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 treads water at start of busy week for data, Fed speakers

Commodities Jun 26, 2017 03:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gold treads water at start of busy week

Investing.com - Gold prices were little changed in European morning trade on Monday, as investors looked ahead to comments from key Fed officials and a raft of U.S. economic data in the week ahead for further signs of the central bank's likely rate hike trajectory through the end of the year.

Comex gold futures were at $1,255.73 a troy ounce by 3:00AM ET (0700GMT), down less than 0.1%. Meanwhile, spot gold was at $1,254.98.

Gold climbed for a third session in a row Friday, extending gains from a five-week low of $1,241.70 hit last week.

Also on the Comex, silver futures ticked up 3.2 cents, or roughly 0.2%, to $16.67 a troy ounce.

Market players are expected to pay close attention to comments from Federal Reserve Chair Janet Yellen on Tuesday, as they look for more hints on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its balance sheet.

Traders will also keep an eye out on a final reading of U.S. first-quarter economic growth due on Thursday for further evidence on the health of the world's biggest economy.

Besides the GDP report, this week's calendar also features U.S. data on durable goods orders, consumer confidence, pending home sales, weekly jobless claims as well as personal income and spending, which includes the personal consumption expenditures inflation data, the Fed's preferred metric for inflation.

The Fed raised interest rates for the second time this year earlier in June and maintained plans to go ahead with another rate hike by year-end. Despite the Fed's message, market players remained doubtful over the central bank's ability to raise rates as much as it would like in the coming months due to subdued inflation.

Futures traders are pricing in less than a 15% chance of a hike at the Fed's September meeting, according to Investing.com’s Fed Rate Monitor Tool. Odds of a December increase was seen at about 35%.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Investors are likely to continue to monitor the latest headlines coming out of Washington for progress on U.S. President Donald Trump's healthcare bill and for any new fallout from the investigation into the Trump campaign's possible ties to Russia.

Among other precious metals, platinum held steady at $931.00, while palladium dipped 0.5% to $852.15 an ounce.

Gold treads water at start of busy week for data, Fed speakers
 

Related Articles

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
Continue with Google
or
Sign up with Email