FXTM: Gold Pressured By Dollar Despite Pending Trump Announcement
Gold is under pressure due to an appreciating U.S. dollar, says Lukman Otunuga, research analyst atFXTM. As of 9:09 a.m. EDT, spot metal was down $4 to $1,309.60 an ounce. The loss,despite U.S. President Donald Trump’s planned announcement on the Iran nucleardeal Tuesday afternoon, highlights a lack of buying sentiment at the moment,the analyst says. “There is a suspicion that market expectations of higher U.S.interest rates will remain a risk to gold,” Otunuga says. “Taking a look at thetechnical picture, prices are coming under increasing selling pressure on thedaily and weekly charts. Previous support around $1,324 could transform into adynamic resistance that encourages a decline towards the psychological $1,300support level.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: Asian Gold Demand Subdued
Tuesday May 8, 2018 09:13
Current gold demand in Asia is subdued, saysCommerzbank, citing recent news developments out of the world’s two largestgold-buying nations - India and China. “The Chinese central bank also bought nogold in April for the 18th consecutive month,” Commerzbank says. “According tounofficial sources at the Ministry of Finance, gold imports in India totaledjust 52.7 tonnes in April, 46% down on the - albeit high - previous year’slevel.”
By Allen SykoraFor Kitco News
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