Gold price settled lower - Sean Seshadri

The price of gold for February delivery settled lower today, down 0.28%, at $1139.60, largely on news of the retreating dollar.

The commodity rose $3.80, or 0.3%, to $1,141.30 an ounce this morning, regaining some of the lustre it lost last week. Gold shed about 1.8% for the week ending December 16, and the gold futures contract’s lowest settlement point last week was $1,129.80.

The dollar index, which rocketed to a 14-year-high last week, traded up less than 0.1%, on morning trading.

Gold hit that February price low as the first U.S. interest-rate hike in a year was announced last week by the Fed. That was accompanied by signals for a more hawkish Federal Reserve in 2017. That sent the greenback surging and weighed heavily on precious metals that are pegged to the dollar.

Fed Chairwoman Janet Yellen, as scheduled at 1:30 p.m. Eastern Time, gave a speech today at the University of Baltimore on “The State of the Labor Market.”

The remarks, a copy of which was provided to Investing.com, indicated that she sees the labor market as now experiencing the best hiring period in 10 years, and she added that she anticipates that wages will rise in the coming years for new graduates. Yellen was speaking to new college graduates.

NYMEX crude higher in early Asia as output compliance seen solid - Sean Seshadri

Crude oil prices gained in Asia on Monday as investors see solid adherence to OPEC and non-OPEC output cuts that could trim nearly 1.8 million barrels per day from the global market starting in January.

On the New York Mercantile Exchange, crude oil for delivery in February rose 0.25% to $53.08 a barrel.

Last week, oil futures finished higher on Friday, turning positive for the week amid indications that major crude producers are adhering to their promise to pull back on output.

On the ICE Futures Exchange in London, Brent oil for February delivery jumped $1.19, or 2.2%, to settle at $55.21 a barrel by close of trade Friday, not far from a 17-month high of $57.89 touched earlier in the week.

Russian Energy Minister Alexander Novak said on Friday that all Russian oil companies have agreed to cut crude output under Moscow's agreements with members of the Organization of the Petroleum Exporting Countries.

In addition, Kuwait reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market.

OPEC members have agreed to reduce output by a combined 1.2 million barrels per day starting from January 1, their first such deal since 2008.

However, there are some worries in the market about production increases in the U.S. and Libya.

Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week rose by 12 to 510, a level not seen in almost a year.

Meanwhile, Libya, which is allowed to ramp up production as part of the OPEC deal, restarted operations at two key oilfields. Libyan officials said the restarting of the oilfields and a connected pipeline could bring back more than 200,000 barrels a day of oil within days.

Gold price slump continues - Sean Seshadri

The price of gold slid once again on Thursday, continuing a slump, and posting the lowest settlement price in 10 months.

Gold settled at $1130.30, down 2.87, or 33.39.

The price of sliver, platinum, copper and palldium also settled lower for the day.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares (HK:2840), are down about 10% from mid-November. Holdings fell again yesterday by 6.8 tonnes.

A global sell-off in ETFs is the result of lack of investor interest in the gold markets. The weak physical markets in China and India are taking away price momentum from the currency.

Indian demand, meantime, has suffered from a liquidity crisis in recent weeks after officials suspended the use of some bank notes.

Chinese traders, moreover, say the government there has limited imports there.

Some traders were arguing earlier this week that the commodity was merely going through a slump that mirrored historical patterns and would recover in price by early next year, at the latest.

NYMEX crude higher in Asia as production cuts underway - Sean Seshadri

Crude prices gained in Asia on Friday with investors noting reports that both OPEC and non-OPEC have moved to implement plans to cut output.

Reports say OPEC members Saudi Arabia, Kuwait, Abu Dhabi and non-OPEC countries Russia and Oman have issued instructions to oil companies and customers on implementing production cut plans at the start of 2017. OPEC plans cuts of 1.2 million barrels per day (bpd) and non-OPEC countries eye cuts of 558,000 bpd.

On the New York Mercantile Exchange crude oil for January delivery rose 0.43% to $51.12 a barrel. Global benchmark Brent was last quoted at $54.02 a barrel on London's Intercontinental Exchange. On Friday in Asia, the data calendar is light on energy-focused indicators.

The market is also keyed on U.S. rig count data from oilfield services provider Baker Hughes. Last week, data showed the U.S. rig count up 27 rigs from last week to 624, with oil rigs up 21 to 498, gas rigs up 6 to 125.

Among other non-OPEC members, Oman told customers it plans 45,000 bpd in output cuts. The cuts will largely fall on customers in ASia and Europe, though not evenly, While Saudi Arabia has told U.S. and European customers it will reduce oil deliveries from January with details to follow.

