{"id":43292,"date":"2013-10-23T07:22:51","date_gmt":"2013-10-23T11:22:51","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=43292"},"modified":"2013-10-23T07:22:51","modified_gmt":"2013-10-23T11:22:51","slug":"gold-futures-drops-from-4-week-gains","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/10\/23\/gold-futures-drops-from-4-week-gains\/","title":{"rendered":"Gold Futures Drops From 4-Week Gains"},"content":{"rendered":"

By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Gold futures declined on Wednesday, after the release of the below-forecasted US labour data and clearing gains from the previous session. The market forecasts that the Federal Reserve won\u2019t be tapering its stimulus program until March 2014, as the world\u2019s largest economy is still yet to recover.<\/p>\n

Futures for the yellow metal dropped from its previous gains, after reaching $1,344.85 an ounce on Tuesday, its highest level since September 30.<\/p>\n

Gold contracts for December lost 0.68% to $1,333.50 an ounce on New York\u2019s Comex as of the time of writing, while Silver futures declined 0.58% lower to $22.660.<\/span><\/p>\n

Gold Futures – <\/span>Shutdown<\/span><\/h2>\n

The US Labour Department released the US non-farm payroll data, which came in 18-days late due to the partial government shutdown.<\/p>\n

On Tuesday, the US President Barrack Obama\u2019s Council of Economic Advisers said the government shutdown cut down the estimated fourth-quarter economic growth by 0.25%.<\/p>\n

Gold Futures – <\/span>Fed Tapering Delay <\/span><\/h2>\n

Apart from the weak US labour data released, the US budget issues still remains unsolved with a recent deal delayed as the US budget is expected to be re-negotiated within the next two months.<\/p>\n

Numerous Fed officials confirmed the Federal Reserve is likely to delay its tapering of its stimulus program. On Monday, Chicago\u2019s Fed President Charles Evans said that the current fiscal issue might delay the tapering.<\/p>\n

Investors are looking forward to the next Federal Open Market Committee meeting, scheduled for October 29-30.<\/p>\n

Gold Futures –<\/span>Gold ETF<\/span><\/h2>\n

Holdings in the world\u2019s largest bullion-backed exchange-traded product, SPDR Gold Trust advanced 0.8% higher to 878.32 metric tons; it\u2019s highest since September 19. Gold exchange traded funds (EFTs) saw outflows of $3.2 billion in the third quarter, compared to the record outflows of $19.6 billion in the second quarter.<\/p>\n

“However, as tactically there are more attractive commodities and assets based on our macro view, it also seems unlikely \u2013 barring a severe political or financial shock \u2013 that demand for gold ETPs will rise sharply in the near term either. Therefore, our base case scenario is relatively balanced gold ETPs flows in the near term. Longer term, given still substantial unresolved debt issues across the developed world, we expect that gold ETP demand will revive,\u201d an ETFS report commented on Wednesday.<\/p>\n

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The post Gold Futures Drops From 4-Week Gains<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n

Article provided by HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Gold futures declined on Wednesday, after the release of the below-forecasted US labour data and clearing gains from the previous session. The market forecasts that the Federal Reserve won\u2019t be tapering its stimulus program until March 2014, as the world\u2019s largest economy is still yet to recover. Futures for the … <\/p>\n

Continue reading “Gold Futures Drops From 4-Week Gains”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-43292","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/43292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=43292"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/43292\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=43292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=43292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=43292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}