MTECHTIPS:-Gold climbs to highest since June at start of busy week


MTECHTIPS:-Gold climbs to highest since June at start of busy week

MTECHTIPS-Gold prices traded near their highest level in around seven weeks on Monday, as market players looked ahead to a busy week of economic data, including the monthly U.S. jobs report. Besides the nonfarm payrolls data, this week’s calendar also features U.S. reports on personal income and spending, which include the personal consumption expenditures inflation data, the Fed’s preferred metric for inflation.Data on manufacturing and service sector growth, auto sales, factory orders and monthly trade figures are also on the agenda. Comex gold futures were at $1,266.80 a troy ounce by 3:05 AM ET (0705 GMT), down $1.60, or about 0.1%. It touched its highest since June 14 at $1,270.80 earlier in the session. Prices logged a gain of 1.1% last week, its third such rise in a row, as fading expectations for the Federal Reserve to hike interest rates again later this year combined with deepening political turmoil in the White House sent the dollar to 13-month lows. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

MTECHTIPS:-Gold climbs to highest since June at start of busy week


MTECHTIPS:-Gold climbs to highest since June at start of busy week

MTECHTIPS-Gold prices traded near their highest level in around seven weeks on Monday, as market players looked ahead to a busy week of economic data, including the monthly U.S. jobs report. Besides the nonfarm payrolls data, this week’s calendar also features U.S. reports on personal income and spending, which include the personal consumption expenditures inflation data, the Fed’s preferred metric for inflation.Data on manufacturing and service sector growth, auto sales, factory orders and monthly trade figures are also on the agenda. Comex gold futures were at $1,266.80 a troy ounce by 3:05 AM ET (0705 GMT), down $1.60, or about 0.1%. It touched its highest since June 14 at $1,270.80 earlier in the session. Prices logged a gain of 1.1% last week, its third such rise in a row, as fading expectations for the Federal Reserve to hike interest rates again later this year combined with deepening political turmoil in the White House sent the dollar to 13-month lows. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

MTECHTIPS:-Crude holds gains in Asia with China PMI figures offering some support


MTECHTIPS:-Crude holds gains in Asia with China PMI figures offering some support

MTECHTIPS- Crude prices inched higher in Asia on Monday after China manufacturing and services PMI figures supported demand prospects. The U.S. West Texas Intermediate crude September contract rose 0.36% to $49.89 a barrel, while on the ICE Futures Exchange in London, Brent oil for September delivery gained 0.36% to $52.41 a barrel. The CFLP manufacturing PMI reached 51.4, a tad below expected, but still in expansion, while a 54.5 for the services PMI also was seen as steady. The private Caixin manufacturing reading is due on Tuesday with a reading of 50.4 seen. Any level above 50 denotes expansion. The services sector accounted for over half of China’s economy last year as rising wages give Chinese consumers the opportunity to shop, travel and eat out more. China’s leaders are counting on growth in services and consumption to re balance their economic growth Earlier, Japan reported industrial production datafor June rose 1.6%, compared to an expected provisional 1.7% gain. Later, Australia reported private sector credit gained 0.6%, compared with a gain of 0.4% seen in June. Last week, oil prices settled higher for the fifth session in a row on Friday to log its biggest weekly gain this year as investors cheered signs that rising demand will offset excess supplies in the second half of the year. Fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment. Data showing a fourth consecutive week of declines in U.S. crude inventories and signs of a possible slowdown in U.S. shale production further added to optimism that the oil market was beginning to re balance.

MTECHTIPS:-Crude holds gains in Asia with China PMI figures offering some support


MTECHTIPS:-Crude holds gains in Asia with China PMI figures offering some support

MTECHTIPS- Crude prices inched higher in Asia on Monday after China manufacturing and services PMI figures supported demand prospects. The U.S. West Texas Intermediate crude September contract rose 0.36% to $49.89 a barrel, while on the ICE Futures Exchange in London, Brent oil for September delivery gained 0.36% to $52.41 a barrel. The CFLP manufacturing PMI reached 51.4, a tad below expected, but still in expansion, while a 54.5 for the services PMI also was seen as steady. The private Caixin manufacturing reading is due on Tuesday with a reading of 50.4 seen. Any level above 50 denotes expansion. The services sector accounted for over half of China’s economy last year as rising wages give Chinese consumers the opportunity to shop, travel and eat out more. China’s leaders are counting on growth in services and consumption to re balance their economic growth Earlier, Japan reported industrial production datafor June rose 1.6%, compared to an expected provisional 1.7% gain. Later, Australia reported private sector credit gained 0.6%, compared with a gain of 0.4% seen in June. Last week, oil prices settled higher for the fifth session in a row on Friday to log its biggest weekly gain this year as investors cheered signs that rising demand will offset excess supplies in the second half of the year. Fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment. Data showing a fourth consecutive week of declines in U.S. crude inventories and signs of a possible slowdown in U.S. shale production further added to optimism that the oil market was beginning to re balance.

MTECHTIPS:-Gold edges higher in Asia ahead of PMI reading for demand trends


MTECHTIPS:-Gold edges higher in Asia ahead of PMI reading for demand trends

MTECHTIPS- Gold prices rose in Asia as investors eyed demand prospects in China in line with figures from official manufacturing ad PMI estimates for July. Gold for August delivery rose 0.10% to $1,269.61 a troy ounce on the Comex division of the New York Mercantile Exchange. For last week, the precious metal was up 1.08%, its third consecutive weekly gain. Ahead the CFLP manufacturing PMI is expected to show a level of 51.6, a dip from 51.7 in June with a reading of 54.9 for the services PMI in the earlier month. The private Caixin manufacturing reading is due on Tuesday with a reading of 50.4 seen. Any level above 50 denotes expansion. Last week, gold prices rose to one-and-a-half month highs on Friday as sluggish inflation data tempered expectations that the U.S. Federal Reserve will raise interest rates again this year, underpinning demand for the precious metal. The dollar weakened broadly after data showing that wage growth and inflation remained tepid in the three months to June offset another report showing that U.S. economic growth accelerated in the second quarter.