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Gold extends gains ahead of the weekend

Economies.com
2017-05-19 14:22PM UTC

Gold prices rose in American trade to carry on the gains of the week after a short hiatus on Thursday, as the dollar index falls to six-month low, amid a lack of data from the world's largest economy. 

 

As of 03:05 GMT, gold June futures rose 0.44% to $1,252.30 an ounce from the opening of $1,246.80, while the dollar index fell 0.58% to 97.31 from the opening of 97.79, marking a six-month low. 

 

Gold draw support this week from lower chances of a Federal Reserve rate hike in June as hopes fade for wide economic reforms by president Trump in healthcare, tax reforms and others. 

 

 

Markets await Saint Louis Fed president James Bollard's speech later today about the U.S. economy and monetary policy, while San Francisco Fed president John Williams will talk about policymaker's vision in El Camino school in Saint Louis. 

 

 

In the U.S., vice Attorney General Rod Rosenstein hired former FBI chief Robert Mueller as a special prosecutor in Russia's intervention in U.S. elections, which led to Donald Trump as the 45th president. 

 

Rosenstein  said that public good led him to put the investigation under an independent person, after reports accused Trump of intervening in a Federal investigation.

 

Reports said that Trump asked former FBI chief to drop an investigation into former national security adviser Micheal Flyn's relation with Russia, sparking speculation about Trump's firing of Comey later as retribution. 

 

Other reports said Trump disclosed highly classified information to Russian foreign minister Sergey Lavrov regarding ISIS in the White House last week, with the Democratic Party calling it a scandal alongside the alleged intervention in federal investigations. 

 

Platinum prices rise over one percent before the weekend

Economies.com
2017-05-19 13:56PM UTC

Platinum prices rose over one percent in American trade as the dollar index hit a six-month low according to their inverse relation, amid a lack of data from the world's largest economy, while investors await both Saint Louis and San Francisco Federal Reserve presidents to speak later today, 

 

As of 02:36 GMT, platinum rose 1.16% to $943.74 an ounce from the opening of $932.88, while the dollar index shed 0.33% to 97.29 from the opening of 97.79, marking a six-month low. 

 

Markets await Saint Louis Fed president James Bollard's speech later today about the U.S. economy and monetary policy, while San Francisco Fed president John Williams will talk about policymaker's vision in El Camino school in Saint Louis. 

Wall Street ends higher after upbeat U.S. data

Economies.com
2017-05-18 20:32PM UTC

U.S. stock indices closed higher on Thursday on short-covering after marking the worst daily performance in eight months yesterday, as unemployment claims fell to three-month lows, while the Philly manufacturing index rose past expectations to its highest since February. 

 

U.S. Treasury Secretary Steven Mnuchin testified ahead of the Senate Banking and Housing Committees about the rollback of Dodd-Frank's regulations, pointing to a growth of 3% if tax and structural reforms went through. 

 

Investors' hope faded for president Trump's ability to deliver his economic agenda, including tax, healthcare and regulation reforms, after report said he intervened in a Federal investigation, tipping the White House into controversy. 

 

Dow Jones rose 0.27%, or 56.09 points to 20,663.02, while Standard and Poor's 500 rose 0.37%, or 8.69 points to 2,365.72. NASDAQ Composite rose 0.73%, or 43.89 points to 6,055.13. 

 

Gold futures due on June 15 fell 0.83% to $1,248.20 an ounce from the opening of $1,258.70, while the dollar index rose 0.27% to 97.84 from the opening of 97.49. 

 

On another note, U.S. crude futures due on June 15 rose 0.53% to $49.33 a barrel from the opening of $49.07, while Brent crude futures due on July 16 rose 0.56% to $52.50 a barrel from the opening of $52.21. 

Natural gas prices fall as inventory buildup widens

Economies.com
2017-05-18 18:44PM UTC

Natural gas futures tilted lower in American trade as the dollar index climbed off a six-month low, following earlier U.S.data, including the EIA report that showed a widened buildup in U.S. natural gas storage last week. 

 

As of 07:36 GMT, natural gas futures due on June 15 fell 0.31% to $3.182 per million British thermal units from the opening of $3.192, with an intraday low at $3.161, and a high at $3.192, while the dollar index rose 0.40% to 97.97 from the opening of 97.49. 

 

The Energy Information Administration released its report on U.S. natural gas stocks, showing a buildup of 68 billion cubic feet in the week ending May 12, adding to the previous reading's 45B rise, while analysts expected a 61B buildup. 

 

Total stocks have reached 2.369 trillion cubic feet from 2.301 trillion in the week ending May 5, which is lower than the total in the same period of 2016 at 2.744 trillion, while higher than the five-year average at 2.113 trillion.

 

Otherwise, U.S. unemployment claims fell to a three-month low while the Philly manufacturing index rose to its highest since February, as U.S. treasury secretary testified ahead of the Senate Banking Committee to talk about the rollback of Dodd-Frank. 

 

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The price of Gold is $3358.100 (2025-07-11 22:25PM UTC)