Tuesday, 20 September 2016

Commodity Updates 20-Sep-2016

Gold Rebounds from 3-Month Lows to Finish Higher  

Gold futures prices on Monday finished higher, rebounding from the three-month lows they saw late last week, as the dollar backtracked in a nervous atmosphere ahead of two key central bank policy-setting sessions this week. December gold GCZ6, +0.09% gained $7.60, or 0.6%, to settle at $1,317.80 an ounce, after tapping highs above $1,321 earlier. The ICE U.S. dollar index DXY, +0.01% was down 0.3% as gold futures settled. 
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Gold posted a seventh drop in eight sessions to finish with a nearly 2% loss last week. The dollar had made sharp gains last week on upbeat economic data but on Monday, dollar-bulls tempered their hopes for an interest-rate hike from the Federal Reserve on Wednesday. That’s the final day of a two-day meeting for the U.S. central bank, which gathers on the same two days as its Japanese counterpart.  

The Fed and the Bank of Japan are generally eyeing divergent directions for their respective monetary policies. Any actions, or simply their commentary, this week could influence their respective country’s currencies as well as dollar-priced assets like precious metals, which tend to move in opposite direction to the dollar.

1 comment:

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