Oct 29 Global grains trader Archer Daniels Midland Co beat Wall Street estimates for quarterly profits on Thursday, helped by strength in its grain milling and nutrition businesses.
Canada's Agnico Eagle Mines reported a better-than-expected quarterly profit on Wednesday, benefiting from a surge in gold prices and sales volume, and raised its capex forecast for the year as it spends on several sites to boost production.
(Updates prices) * Spot gold headed for weekly gain of 1.2% * Technical momentum could take gold to August highs -analyst * Silver up about 5% this week * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ By Arundhati Sarkar Oct 9 Gold climbed more than 1% on Friday as the dollar retreated to a near three-week low and increased bets for fresh U.S. stimulus pushed investors to bullion as a hedge against likely inflation. Spot gold rose 1.5% to $1,920.92 per ounce by 1:31 p.m. EDT (1731 GMT), en route to a second straight weekly gain, of about 1.2%. U.S. gold futures settled up 1.6% at $1,926.20. "It seems like a lot of optimism is being built around it (U.S. stimulus)" and "that's really at the forefront" of gold's move, said Eli Tesfaye, senior market strategist at RJO Futures. A further drop in the dollar could add more fuel, and given the strong technical momentum, bullion could soon hit highs seen in August, Tesfaye added. After stalling talks with Democrats on a comprehensive aid package earlier this week, U.S. President Donald Trump called for a "skinny" relief bill that would include a bailout of the struggling airline sector. Additionally, a widening lead for Democratic presidential candidate Joe Biden has raised the prospect of further stimulus, adding to gold's allure. The dollar meanwhile slid as expectations grew for a Biden win, making gold cheaper for those holding other currencies. "In fact, the long gold trade is likely agnostic to the election outcome," TD Securities analysts said in a note. "Barring a split government outcome, both administrations are likely to push through a large-scale fiscal deal in no time that would help de-bottleneck the real rate suppression, lifting precious metals in the process." Near-zero interest rates and unprecedented money printing by central banks to ease the economic blow from the coronavirus pandemic have driven a 26% rally for gold this year. Silver jumped 4.4% to $24.87 per ounce and is up about 5% so far this week. Platinum rose 2.6% to $884.28 and palladium climbed 2.9% to $2,440.68 per ounce. (Reporting by Arundhati Sarkar in Bengaluru Editing by Chizu Nomiyama and Marguerita Choy)
Gold climbed more than 1% on Friday as the dollar retreated to a near three-week low and increased bets for fresh U.S. stimulus pushed investors to bullion as a hedge against likely inflation.
* Weekly jobless claims inch lower but remain elevated * Trump says talks ongoing for fiscal aid * Gold going to be volatile over the next few months -analyst * Interactive graphic tracking global spread of coronavirus: * https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices) By Arundhati Sarkar Oct 8 Gold edged up on Thursday as uncertainty about the U.S. presidential election and bets that fresh stimulus would drive inflation offset investors' improved appetite for riskier assets. Spot gold was up 0.1% at $1,889.50 per ounce by 1:40 pm EDT (1740 GMT). U.S. gold futures settled 0.2% higher at $1,895.10. While there is a "pretty robust increase in risk appetite," with a firm dollar also weighing, inflation expectations are keeping gold supported, said Bart Melek, head of commodity strategies at TD Securities. "We're not saying that there's going to be an inflation problem right away, but the concern is that if the policies continue and are repeated post election, then we would likely see both a lower dollar and real rates that will likely move lower." Capping bullion's advance, Wall Street's main indexes rose to a one-month high as U.S. President Donald Trump's comments raised hopes for fresh fiscal stimulus, even as a recovery in the labor market struggled to gain momentum. U.S. data on Thursday showed fewer Americans filed new claims for jobless benefits last week, but the number remained stubbornly high. Gold is still up 24% so far this year, boosted by unprecedented government and central bank stimulus worldwide to revive economies as it is viewed as an inflation hedge and a safe refuge during economic and political uncertainty. "It's (gold) going to move higher, it's going to be volatile. That's going to be true for the next month going into the election, it's going to be true for the two months after the election," said Jeffrey Christian, managing partner of CPM Group. Among other metals, silver eased 0.1% to $23.81 per ounce. Platinum shed 0.2% to $862.81 per ounce, while palladium gained 2% at $2,399.31 per ounce. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Richard Chang)
Gold steadied on Thursday as uncertainty surrounding the U.S. presidential elections and bets that fresh stimulus would drive inflation offset downward pressure on bullion from a higher dollar and improved appetite for riskier assets.
