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Gold slips to two-week low on improved risk appetite; equities rally

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Apr 26, 2017.



  1. Scorpio

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

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    PRECIOUS-Gold slips to two-week low on improved risk appetite; equities rally


    * Spot gold may fall to $1,249/oz - technicals
    * SPDR Gold holdings drop 0.69 percent on Tuesday
    * Silver hits over one-month lows

    (Updates prices)
    By Sethuraman N R
    April 26 Gold fell to a two-week low on
    Wednesday as investors opted for riskier assets such as equities
    on renewed optimism over the U.S. economy and as political
    uncertainty in France receded, softening demand for safe-haven
    assets.
    Spot gold was mostly unchanged at $1,263.53 at 0741
    GMT. Earlier in the session, prices hit a low of 1,260.90, their
    lowest since April 11.
    U.S. gold futures were down 0.2 percent at $1,264.90
    an ounce.
    Asian stocks extended gains for a fifth straight day on
    Wednesday after Wall Street hit new peaks.

    "Over the past two sessions, the momentum for gold to move
    ahead has actually faded away. We can see that risk appetite has
    increased after the easing situation in North Korea and French
    election results," said Mark To, head of research at Hong Kong's
    Wing Fung Financial Group.
    "We have to move back to the original gravity of trading
    range of $1,200-$1,250."
    U.S. President Donald Trump is proposing to slash the
    corporate income tax rate and offer multinational businesses a
    steep tax break on overseas profits brought into the United
    States, officials said late on Tuesday.
    "For gold investors this may not be good news as the overall
    situation for the Trump administration is to ensure that there
    is sufficient capital inflows to asset markets including
    equities or dollar to finance fiscal deficit," said To.
    "They have to balance it by keeping the original momentum by
    rising rates and use fiscal policies to attract more and more
    people to the U.S. stock markets, which will be negative for
    gold."
    The threat of a U.S. government shutdown this weekend
    appeared to recede on Tuesday after President Donald Trump
    backed away from a demand that Congress include funding for his
    planned border wall with Mexico in a spending bill.
    Political concerns in France ebbed after business-friendly
    centrist Emmanuel Macron won the first round of the French vote
    on Sunday and opinion polls indicated less support for the
    eurosceptic Marine Le Pen.
    Holdings of SPDR Gold Trust , the world's largest
    gold-backed exchange-traded fund, fell 0.69 percent to 854.25
    tonnes on Tuesday after 6 tonnes of inflows.
    Spot gold is expected to fall to $1,249 per ounce, as it has
    broken a support at $1,265, according to Reuters technical
    analyst Wang Tao.
    Spot silver dropped 0.2 percent to $17.51 an ounce,
    after hitting over one-month low of $17.49.
    Platinum climbed 0.3 percent to $952.60 an ounce,
    while palladium fell 0.2 percent to $798.83.

    (Reporting by Swati Verma and Nallur Sethuraman in Bengaluru;
    Editing by Christian Schmollinger and Sherry Jacob-Phillips)


    http://www.reuters.com/article/global-precious-idUSL4N1HY1EO
     

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