1. LINE

      Text:AAAPrint
      Economy

      Gold futures settle nearly 3 percent lower on Fed-induced dollar rally

      1
      2016-12-16 11:10Xinhua Editor: Li Yahui ECNS App Download

      Gold futures on the COMEX division of the New York Mercantile Exchange dropped nearly 3 percent Thursday to settle at their lowest level since early February as the Federal Reserve's U.S. interest-rate hike and the potential for more aggressive moves in the new year fueled a rally in the dollar.

      The most active gold contract for February delivery fell 33.9 U.S. dollars, or 2.91 percent, to settle at 1,129.80 dollars per ounce.

      Gold was put under pressure as the U.S. Federal Reserve announced after the market' s close on Wednesday that it would raise its key interest rate from 0.50 to 0.75.

      Higher interest rates typically make the dollar stronger, which can put pressure on commodities that are pegged to the currency, such as gold. In addition, noninterest-paying assets like gold lose their luster as interest rates increase.

      The Fed news fueled a rally in the ICE Dollar Index DXY, +0.90 percent which shot to a 14-year high Thursday.

      Brien Lundin, editor of Gold Newsletter, said that the market "consensus believes that a resurgent Trump economy will force the Fed to live up to their predictions this time around."

      But "rates are rising in the face of the most over leveraged global economy in world history," and he believes that trend will either reverse, or will create havoc so that, forcing the Fed and other central banks to, at some point, "resort to more easing."

      "Monetary volatility lies ahead, and gold will shine in that environment," he said.

      Bullion had already fallen sharply in the run-up to the Fed meeting after Republican candidate Donald Trump's election to the U.S. presidency sparked a rally in the dollar and a rise in assets seen as higher risk, like stocks, at gold's expense.

      Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, are down about 10 percent from mid-November.

      The precious metal was put under further pressure as the weekly jobless claims report also released on Thursday by the U.S. Department of Labor showed initial jobless claims decreasing by 4,000 to a 254,000 level, a figure which was within expectations. Analysts note that this is in line with the existing trend and indicative of strength in the U.S. labor market.

      Silver for March delivery fell 126.3 cents, or 7.33 percent, to close at 15.958 dollars per ounce. Platinum for January delivery dropped 47.2 dollars, or 5.02 percent, to close at 893.60 dollars per ounce.

       

        

      Related news

      MorePhoto

      Most popular in 24h

      MoreTop news

      MoreVideo

      News
      Politics
      Business
      Society
      Culture
      Military
      Sci-tech
      Entertainment
      Sports
      Odd
      Features
      Biz
      Economy
      Travel
      Travel News
      Travel Types
      Events
      Food
      Hotel
      Bar & Club
      Architecture
      Gallery
      Photo
      CNS Photo
      Video
      Video
      Learning Chinese
      Learn About China
      Social Chinese
      Business Chinese
      Buzz Words
      Bilingual
      Resources
      ECNS Wire
      Special Coverage
      Infographics
      Voices
      LINE
      Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      主站蜘蛛池模板: 久久笫一福利免费导航| 免费国产在线精品一区| 91成人免费福利网站在线| 暖暖免费高清日本一区二区三区| 亚洲国产精品网站久久| 免费A级毛片无码A∨| 久久久久久亚洲精品| 久久这里只精品热免费99| 亚洲国产精品无码久久SM | 亚洲国产人成精品| 国产亚洲精品成人久久网站| 大学生美女毛片免费视频| 一本色道久久88亚洲精品综合| 两性刺激生活片免费视频| 亚洲AV成人噜噜无码网站| 国国内清清草原免费视频99| 亚洲一区动漫卡通在线播放| 成年丰满熟妇午夜免费视频| 亚洲一区二区三区乱码在线欧洲| 国内免费高清在线观看| 亚洲s码欧洲m码吹潮| 免费观看午夜在线欧差毛片| 国产成人+综合亚洲+天堂| 亚洲精品老司机在线观看| 三上悠亚在线观看免费| 亚洲AV中文无码字幕色三| 国产电影午夜成年免费视频| 精品日韩99亚洲的在线发布| 特级淫片国产免费高清视频| 特黄特色大片免费| 久久精品国产亚洲| 成人免费午夜无码视频| 亚洲欧美国产国产一区二区三区| 男人的天堂亚洲一区二区三区| 亚洲久热无码av中文字幕| 亚洲精品国产福利一二区| 日韩精品极品视频在线观看免费 | 婷婷综合缴情亚洲狠狠尤物| 99久久免费国产特黄| 久久精品亚洲AV久久久无码 | 一级做a爰性色毛片免费|