Wednesday, January 18, 2017
Federal Reserve Chair Janet Yellen announces that she welcomes the hiking of U.S. interest rates gradually which has pressured gold prices. Spot gold was down by 0.1% to $1,202 per ounce by 0335 GMT, after dropping to as much as $1,197.31. Last Tuesday it has hit eight-week high of $1,218.64. U.S. gold futures had fallen as much as over 1% to $1,197.10.
The U.S. dollar index which measures the greenback against a basket of currencies, were up by 0.3% to 101.200.
Since the U.S. economy is close to full employment and inflation headed toward the Federal Reserve's 2% goal, it "makes sense" for the U.S. central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday.
Dallas Fed President Robert Kaplan on Wednesday joined the chorus of central bank officials making a case for a gradual hike in U.S. interest rates.
U.S. consumer prices increased in December as households paid more for gasoline and rental accommodation, leading to the largest year-on-year increase in 2-1/2 years and signaling that inflation pressures could be building.
Silver fell by 0.3% to $16.97 an ounce while Platinum fell 0.5% to $956.50, and palladium was down 0.1% to $747.70.
Thursday, December 29, 2016
Friday, December 23, 2016
Friday, December 9, 2016
Gold prices slumped on Friday and it is on its way to a 5th straight weekly decline. As it get hit from all directions. The gold prices are being pulled down by a stronger U.S. dollar and expectations of a Federal Reserve rate hike next week. U.S. equities are also at record levels luring money out of the safe haven and fund holdings wither. The S&P 500 and the Dow Jones Industrial Average are at all-time highs amid speculation President-elect Donald Trump’s policies will spur growth. Investors are also assessing the European Central Bank’s decision on Thursday to tweak its bond buying.
Spot gold was down 0.3% at $1,167.11 an ounce by 0245 GMT, and was set for a weekly decline of about 0.8%. U.S. gold futures lost 0.2% to $1,169.60 per ounce. The dollar held large gains against the yen and euro early on Friday.
The number of Americans filing for unemployment benefits fell from a five-month high last week, pointing to labour strength that underscores the economy's sustained momentum and reinforcing the case for a Federal Reserve rate increase.
Rising bond yields and a flight to stock markets have also dampened the appeal of gold.
Meanwhile, Asian shares edged down on Friday but were on track for robust weekly gains, while the euro became more settled after the volatility seen in the wake of the European Central Bank's decision to trim the size of its asset purchase program while also extending it for longer than many analysts had expected.
Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.34% to 860.71 tonnes on Thursday. SPDR holdings have fallen nearly 9% since November and are on track for a 5th straight week of losses.
Elsewhere, silver was down 0.4% at $16.94 an ounce and platinum fell 0.9% at $930.10.
Palladium was down by 0.2% to $734, after reaching its lowest since November 18 in the previous session.
Tuesday, November 29, 2016
Onlines sales on Black Friday was the country's biggest yet though it didn't last very long just three days. However, retailers are expected to keep hearing the Ka-Ching of the cash registers as Cyber Monday is expected to garner $3.39 billion in online sales, this according to the latest statistics from Adobe, edging out Black Friday by roughly $50 million.
According to Becky Tasker, analyst for the Adobe Digital Insights, online retailers began giving away discounts later this year, on Thanksgiving morning instead of a few days earlier which have resulted to big demands on Black Friday. That fact shows that both retailers and consumers are getting more comfortable having holiday shopping take place later in the season, Tasker said, as online shipping improves and "buy online, pickup in-store" options grow.
"Everything is growing, but there's more growth toward the end of the season as people take advantage of better shipping to get their products on time," she said.
This data keeps is in line with the trend of online sales spreading out to more days during the holidays, as consumers spend more money online and are able to shop using a wide range of products that includes TV sets, toys, appliances, PCs, tablets and smartphones. Overall, Adobe expects 53 consecutive days of $1 billion-plus online sales days this holiday season, up from just 31 consecutive days last year.
She said that top toys that will be on demand this Cyber Monday includes Lego sets, Shopkins, Nerf, Barbie and Little Live Pets, and the 5 best-selling electronics were Sony PlayStation 4, Microsoft Xbox, Samsung 4K TVs, Apple iPads and Amazon Fire.
On Amazon, their Echo Dot smart speaker was the best-selling product on Thanksgiving, and Black Friday.
Saturday, November 12, 2016
U.S. stocks closed mostly on a higher note on Friday as a postelection rally lost some steam. Losers includes Energy, health care and materials companies while Consumer goods, technology and financials stocks closed on gains. The S&P 500 index still had its best weekly gain in two years.
The Dow Jones industrial average climbed 39.78 points, or 0.2%, to 18,847.66. Last Thursday it hit a new all-time intraday of 18,873.6, and closed more than 200 points higher, with IBM and Goldman Sachs contributing the most gains to the tune of 34 points and 52 points, respectively. The Standard & Poor's 500 index fell 3.03 points, or 0.1%, to 2,164.45 still it's up 79.27 points, or 3.8% for the week.
The Nasdaq composite rose 28.32 points, or 0.5%, to 5,237.11.