MTECHTIPS;-Gold prices move higher in risk-off trade


MTECHTIPS;-Gold prices move higher in risk-off trade

MTECHTIPS-Gold prices moved higher on Friday, hovering close to a recent two-month peak, after a terrorist attack in Spain boosted demand for safe-haven assets. Comex gold futures were up around $1.95, or about 0.14%, to $1,293.12 a troy ounce by 3:00 AM ET (0700 GMT), not far from a two-month high of $1,298.10 reached late last week. The precious mental found support after a van rammed into pedestrians in a crowded tourist area of Barcelona on Thursday evening, killing at least 13 people and injuring 100 others. The Islamic State claimed responsibility for the incident. Spanish police said that two men had been arrested so far. Gold prices were also boosted by a weaker U.S. dollar, after eight chief executives quit two business advisory councils on Wednesday in protest over U.S. President Donald Trump’s controversial remarks on weekend violence in Virginia. The U.S. President reacted to the departures by disbanding the councils – the American Manufacturing Council and the Strategic and Policy Forum. White House Economic Adviser Gary Cohn denied rumors of his possible departure late Thursday. However, growing opposition to Trump’s positions, including from within his own party, have fueled concerns over the administration’s ability to implement its political agenda.

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MTECHTIPS;-Gold prices move higher in risk-off trade


MTECHTIPS;-Gold prices move higher in risk-off trade

MTECHTIPS-Gold prices moved higher on Friday, hovering close to a recent two-month peak, after a terrorist attack in Spain boosted demand for safe-haven assets. Comex gold futures were up around $1.95, or about 0.14%, to $1,293.12 a troy ounce by 3:00 AM ET (0700 GMT), not far from a two-month high of $1,298.10 reached late last week. The precious mental found support after a van rammed into pedestrians in a crowded tourist area of Barcelona on Thursday evening, killing at least 13 people and injuring 100 others. The Islamic State claimed responsibility for the incident. Spanish police said that two men had been arrested so far. Gold prices were also boosted by a weaker U.S. dollar, after eight chief executives quit two business advisory councils on Wednesday in protest over U.S. President Donald Trump’s controversial remarks on weekend violence in Virginia. The U.S. President reacted to the departures by disbanding the councils – the American Manufacturing Council and the Strategic and Policy Forum. White House Economic Adviser Gary Cohn denied rumors of his possible departure late Thursday. However, growing opposition to Trump’s positions, including from within his own party, have fueled concerns over the administration’s ability to implement its political agenda.

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MTECHTIPS;-Crude oil snaps 3-day losing streak to settle higher


MTECHTIPS;-Crude oil snaps 3-day losing streak to settle higher

MTECHTIPS-Crude futures settled higher on Thursday, as traders mulled over data showing U.S. crude supplies fell the most in eleven-months while U.S. production rose to a more than two-year high. On the New York Mercantile Exchange crude futures for September delivery rose 31 cents to settle at $47.09 a barrel, while on London’s Intercontinental Exchange, Brent gained 64 cents to trade at $50.91 a barrel. Crude oil snapped a three-day losing streak, as traders appeared to take advantage of lower crude prices, following a slump on Wednesday, after a report from the Energy Information Administration showed U.S. production hit two-year highs. Total crude-oil production rose to 9.502 m barrels per day, an uptick of 79,000 barrels a day compared to last week, the EIA said. That was the highest weekly output figure since mid-July 2015, offsetting bullish crude inventories data, narrowing expectations of crude futures breaching $50 a barrel. “Barring any geopolitical catalysts, $50 [for WTI] will likely remain a stubborn resistance level in the near term, and if production continues to grind higher in the U.S., expect prices to remain under pressure,” said Tyler Richey, co-editor of the Sevens Report.

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MTECHTIPS;-Crude oil snaps 3-day losing streak to settle higher


MTECHTIPS;-Crude oil snaps 3-day losing streak to settle higher

MTECHTIPS-Crude futures settled higher on Thursday, as traders mulled over data showing U.S. crude supplies fell the most in eleven-months while U.S. production rose to a more than two-year high. On the New York Mercantile Exchange crude futures for September delivery rose 31 cents to settle at $47.09 a barrel, while on London’s Intercontinental Exchange, Brent gained 64 cents to trade at $50.91 a barrel. Crude oil snapped a three-day losing streak, as traders appeared to take advantage of lower crude prices, following a slump on Wednesday, after a report from the Energy Information Administration showed U.S. production hit two-year highs. Total crude-oil production rose to 9.502 m barrels per day, an uptick of 79,000 barrels a day compared to last week, the EIA said. That was the highest weekly output figure since mid-July 2015, offsetting bullish crude inventories data, narrowing expectations of crude futures breaching $50 a barrel. “Barring any geopolitical catalysts, $50 [for WTI] will likely remain a stubborn resistance level in the near term, and if production continues to grind higher in the U.S., expect prices to remain under pressure,” said Tyler Richey, co-editor of the Sevens Report.

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MTECHTIPS;-Gold eyes $1,300 as rate-hike expectations cool


MTECHTIPS;-Gold eyes $1,300 as rate-hike expectations cool

MTECHTIPS-Gold prices traded near session highs on Thursday after the minutes of the Federal Reserve’s July meeting showed members were concerned about raising interest rates amid a slowdown in inflation, narrowing investor expectations for a third rate hike later this year. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $7.66, or 0.59%, to $1,290.51 a troy ounce. The minutes of the Fed’s July 25-26 policy meeting on Wednesday, showed some policymakers believed the Fed could afford to stand pat on further rate increases until it is clear the trend of soft inflation is transitory. The somewhat dovish minutes, dampened investor expectations of third rate hike later this year, underpinning a move higher in gold futures. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Gold futures, however, struggled to breach $1,300 as initial jobless claims and manufacturing data topped forecasts, lifting sentiment on the strength of the U.S. economy

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