PRECIOUS-Gold steady, on track for longest string of weekly gains since Jan By Reuters


© Reuters. PRECIOUS-Gold steady, on track for longest string of weekly gains since Jan

BENGALURU, Oct 26 (Reuters) – Gold prices held steady early Friday as a bounce back in U.S. stocks failed to stimulate its Asian counterparts, with the metal on track to rise for the fourth straight week, its longest string of weekly gains since January.

FUNDAMENTALS

* XAU= was flat at $1,231.17 an ounce at 0101 GMT. On Tuesday, it touched a high of $1,239.68, a peak since July 17. It was up 0.4 percent for the week.

* U.S. GCcv1 were up 0.1 percent at $1,233.70 an ounce.

* Asian shares wobbled in early Friday trade, struggling to shake off the previous day’s global markets rout, after weak results from tech giants Alphabet (NASDAQ:) Inc and Amazon.com (NASDAQ:) heightened concerns over world trade and economic growth. MKTS/GLOB

* U.S. business spending on equipment appeared to have remained slow in September and the goods trade deficit widened further as rising imports outpaced a rebound in exports, suggesting economic growth moderated in the third quarter. The recent cratering of stock markets is nowhere near severe enough to rattle confidence and significantly hurt U.S. business and consumer spending, a Fed official said on Thursday, in the latest unruffled message from the U.S. central bank. Richard Clarida, U.S. President Donald Trump’s most recent addition to the Federal Reserve Board, made his debut speech on Thursday just days after Trump again slammed the Fed for raising interest rates. His message: rates should continue higher. The European Central Bank stuck to plans on Thursday to claw back unprecedented stimulus, even as the growth outlook continues to darken and political turmoil in Italy looms large over the currency bloc. Italy would need to secure a bailout from the European Union if it is to receive any help from the European Central Bank to bring down its borrowing costs on financial markets, the ECB’s President Mario Draghi said on Thursday. Saudi Arabia’s public prosecutor said on Thursday the murder of journalist Jamal Khashoggi in the kingdom’s Istanbul consulate this month was premeditated, reversing previous official statements that the killing was unintended. Barrick Gold Corp could have nine of the world’s top gold mines in a relatively short time under its $6.1 billion acquisition of African miner Randgold Resources Ltd , Barrick Executive Chairman John Thornton said Thursday. AHEAD (GMT)

0600 Germany GfK consumer sentiment

Nov

0645 France Consumer confidence

Oct

0645 France Producer prices

Sep

1230 U.S. Advance GDP

Q3

1400 European Central Bank President Mario Draghi speaks

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link



Leave a Reply

error: Content is protected !!