Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Platinum       

PLATINUM
My previous session
Most popular
Delayed Quote. Delayed  - 09/21 11:01:34 pm
826.5 USD   -0.95%
09/21RHI Magnesita Appoints Ian Botha as CFO
DJ
09/21ANGLO AMERICAN : Finance Director Resigns, Effective 2019
DJ
09/19Metals Prices Advance as Dollar Ticks Lower
DJ
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Gold Inches Higher With Geopolitical Risks in Focus

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/06/2017 | 04:29pm CEST
By Amrith Ramkumar and David Hodari 

Gold prices inched higher Monday, with some of the geopolitical risks that have supported prices throughout the year back in focus.

Gold for December delivery rose 0.3% to $1,272.70 a troy ounce on the Comex division of the New York Mercantile Exchange. Prices have fallen in seven of the last eight weeks and sit near three-month lows, weighed down by concerns about rising interest rates and a stronger dollar. Gold struggles to compete with yield-bearing assets like Treasurys as borrowing costs rise, while the precious metal and other dollar-denominated metals become more expensive for foreign buyers when the U.S. currency rises.

Still, geopolitical risks have kept a floor on prices and should continue supporting gold moving forward, investors and analysts have said. On Monday, President Donald Trump pushed for Japan to buy "massive" amounts of military equipment from the U.S., saying that it would help the country shoot down missiles like the pair that nearby North Korea has fired overhead in recent months.

That statement came after Saudi Arabia said Yemeni rebels' missile attack on the Saudi capital Saturday could be considered an Iranian act of war. Investors have also been tracking a looming debt default for Venezuela and Catalonia's bid for independence from Spain of late.

"All of this is prompting some short covering," said George Gero, managing director at RBC Capital Markets, noting that he currently doesn't see much new buying in the market.

Investors were also keeping an eye on central-bank news. The Federal Reserve Bank of New York announced Monday that its leader William Dudley is planning to step down early and retire in the middle of next year. The move adds to the uncertainty over whether the central bank will be more hawkish with its rate increases moving forward depending on who fills the open positions, Mr. Gero said.

The stock market and dollar continuing to rise could also be a headwind, investors and analysts have said.

The WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, was little changed Monday.

Among base metals, copper for December delivery rose 1.1% to 3.1530 a pound. The industrial metal sits near three-year highs, boosted by synchronized global economic growth, strong demand from China, the world's largest consumer, and the possibility that a move toward electric vehicles will stoke demand.

Many metals investors returned from London Metal Exchange week Monday, with some analysts noting that positive sentiment from the week was supporting the base metals complex.

"LME Week provided the market with some uplifting comments and forecasts, and it's that underlying sentiment which has carried prices a bit this morning," said Ole Hansen, head of commodities strategy at Saxo Bank.

Write to Amrith Ramkumar at amrith.ramkumar@wsj.com and David Hodari at David.Hodari@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.62% 1199.66 Delayed Quote.-7.32%
PLATINUM -0.95% 826.5 Delayed Quote.-10.13%
US DOLLAR INDEX 0.31% 94.2 End-of-day quote.2.55%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
09/21RHI Magnesita Appoints Ian Botha as CFO
DJ
09/21ANGLO AMERICAN PLATINUM : Finance Director Resigns, Effective 2019
DJ
09/19Metals Prices Advance as Dollar Ticks Lower
DJ
09/14Metals Fall on Latest Tariff Talk, Economic Data
DJ
09/13Smartphones, Electric Cars Keep Miners Digging by -2-
DJ
09/13Smartphones, Electric Cars Keep Miners Digging by Hand in Congo--Update
DJ
09/13Smartphones, Electric Cars Keep Miners Digging by -2-
DJ
09/13Smartphones, Electric Cars Keep Miners Digging by Hand in Congo--Update
DJ
09/13IMPALA PLATINUM : Fiscal Year 2018 Net Loss Widens 30% on Impairment Charge
DJ
09/12Metals Prices Rally, Shrugging Off Trade Fears
DJ
More news
Chart PLATINUM
Duration : Period :
Platinum Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PLATINUM
Short TermMid-TermLong Term
TrendsBullishBearishBearish