Gold prices gain in Asia as chances for Fed hike in November mulled - Sean Seshadri Trading Tips

Gold prices rose in Asia on Thursday as Fed Chair Janet Yellen avoided a hard timeline for a rate hike, though a colleague did suggest the topic was up for discussion in November.

Cleveland Federal Reserve Bank President Loretta Mester said Wednesday that the November FOMC will be an "active meeting" and repeated her views another hike in the Fed funds rate is appropriate. The Investing.com Fed Rate Monitor Tool shows the market sees a 10.3% chance of a rate hike in November.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.24% to $1,326.85 a troy ounce.

Overnight, gold prices trimmed overnight losses during North America's session on Wednesday, but remained in negative territory.

On Tuesday, prices sank $13.70, or 1.02%, the biggest one-day loss in almost a month, as investors took heart from an apparent win for Democrat nominee Hillary Clinton over her Republican rival Donald Trump in the first U.S. presidential debate.

Fed Vice Chairman Stanley Fischer said Tuesday evening that the U.S. central bank should avoid raising interest rates too much. He added that rates should rise but that "I don't know when" that should happen.

Speaking shortly afterwards, San Francisco Federal Reserve Bank President John Williams said that the Fed can raise interest rates without threatening the U.S. economic recovery, while adding that the central bank risks doing more harm by continued inaction.

The Fed left rates unchanged at a policy meeting last week, but most officials signaled a hike was likely by the end of the year.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Oil climbs after industry data shows U.S. inventory draw - Sean Seshadri Florida

Oil prices rose in mixed trading on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.

Brent crude rose 24 cents to $46.21 a barrel as of 0502 GMT after settling down $1.38, or 2.9 percent.

U.S. West Texas Intermediate (WTI) crude was up 11 cents at $44.79 a barrel after climbing as high as $45.09 in earlier trading. The benchmark ended down $1.26, or 2.7 percent, in the previous session.

Members of the Organization of the Petroleum Exporting Countries (OPEC) will hold informal talks at 1400 GMT on Wednesday. Its members are also meeting non-OPEC producers on the sidelines of the three-day International Energy Forum being held in Algiers and which ends on Wednesday.

Crude futures fell on Tuesday after Iran rejected an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

The market is coming to think this week's discussions could provide the groundwork for an agreement at OPEC's formal policy meeting set for Nov. 30 in Vienna, said Vyanne Lai, oil analyst at National Australia Bank in Melbourne.

"I think OPEC producers realize they can't continue to expand production indefinitely - OPEC producers are close to maximum capacity - so there could be room for a deal (in November)," Lai said.

An agreement in November could provide a short-term boost to prices, Lai said, although the level of support would depend at what level output is curbed, Lai said.

"Our expectation is prices will be relatively range-bound at slightly below $50," Lai said.

Investors had largely priced in the likely lack of a deal among oil producers in Algiers and were focused on official U.S. oil stocks data from the U.S. Department of Energy's Energy Information Administration (EIA) to be released later in the day, Lai said. [EIA/S]

"Prices could draw support from U.S. inventory data. Prices could track higher but below the levels of yesterday," Lai said.

Data from industry group the American Petroleum Institute showed crude stocks fell 752,000 barrels in the week ended Sept. 23 to 506.4 million barrels. Analysts polled by Reuters were forecasting a 2.8 million-barrel build. 

Sean Seshadri - Gold prices down in Asia as BoJ July minutes noted, U.S. debate ahead

Gold drifted weaker in Asia on Tuesday as minutes from the Bank of Japan's July meeting showed an easing push and investors awaited the outcome of a debate between the two main candidates for president in the U.S.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,341.25 a troy ounce.

Overnight, gold prices swung between small gains and losses during North America's session on Monday, remaining near a two-week high as investors' attention turned from central banks to American politics ahead of the first U.S. presidential debate.

With just around six weeks to go until the November 8 U.S. presidential election, the market will turn its attention to the first of three televised U.S. presidential debates Monday night.

The 90-minute debate will begin at 9:00PM ET (01:00 GMT on Tuesday) at Hofstra University in New York, with Lester Holt of NBC News as moderator.

Market participants are mostly expecting Democratic candidate Hillary Clinton to win the presidency and have not factored in the implications of a victory for Donald Trump. The idea of Trump in the White House is a worrying one for some investors who balk at his populist, unpredictable style.

Recent polls have shown a tightening race, with Clinton's once-comfortable lead narrowing sharply. The latest Reuters/Ipsos poll gives Clinton a 4-point lead, 41% to Trump's 37%, among likely voters.