The world's second largest crude importer China is also in focus on the demand side for policy actions after the National Development and Reform Commission said this week it would raise gasoline prices by CNY435 ($62.72) per metric ton and diesel prices by CNY420 per metric ton effective from Dec. 15 in response to higher crude oil prices recently. At the same time, a tax on purchases of small cars will be raised next year to 7.5% from 5%, after being cut by half in October last year to spur sales.

Oil prices sent mixed signals today - Sean Seshadri

Oil traders sent mixed signals on Tuesday. The price of West Texas crude oil was settled higher on Tuesday at $52.33 per barrel on the NYMEX.

The price of Brent oil, meantime, settled down 11 cents from yesterday's price at $55.72. The percentage point decrease was approximately 0.10%.

Oil futures were supported by a powerful demand from Asia.

Production cuts were promised by Kuwait, Qatar and Abu Dhabi.

The closing price was a 17-month high for West Texas oil.

Some analysts said that many investors were taking profits today based on recent market gains. The gains were driven by production cuts by OPEC and non-OPEC countries. The countries are cutting oil production by a combined 1.8 million barrels per day.

According to these analysts, the market, overall, will still be influenced by the oil production cuts.

Many investors and analysts are skeptical that all oil producing parties will adhere to the planned cuts.

One signal that producers are acting on their plans to cut output, Abu Dhabi National Oil Company told investors it is reducing Murban and Upper Zakum crude supplies by 5% and Das crude exports by 3%.

Kuwait's Petroleum Corporation (KPC) also on Tuesday briefed investors of a coming cut in its contractual crude oil supplies for January of 2017.

PRECIOUS-Gold rises from lows ahead of central bank meetings - Sean Seshadri

* ECB set to extend asset purchase programme this week

* Traders eye Fed meeting next week, expecting rate rise

* GRAPHIC-2016 asset returns: http://reut.rs/1WAiOSC (Updates prices, adds comment)

By Jan Harvey

LONDON, Dec 7 (Reuters) - Gold rose further from this week's 10-month low on Wednesday as the dollar eased against the euro ahead of a European Central Bank meeting, and on the view that a U.S. rate rise next week was already reflected in prices.

In November, the metal posted its biggest monthly fall in more than three years. The losing streak spilled into December as fears of U.S. rate rise, an increased appetite for risk and a stronger dollar all weighed on prices at a time of waning demand for gold from top consumers China and India.

Gold prices found good support, however, at the $1,172 level, a chart retracement of its December to July rally.

Spot gold XAU= was at $1,176.98 an ounce at 1442 GMT, up 0.6 percent, while U.S. gold futures GCv1 for February delivery were $9.70 an ounce higher at $1,179.80.

"The metal lost 8 percent during the month of November, thanks to the Fed, which is expected to increase the interest rate this month," Think Markets' chief market analyst Naeem Aslam said.

"We think that the interest rate story is largely baked into the gold price, and when the Fed increases rates, we may not see much of a move."

Any shift in gold prices will likely be dictated by the currency markets. The dollar eased 0.1 percent versus the euro on Wednesday ahead of key central bank meetings. FRX/

The European Central Bank is expected to extend its quantitative easing programme when it meets on Thursday, but questions remain over whether it will scale back its monthly asset purchases and send a formal signal on the eventual end of that programme.

The Federal Reserve is expected to raise rates at its meeting next week, a move seen as negative for gold, as rising U.S. rates lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Gold's recovery ahead of the meeting indicates that most of the selling pressure seen previously, particularly in the futures market, has started to fade, Saxo Bank's head of commodity research, Ole Hansen, said.

"You can take a view that most of the bad news for gold has now been priced in, given the sharp sell-off and the sharp reduction we've seen in positioning," he said.

Among other precious metals, silver XAG= was up 2.4 percent at $17.12 an ounce.

Palladium XPD= was down 0.2 percent at $736, while platinum XPT= was 1 percent higher at $943.24, after hitting a more than three-week high in the previous session.

Gold prices gain slightly in Asia with demand forces in focus - Sean Seshadri

Gold prices edged up in Asia on Tuesday on mild buying sentiment following sustained drops in the past month for the yellow metal.

Gold futures for February delivery rose 0.07% to $1,170.95 a troy ounce on the New York Mercantile Exchange's Comex division.

Overnight, gold prices dropped to levels approximately 12% from November highs as a stronger dollar and a widely expected Fed rate hike next week combine to tamp down interest in the precious metal. Adding to the downbeat views, risk-on trade appetites have grown globally in the wake of Donald Trump's surprise U.S. presidential win.

Investors are also keeping a sharp eye on demand for gold in India and China as weaker currencies may show some spark for demand in the two largest buyers globally.

A final factor dampening the price of the commodity: analysts at Germany's Commerzbank AG O.N. (DE:DE:CBKG) reported pricing pressure from steady outflows from exchange-traded funds that purchase gold.

