Gold set for weekly loss as dollar firms on safe-haven inflows

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Published: September 27, 2019 8:12:22 AM

Spot gold was unchanged at $1,505.74 per ounce, as of 0133 GMT.

Gold price, Spot gold, US gold futures, dollar,  US products, Gold production, Brexit, Huawei TechnologiesGold production in Russia for the first five months of this year rose to 101.44 tonnes from 92.56 tonnes in the same period a year earlier, Russia’s finance ministry said on Thursday.

Gold traded flat early on Friday but the metal was poised to end the week lower, as investors preferred the safety of the dollar in the wake of political uncertainties in the United States.

FUNDAMENTALS

* Spot gold was unchanged at $1,505.74 per ounce, as of 0133 GMT. Prices were down 0.7% for the week, after rising about 2% last week.

* U.S. gold futures were 0.2% lower at $1,512.6 per ounce.

* The dollar was holding near multi-week highs against most major currencies, while Asian shares were on course for a second straight weekly loss.

Also read: Oil prices fall as supply risk premium fades, demand outlook drags

* A whistleblower report released on Thursday said President Donald Trump not only abused his office in attempting to solicit Ukraine’s interference in the 2020 U.S. election for his political benefit, but that the White House tried to “lock down” evidence about that conduct.

* U.S. inflation expectations are currently in line with the central bank’s 2% goal, Federal Reserve Vice Chair Richard Clarida said on Thursday, a remark that suggests he does not see a pressing need for new rate cuts to push inflation back up.

* U.S. business investment contracted more sharply than previously estimated in the second quarter and corporate profit growth was tepid, casting a shadow on an economy that is being stalked by financial market fears of a recession.

* China’s top diplomat said on Thursday that China was willing to buy more U.S. products, and said trade talks would yield results if both sides “take more enthusiastic measures” to show goodwill and reduce “pessimistic language” in their trade dispute.

* U.S. is unlikely to extend a waiver allowing American firms to supply China’s Huawei Technologies, Bloomberg reported on Thursday, citing a government official.

* Britain has yet to provide “legal and operational” proposals that could break the impasse over its departure from the European Union, the EU’s Brexit negotiator Michel Barnier said on Thursday.

* China’s net monthly gold imports via Hong Kong in August surged nearly 61%, after falling to their lowest in more than eight years in July, the Hong Kong Census and Statistics Department data showed on Thursday.

* Gold production in Russia for the first five months of this year rose to 101.44 tonnes from 92.56 tonnes in the same period a year earlier, Russia’s finance ministry said on Thursday.

 

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