The yellow metal notched a weekly gain of $31.50, or 2.34%, last week, the best performance in almost two months, after the Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

The Fed has policy meetings scheduled in early November and mid-December. Economists believe policymakers would avoid a rate hike in November in part because the meeting falls just days before the U.S. presidential election. Markets are currently pricing in just a 10.3% chance of a rate hike at November's meeting, according to Investing.com's Fed Rate Monitor Tool.

In the week ahead, market players will be focusing on fresh comments from Fed Chair Janet Yellen amid ongoing uncertainty over the timing of the next U.S. rate hike.

Besides Yellen, the economic calendar is packed with Fed speakers, as well as key data such as durable goods for August on Wednesday and personal income and spending data Friday. There is also a final revision to second-quarter GDP Thursday.

Sean Seshadri Trading Tampa - Gold prices edge higher in Asia as busy week looms on central bank views

Gold edged up in Asia on Monday with a busy week of central bank remarks ahead and what is expected to be a record audience for the first debate between the top two contenders for the U.S. presidency.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.04% to $1,342.25 a troy ounce.

Also on the Comex, silver futures for December delivery eased 0.11% to $19.788 a troy ounce, while copper futures for December delivery rose 0.14% to $2.203 a pound.

In the coming week, Federal Reserve Chair Janet Yellen is due to speak amid ongoing uncertainty over the timing of the next U.S. rate hike. As well, a pair of speeches from European Central Bank President Mario Draghi will be in focus for fresh hints on whether the ECB will step up monetary stimulus in the coming months to boost inflation and prop up the economy.

In addition, remarks by Bank of Japan Governor Haruhiko Kuroda will be eyed in wake of last week's decision by the central bank to modify its policy framework.

The Japanese central bank refrained from cutting interest rates further into negative territory or expanding its asset purchase program at its monetary policy meeting, instead switching to targeting interest rates as a way to reach its inflation target.

Another big event for markets could be the first U.S. presidential debate on Monday between Democratic nominee Hillary Clinton and Republican hopeful Donald Trump.

Last week, gold prices edged lower on Friday, but notched the strongest weekly advance in almost two months after the Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

The Fed left interest rates unchanged at the conclusion of its policy meeting on Wednesday, but hinted that a hike could come in December if the job market continued to improve. At the same time, the U.S. central bank also cut the number of rate hikes it expects next year and in 2018, according to the median projection of forecasts released with its post-meeting statement. The Fed has policy meetings scheduled in early November and mid-December.

Economists believe policymakers would avoid a rate hike in November in part because the meeting falls just days before the U.S. presidential election. Markets are currently pricing in a 12.4% chance of a rate hike at November's meeting, according to Investing.com's Fed Rate Monitor Tool.

Sean Seshadri Trading Institute - Gold prices fall in Asia as investors look ahead to busy policy week

Gold fell in Asia on Monday, giving up early gains, with a busy week of central bank remarks ahead and what is expected to be a record audience for the first debate between the top two contenders for the U.S. presidency.

Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.32% to $1,337.35 a troy ounce.

Also on the Comex, silver futures for December delivery dropped 1.01% to $19.610 a troy ounce, while copepr futures for December delivery declined 0.27% to $2.194 a pound.

In the coming week, Federal Reserve Chair Janet Yellen is due to speak amid ongoing uncertainty over the timing of the next U.S. rate hike. As well, a pair of speeches from European Central Bank President Mario Draghi will be in focus for fresh hints on whether the ECB will step up monetary stimulus in the coming months to boost inflation and prop up the economy.

In addition, remarks by Bank of Japan Governor Haruhiko Kuroda will be eyed in wake of last week's decision by the central bank to modify its policy framework.

The Japanese central bank refrained from cutting interest rates further into negative territory or expanding its asset purchase program at its monetary policy meeting, instead switching to targeting interest rates as a way to reach its inflation target.

Another big event for markets could be the first U.S. presidential debate on Monday between Democratic nominee Hillary Clinton and Republican hopeful Donald Trump.

Last week, gold prices edged lower on Friday, but notched the strongest weekly advance in almost two months after the Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

The Fed left interest rates unchanged at the conclusion of its policy meeting on Wednesday, but hinted that a hike could come in December if the job market continued to improve.

At the same time, the U.S. central bank also cut the number of rate hikes it expects next year and in 2018, according to the median projection of forecasts released with its post-meeting statement.

The Fed has policy meetings scheduled in early November and mid-December.

Economists believe policymakers would avoid a rate hike in November in part because the meeting falls just days before the U.S. presidential election.

Markets are currently pricing in a 12.4% chance of a rate hike at November's meeting, according to Investing.com's Fed Rate Monitor Tool.