Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold extends losses on strengthening dollar

CommoditiesSep 19, 2014 01:47PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Gold slides on Fed expectations

Investing.com - Gold prices carried Thursday's losses into Friday as the dollar continued to firm on expectations that U.S. monetary stimulus programs will wrap up next month, while benchmark interest rates will climb next year.

Gold and the greenback tend to trade inversely with one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,216.50 a troy ounce during U.S. trading, down 0.85%, up from a session low of $1,214.90 and off a high of $1,229.10.

The December contract settled down 0.73% at $1,226.90 on Thursday.

Futures were likely to find support at $1,182.00 a troy ounce, the low from Dec. 31, 2013, and resistance at $1,243.20, Tuesday's high.

The dollar earlier firmed on expectations for U.S. and European monetary policies to diverge, which came at gold's expense.

Earlier this week, the Federal Reserve suggested it plans to close its bond-buying stimulus program next month and hike interest rates in 2015.

While some time will pass between those two policy moves, rate hikes could come quickly once the U.S. central bank moves to tighten, many investors have concluded, which bolstered the greenback and softened demand for the yellow metal.

Meanwhile across the Atlantic, the euro came under pressure after the European Central Bank on Thursday said it allotted €82.6 billion to 255 bidders in its new Targeted Long Term Refinancing Operation, or TLTRO. The figure was well below the €100 to €150 billion predicted by analysts.

The European Central Bank recently cut interest rates and announced it would purchase asset-backed securities to stimulate the economy, which has softened the euro, which has made the dollar an attractive buy.

Meanwhile, silver for December delivery was down 3.75% at $17.822 a troy ounce, while copper futures for December delivery were down 0.14% at $3.090 a pound.

Gold extends losses on strengthening dollar
 

Related Articles

Oil prices hit 7-year highs as tight supply bites
Oil prices hit 7-year highs as tight supply bites By Reuters - Jan 18, 2022 9

By Shadia Nasralla and Rowena Edwards LONDON (Reuters) -Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email