Interest rate hike fears spike gold price in U.S. - Sean Seshadri

The price of gold dropped on Monday morning, as concerns over a forthcoming interest rate hike in the U.S. overshadowed the fallout from Italians’ rebuff of a proposed constitutional reform. The price closed the day at 1171.7, a decrease of 0.52%.

Gold for February delivery, the most-active contract, was recently down 0.9% at $1,167.40 per troy ounce on the COMEX division of the New York Mercantile Exchange, en route for the lowest close since Feb. 5.of this year.

The price declined despite the Italian “no” vote, which some analysts predicted would spur some safe-haven buying for gold, or fears that it could be a sign of continued political uncertainty and harm the stability of the eurozone in the European Union.

Observers claimed there was basically no tangible reaction to the Italian referendum reflected in today's price of gold.

The prime minister of Italy resigned over the "no" vote, and apologized to voters yesterday, according to a a number of news reports in print, online, and on TV.

Gold prices flat in Asia as Italy's referendum vote prompts caution - Sean Seshadri

Gold prices held mostly steady in Asia on Monday as investors reacted cautiously to a new round of political turmoil in Italy and potentially the euro zone following a resounding "No" vote on a referendum aimed at political reforms.

Gold for February delivery traded between small gains and losses at levels around $1,177.55 a troy ounce on the Comex division of the New York Mercantile Exchange. Elsewhere, silver for March delivery was also mostly flat around $16.830 a troy ounce, while copper futures for March delivery dropped 0.84% to $2.608 a pound.

Investors did take sharp note of a weaker euro to a 20-month low as Italian Prime Minister Matteo Renzi resigned after suffering a humiliating defeat in a referendum to reform the country's constitution.

Elsewhere, New Zealand Prime Minister John Key said he would resign, making it clear he would not seek a fourth term.

Later on Monday, the U.K. is to release data on service sector activity and the Institute for Supply Management is to release its non-manufacturing PMI. New York Fed President William Dudley is to speak about the macroeconomic outlook in New York. St. Louis Fed head James Bullard is to speak at an event in Arizona.

Last week, gold prices rose on Friday, moving higher for the first time in four sessions despite a solid U.S. jobs report as the dollar slid, helping support demand for the precious metal.

The Labor Department reported Friday that the U.S. economy added 178,000 jobs in November from the prior month, while the unemployment rate dropped to 4.6%, its lowest level in nine years.

Economists had forecast nonfarm payrolls rising by 175,000 last month and the unemployment rate remaining unchanged at 4.9%.

However, the report also showed that average hourly earnings fell 0.1% from October, while the annual rate of wage growth slowed to 2.5% from 2.8% in October.

The jobs report underlined the Fed’s case for a rate hikes at its upcoming meeting on December 13-14, but the weak wage data clouded the outlook for further rate hikes in 2017.

Expectations of tighter monetary policy tend to weigh on gold, which struggles to compete with yield-bearing assets when borrowing costs rise.

In the week ahead, markets will be paying close attention to speeches by Fed officials and U.S. data on non-manufacturing activity and consumer confidence going into the holiday period.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Trump supports completion of Dakota Access Pipeline - Sean Seshadri

U.S. President-elect Donald Trump on Thursday said for the first time that he supports the completion of a pipeline project near a North Dakota Indian reservation, which has been the subject of months of protests by tribes and environmentalists.

A communications briefing from Trump's transition team said despite media reports that Trump owns a stake in Energy Transfer Partners (N:ETP), the company building the pipeline, Trump's support of the pipeline "has nothing to do with his personal investments and everything to do with promoting policies that benefit all Americans."

"Those making such a claim are only attempting to distract from the fact that President-elect Trump has put forth serious policy proposals he plans to set in motion on Day One," said the daily briefing note sent to campaign supporters and congressional staff.

Activists have spent months protesting plans to route the $3.8 billion Dakota Access Pipeline beneath a lake near the Standing Rock Sioux reservation, saying the project poses a threat to water resources and sacred Native American sites.

On Thursday, U.S. military veterans were arriving at a camp to join thousands of activists braving snow and freezing temperatures to protest the pipeline.

Republican Trump has been a vocal supporter of another high-profile pipeline project, Transcanada's (TO:TRP) Keystone XL, which Democratic President Barack Obama denied a permit for last year.

Republican North Dakota Senator John Hoeven said he met with Trump's transition team to discuss the delayed pipeline.

"Today, Mr. Trump expressed his support for the Dakota Access Pipeline, which has met or exceeded all environmental standards set forth by four states and the Army Corps of Engineers," Hoeven said in a statement.

"It is important to know that the new administration will work to help us grow and diversify our energy economy and build the energy infrastructure necessary to move it from where it is produced to where it is needed," he said.