WTI Crude OIl settles in Bear Market, Down 21% from October’s high.
(Bloomberg) — Gold fell for the fourth in five sessions as a report Thursday showing a solid U.S. jobs market bolstered speculation the Federal Reserve will maintain its hawkish monetary policy.
Fed officials are expected to keep interest rates unchanged at the penultimate gathering of 2018, with investors looking for clues about tightening next year.
The dollar climbed for the first time in four days as its resilience continues to drag on the price of gold.
A stronger dollar makes the metal more expensive for buyers using other currencies.
The Fed’s tone will give clues on 2019. It will likely continue to describe U.S. growth and labor market as strong, reinforcing the outlook for a December hike U.S. filings for unemployment benefits held near an almost five-decade low, indicating a robust job market, Labor Department figures showed Thursday Holdings in gold-backed exchange-traded funds -0.2% to 2,131.7 tons on Wednesday South African gold production plunged the most in almost four years in September
Gold futures for December delivery -0.3% to settle at $1,225.10/oz at 1:31pm on Comex in N.Y.
Bloomberg Dollar Spot Index +0.3%.
“Gold is down on the jobless claims being softer than what we’ve been seeing coupled with the Fed this afternoon,” Bob Haberkorn , a senior market strategist at RJO Futures in Chicago, says by phone “Gold traders are expecting more of the hawkish tone to continue from the Fed, which would mean weaker gold. They will probably signal a hike for next month or hikes in the next year” Thursday’s Fed meeting “is unlikely to drag gold out of its narrow trading corridor” as it “will probably serve merely as preparation for the next one in December,” Commerzbank analysts say in daily note
Other Precious Metals
Silver futures drop on Comex.
-R.W.N II, yours in 322.
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