* Fed's Sept. 15-16 policy meeting minutes due at 1800 GMT * Potential of no election result in Nov will help gold -analyst * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices) By Arundhati Sarkar Oct 7 Gold rose on Wednesday after concerns over further U.S. stimulus to support the virus-hit economy eased and the focus shifted to upcoming minutes from the U.S. Federal Reserve's last meeting for clues on the outlook of monetary policy. Spot gold rose 0.5% to $1,887.05 per ounce by 1:45 pm EDT (1745 GMT). U.S. gold futures settled down 0.9% at $1,890.80. U.S. President Donald Trump on Tuesday announced a halt in additional stimulus negotiations until after the Nov. 3 presidential election, prompting gold prices to drop nearly 2%. He later suggested new payroll assistance to U.S. passenger airlines. "President Trump's retracement from 'no stimulus negotiation' to 'unilateral relief measures' has helped support gold prices despite the U.S. dollar only weakening slightly," said Jeff Klearman, portfolio manager at GraniteShares. "Coronavirus-related demand destruction concerns still abound, meaning sooner or later, a fiscal stimulus package will likely be passed and the Fed will continue its unprecedented accommodative monetary policy," Klearman said. Investors now await minutes from Fed's Sept. 15-16 policy meeting at 1800 GMT. Fed Chair Jerome Powell on Tuesday called for more help for businesses and households to keep a nascent economic recovery from faltering. "There is an anticipation about the level of inflation as a result of stimulus ... and that could be hedged by gold," said Jeffrey Sica, president and chief investment officer of Sica Wealth Management. "There will be a great potential of not having an election result in November, which will help gold prices as a flight to safety," he added. Gold retains value even at times of financial or political uncertainty. It is also used as a hedge against inflation. Silver climbed 3% to $23.78 per ounce, platinum gained 1.8% to $863.18, and palladium rose 0.8% to $2,358.82. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Richard Chang)
* U.S. economic recovery remains far from complete- Fed's Powell * Gold slides from 2-week high of $1,920.71/oz * Platinum, silver shed more than 4% * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Recasts, updates prices, adds comments) By Arundhati Sarkar and Swati Verma Oct 6 Gold declined over 1% on Tuesday, retreating from a two-week high hit earlier, after U.S. President Donald Trump called off negotiations for a coronavirus relief stimulus package until after the election. Spot gold dropped 1.4% to $1,886.01 per ounce by 4:06 p.m. EDT (2006 GMT). U.S. gold futures fell 1.6% to $1,890.20 in post-settlement trade after closing 0.6% lower at $1,908.80. "Gold prices have come under further pressure as President Trump has paused negotiations over the fiscal stimulus package, the dollar has strengthened and weighed on gold prices," said Standard Chartered analyst Suki Cooper. Trump's surprise move came after U.S. House of Representatives Speaker Nancy Pelosi said on Sunday that progress was being made in her negotiations with the Trump administration on a relief bill. Gold tends to benefit from widespread stimulus measures from central banks as it is widely viewed as a hedge against inflation and currency debasement. Bullion hit its highest level since Sept. 21 at $1,920.71 earlier on Tuesday. "Gold needs to hold $1,880 or we could revisit $1,850, but I do feel strongly that this move is temporary, it's not like a deal was imminent," said Tai Wong, head of base and precious metals derivatives trading at BMO. Earlier in the day, Federal Reserve Chair Jerome Powell warned the U.S. economic recovery remains far from complete and could still slip into a downward spiral if the coronavirus is not effectively controlled and growth sustained. "The reason that the market is hoping for a fiscal deal is because in our view, gold has actually conditioned from a safe haven asset into an inflation hedge asset," said Daniel Ghali, commodity strategist at TD Securities. "As an inflation hedge asset, the bottleneck here is actually inflation expectation. The market would need to see them rise further to pull real rates lower and gold higher." Elsewhere, silver shed 4% to $23.37 per ounce, platinum declined 4.6% to $856.15, while palladium eased 0.9% to $2,341.77. (Reporting by Arundhati Sarkar and Swati Verma in Bengaluru Editing by Sonya Hepinstall)
Gold inched higher on Tuesday buoyed by growing expectations that U.S. lawmakers would agree on new stimulus legislation to blunt the economic impact of the coronavirus, bolstering the metal's appeal as a hedge against inflation.
* Gold hits near two-week high * Stocks jump, dollar index slips 0.4% * Trump could return to White House on Monday * Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices) By Arundhati Sarkar Oct 5 Gold jumped 1% on Monday on optimism around a U.S. stimulus bill and a weakened dollar, despite gains in the stock markets after reports that U.S. President Donald Trump could soon be discharged from the hospital. Spot gold was up 0.7% at $1,912.80 per ounce as of 2:12 p.m. EDT (1812 GMT), after hitting the highest since Sept. 22 at $1,918.36. U.S. gold futures settled up 0.7% to $1,920.10. Optimism over fiscal stimulus came into play after upbeat weekend comments from U.S. House Speaker Nancy Pelosi, who said progress was being made on relief legislation. "Maybe there is a little skinnier deal in the horizon that Pelosi would agree to and Republican party would agree to and I think the stimulus will be a boon for the metals," said Daniel Pavilonis, senior market strategist at RJO Futures. A little bit of risk-on sentiment has been a negative for gold, Pavilonis said, adding that "we could see another sideways week." The dollar was down 0.4% against rivals, making gold cheaper for holders of other currencies. Global stocks cheered news that Trump could be discharged from the hospital as soon as Monday, although outside experts warned that his case may be severe. Trump's COVID-19 infection has also raised uncertainties around the U.S. presidential election on Nov. 3. "Barring a split government outcome, both administrations are likely to push through a large-scale fiscal deal in no time that would help de-bottleneck the real rate suppression, lifting precious metals in the process," TD Securities said in a note. "Considering a Blue Wave would likely result in the largest package, (Democratic candidate Joe) Biden's election odds are increasingly likely to drive gold prices in the coming month." Looking ahead, markets will be watching out for the release of minutes from U.S. Federal Reserve's September meeting on Wednesday. Among other metals, silver gained 2.4% to $24.27 per ounce, platinum rose 1.3% to $893.00 and palladium climbed 2.5% to $2,366.00. (Reporting by Arundhati Sarkar and Swati Verma in Bengaluru Editing by Nick Zieminski and Steve Orlofsky)
France stepped up security nationwide on Friday to guard against Islamist attacks after the fatal stabbings at a church in Nice, while protests flared in parts of the Middle East, Asia and Africa over French caricatures of the Prophet Mohammad.