Gold heads for first weekly gain in three as Fed hurts dollar
Gold heads for first weekly gain in three as Fed hurts dollar
Trader Steven Kaplan works on the floor of the New York Stock Exchange Thursday
19 March, 2017, 00:22
The metal rose and the dollar index hit a five-week low on Thursday after the Fed raised United States interest rates as expected, but did not flag any plans to accelerate the pace of monetary tightening as some had anticipated.
Globally, gold rose by 0.44 per cent to Dollars 1,225.10 an ounce and silver by 0.63 per cent to USD 17.43 an ounce in Singapore.In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs 450 each to Rs 29,100 and Rs 28,950 per 10 grams respectively.
But a softening of the joint draft statement's language on trade, removing a rejection of protectionism, speaks to a promised rise in USA tariff barriers which has so far largely been seen as dollar-positive.
Experts forecast the metal's price could reach $1,250 in the coming weeks, after the American central bank dampened hopes of more than three interest rate hikes in 2017.
Brent crude futures were up 1.8 per cent to settle at $51.81 a barrel, and US crude jumped 2.4 per cent to settle at $48.86. Although there are lingering concerns about Trump's ability to implement his pro-business agenda, their enactment could cause the Fed to quicken its pace of rate increases-a negative for gold.
Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.
Markets also reacted positively after Dutch center-right Prime Minister Mark Rutte fought off a challenge by anti-immigration, anti-European Union rival Geert Wilders to score an election win seen as a victory against populist nationalism.
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Holdings of the world's largest gold-backed exchange-traded fund, New York-listed SPDR Gold Shares (GLD), fell 0.28% on Thursday, the first outflow this week.
Inflows into the fund so far this week have already almost erased last week's outflows.
Bullion traders said sentiment got a boost after gold climbed in global markets as weakness in the dollar raised appeal of precious metals as a safe-haven.
Gold's sister metal, silver for May delivery SIK7, +0.17% was also up 2.5 cents, or 0.1%, at $17.355 an ounce, eyeing a weekly gain of 2.6%-its best in roughly a month.
The dollar briefly plunged below ¥113 in Tokyo trading on Thursday, dampened by less-hawkish-than-expected interest rate projections by the U.S. Federal Reserve.
Platinum crept up 0.03% to $953.75 USA, while palladium was up 1.8% at $777.70 U.S.
EDT (1651 GMT), recovering from Tuesday's drop to $50.25, its lowest since November 30 when OPEC announced its supply accord. Also, sharp crude oil price movements in a short period of time determine inventory gains and losses for these companies.
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