🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Gold Drifts Ahead of Payrolls; ETFs Saw Outflows in Nov

Published 05/12/2019, 16:25
Updated 05/12/2019, 16:31
© Reuters.
XAU/USD
-
XAG/USD
-
GC
-
SI
-
PL
-

Investing.com -- Gold prices edged higher on Thursday but were essentially rangebound in the absence of major new developments in the U.S.-China trade war.

Such data as were released weren’t dramatic enough to warrant a revision of the outlook for the Federal Reserve’s monetary policy, which is seen on hold by the vast majority for at least the next two months, notwithstanding the sporadic pressure from the White House for further cuts.

By 11:25 AM ET (1625 GMT), gold futures for delivery on the Comex exchange were up 0.2% at $1,483.15 a troy ounce, but were on course for an inside day, testing neither the lows nor highs of Wednesday’s session in a range of less than $6. Spot gold was up 0.3% at $1,478.40.

Silver futures were up 0.5% at $16.99 an ounce, still unable to hold above $17.00. Platinum futures were down 0.2% at $889.05 an ounce.

Signals that the Fed has stopped easing for now, and relief at the avoidance of a disruptive Brexit, have teased portfolio capital out of gold-based ETFs in the last month, according to the World Gold Council.

Global gold-backed ETFs and similar products saw $1.3 billion of net outflows across North America, Europe and Asia in November, decreasing their collective gold holdings by 30.1 tons after hitting record highs in October.

Over two-thirds of the outflows came from U.K.-based funds, where the extension of the Brexit deadline to Jan. 31 next year caused some of the haven-seeking inflows of October to reverse. Most of the other outflows were from North American funds, reflecting the rise in the dollar and in Treasury yields that month.

Trading is likely to stay quiet now until the Commerce Department releases its monthly labor market report on Friday at 8:30 AM ET (1330 GMT).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.