Tuesday, 24 November 2015

Gold, silver, platinum at multi-year lows on robust dollar

Gold languished near its lowest level in nearly six years on Tuesday, while silver and platinum also held near multi-year lows on a strong dollar and increasing expectations that the Federal Reserve would increase U.S. interest rates next month.


* Spot gold was little changed at $1,069.67 an ounce by 0042 GMT, after losing 0.8 percent in the previous session. The metal had fallen to $1,064.95 last week, its lowest since February 2010.

* U.S. gold was also near a six-year low of $1,062 reached last week.
* Silver steadied after slumping to $13.86 on Monday, the lowest since August 2009. Platinum was close to $839.50 reached in the previous session, its lowest since December 2008.

* The precious metals have been hit by strength in the dollar and expectations that the Fed would hike rates in December for the first time in nearly a decade.

* Demand for bullion and the other metals that do not pay any interest could be hurt by higher rates.

* San Francisco Fed President John Williams on Saturday cited a "strong case" for raising rates when Fed policymakers meet next month, as long as U.S. economic data does not disappoint, echoing other officials. Nonfarm payrolls data earlier this month also supported views of a strong economy.

* The dollar rose to an eight-month high on Monday on hopes of a hike next month. A strong greenback makes dollar-denominated gold and other metals more expensive for holders of other currencies.

* Investors have been pulling out of precious metals funds at a rapid pace, further hurting sentiment.

* Holdings of platinum ETFs are at a two-year low, while assets in palladium funds are close to their lowest since April 2014.

* World equity markets slipped on Monday, with U.S. stocks ending slightly lower in quiet trading after strong gains last week.

Marketmagnify provide tips and advices to our clients by sms/calls/chat. We have dedicated team of analysts and we are providing reliable and valuable tips on stock, commodities. We believe in our customer satisfaction by giving them successful results.We provide high accurate Mcx Tips at very reasonable price to help small traders and investors to make decent money. Fill OUR FREE TRIAL We cover all types of services all segment.

No comments:

Post a comment