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Gold hits 1-wk high as Fed signals only gradual rate hikes

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Mar 16, 2017.

  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Mar 25, 2010
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    Gold Market Report | Thu Mar 16, 2017 | 2:41am EDT

    PRECIOUS-Gold hits 1-wk high as Fed signals only gradual rate hikes

    * Cautious Fed sends dollar to 1-month low
    * Dutch election relief sparks strength in euro
    * Silver climbs to highest in a week

    (Adds comment, detail; updates prices)
    By Arpan Varghese
    March 16 Gold hit a one-week high on Thursday
    after the U.S. Federal Reserve signaled a cautious stance on
    interest rate policy this year, pushing the dollar to its lowest
    in a month.
    The Fed on Wednesday raised interest rates for the second
    time in three months, with officials sticking to their outlook
    for two more rate hikes this year and three more in 2018.

    Fed Chair Janet Yellen said that the central bank would
    stick to a gradual path of interest rate rises even if inflation
    runs above its 2 percent target.
    Spot gold had risen 0.6 percent to $1,226.21 per
    ounce at 0623 GMT after touching $1,226.95, the highest since
    March 7, earlier in the session. U.S. gold futures for
    April delivery were up 2.1 percent at $1,226.3 an ounce.
    "Yellen reiterated that future rate increases would be
    'gradual', with this key word bestowing a dovish tone to the
    outlook," said INTL FCStone analyst Edward Meir.
    Gold is highly sensitive to rising U.S. interest rates, as
    these increase the opportunity cost of holding non-yielding
    bullion, while boosting the dollar, in which it is priced.
    Recent rate hikes have seen gold decline in the run-up to an
    increase, before recovering in its wake. Gold slumped to a
    10-month low in mid-December after rates were increased for the
    first time in a year, before turning around to post its
    strongest increase in seven months in January.
    The dollar index was down 0.2 percent at 100.74,
    having earlier touched a one-month low.
    The euro strengthened against the U.S. currency after early
    returns showed the Netherlands' centre-right Prime Minister Mark
    Rutte had roundly seen off a challenge by anti-Islam, anti-EU
    Geert Wilders in an election on Wednesday, a huge relief to
    other EU governments facing a wave of nationalism.
    "The market will be looking at the French election coming up
    relatively soon," ANZ analyst Daniel Hynes said. "However, we
    would need to see the far right in particular really gather
    strong resolve from those elections to see gold prices being
    pushed even higher."
    Meanwhile, holdings of SPDR Gold Trust , the world's
    largest gold-backed exchange-traded fund, rose 0.53 percent on
    Inflows into the fund so far this week have already nearly
    erased last week's outflows.
    In other precious metals, spot silver climbed 0.8
    percent to $17.43 per ounce, after hitting its highest in a week
    at $17.48 earlier in the session.
    Platinum was up 1.68 percent at $964.99 per ounce,
    close to $969.60, its highest since March 7, marked earlier in
    the day.
    Palladium advanced 1.1 percent to $771.50 per ounce.

    (Reporting by Arpan Varghese and Nallur Sethuraman in
    Bengaluru; Editing by Richard Pullin and Joseph Radford)

  2. Uglytruth

    Uglytruth Gold Member Gold Chaser

    Apr 6, 2011
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    OK 3/4% increase & banksters still paying .05%.......... They were proactive when rates were falling but now dragging their feet when rates are increasing.......

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