excited about QE. It\'s fair enough. I am still going to call for a lower gold price,\" said Dominic Schnider, head of commodity research at UBS Wealth Management in Singapore. \"The target is still US$1,520. But that really goes in line with the view the economy is on a better footing. If there\'s no need for QE, then our call will be spot on. But if you look for QE, we are going to have a situation where prices will trend higher.\" The U.S. economy, the world\'s largest, expanded at a 2.2 percent annual rate in the first three months of the year, below economists\' expectations of a 2.5 percent pace, raising the prospect of further stimulus from the Fed.    Gold rallied to its highest level in 2012 around US$1,790 in late February after the Fed at the time said it would keep interest rates near zero until at least the end of 2014. The US dollar held near its weakest since late February against the yen after the disappointing first-quarter US economic growth data, while the euro was still stuck in a range because of the lingering debt crisis in Europe. Spain, the euro zone\'s fourth largest economy and current focus of the debt crisis, will face a challenge selling bonds this week after a surprise two-notch credit rating downgrade pushed up yields on its debt. Standard & Poor\'s cut Spain to triple-B plus - three notches above \"junk\" - citing expectations government finances will deteriorate even more as the economy contracts and as a result of an ailing banking sector. Gold raced to a record of around US$1,920 last September on fears the euro debt crisis could spiral out of control and stall global growth.     US gold for June was little changed at US$1,664.50 an ounce. \"We don\'t know whether there will be QE3, so we have to wait for more economic data to come out. If the economic performance continues to be good, then there will be a diminishing prospect for QE,\" said a physical dealer in Hong Kong. \"There\'s no support from the physical market for the time being. The festival season is coming in India but physical buying is not aggressive.\" Gold traders in India, the world\'s top buyer of the bullion, refrained from buying despite the peak of the wedding season, hit by a huge stock pile and high domestic prices. Gold jewellery is an essential part of the dowry basket Indian parents give their daughters at weddings.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold near 2week high on dollar Arab Today, arab today gold near 2week high on dollar

 



Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today At Milaidhoo Island, Maldives

GMT 08:42 2016 Wednesday ,07 December

At Milaidhoo Island, Maldives
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today As West watches Aleppo slip away

GMT 08:15 2016 Saturday ,10 December

As West watches Aleppo slip away
Arab Today, arab today 'Rookie' Trump must fall into line

GMT 08:02 2016 Tuesday ,06 December

'Rookie' Trump must fall into line

GMT 19:39 2016 Saturday ,10 December

Unnited States Stocks Close at Records

GMT 22:22 2016 Thursday ,08 December

Muscat Stock Index Gains 11.23 Points

GMT 22:18 2016 Thursday ,08 December

Bahrain Stock Index Gains 10.48 Points

GMT 19:08 2016 Thursday ,08 December

United States Stocks Higher at Close of Trade

GMT 12:18 2016 Thursday ,08 December

Singapore stocks end down 0.03 pct

GMT 09:58 2016 Thursday ,08 December

Asia markets build on global rally with ECB in focus

GMT 23:19 2016 Wednesday ,07 December

US Stocks End High on Tuesday

GMT 21:42 2016 Wednesday ,07 December

Chinese Yuan Weakens to 6.8808 against USD Wednesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today The summer school raising aspirations

GMT 12:49 2016 Tuesday ,06 December

The summer school raising aspirations
Arab Today, arab today Ryan Gosling, Emma Stone immortalized

GMT 12:31 2016 Thursday ,08 December

Ryan Gosling, Emma Stone immortalized
Arab Today, arab today Australia's Rinehart, China group

GMT 10:02 2016 Friday ,09 December

Australia's Rinehart, China group
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today Kirk Douglas at 100, still in love

GMT 12:19 2016 Thursday ,08 December

Kirk Douglas at 100, still in love
Arab Today, arab today Swiss unveil stratospheric solar plane

GMT 13:47 2016 Thursday ,08 December

Swiss unveil stratospheric solar plane

GMT 10:48 2016 Tuesday ,06 December

France bets on Bollywood

GMT 10:52 2016 Tuesday ,06 December

Vanessa Redgrave makes directing

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 11:39 2016 Tuesday ,06 December

Indonesia expands protection

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:08 2016 Saturday ,10 December

Samsung Galaxy A8 arrives in Saudi market

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday