Gold futures little changed for the week, but copper climbs<\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n Gold futures settled higher on Friday, a day after posting their sharpest daily loss in a week, as investors continued to digest the Federal Reserve\u2019s monetary policy plans, as well as China\u2019s crackdown on cryptocurrencies and developments tied to property giant Evergrande.<\/p>\n\n\n\n Prices for the precious metal only finished a few cents higher than last Friday\u2019s settlement.<\/p>\n\n\n\n China on Friday reiterated its crackdown on cryptocurrencies, with the People\u2019s Bank of China stating that virtual currency doesn\u2019t have the same legal status as legal currency.<\/p>\n\n\n\n The gold price will break past $1,840 resistance \u201cif and when there is confirmation that China will eradicate cryptocurrencies,\u201d Chintan Karnani, director of research at Insignia Consultants, told MarketWatch. There has to be more \u201cclarity\u201d on a potential crypto ban from China.<\/p>\n\n\n\n \u201cHistory suggests that cryptocurrencies have risen sharply after any major price crash (irrespective of news), so it is wait and see for cryptocurrencies,\u201d said Karnani.<\/p>\n\n\n\n Gold also found support after China property giant Evergrande\u2019s woes extended beyond China, with U.S. Evergrande investors reportedly not yet having received interest payments, said Edward Moya, senior market analyst at Oanda.<\/p>\n\n\n\n \u201cIt looks like China won\u2019t save Evergrande but will try to contain any systemic risks, which should lead to some safe-haven flows for bullion,\u201d he said in a market update.<\/p>\n\n\n\n December gold rose $1.90, or 0.1%, to settle at $1,751.70 an ounce on the session. The 1.6% drop on Thursday represented the sharpest one-day dollar and percentage decline for bullion since Sept. 16. For the week, gold futures ended 30 cents higher than last Friday\u2019s $1,751.40 settlement, FactSet data show.<\/p>\n\n\n\n The bias for gold is still to downside, as the Federal Reserve\u2019s statement on monetary policy and Fed Chair Jerome Powell\u2019s comments from Wednesday are \u201cdigested by market,\u201d Jeff Wright, chief investment officer at Wolfpack Capital, told MarketWatch. The Fed taper of bond purchases \u201cwill commence by year-end and [interest] rates will begin to tighten most likely in 2022.\u201d<\/p>\n\n\n\n The Fed on Wednesday signaled its intent to \u201csoon\u201d taper its bond purchases and raise interest rates by late next year, which could dim appetite for bullion if investors shift to assets that offer yields. The central bank\u2019s projections of interest-rate increases also pointed to rate increases as early as 2022, which could also dent demand for precious metals.<\/p>\n\n\n\n Wright also saw \u201crisk-off\u201d sentiment in the U.S. equity markets Friday, due to Evergrande\u2019s interest payment miss and the possible impact on the Chinese and U.S. economies, as supportive for gold.<\/p>\n\n\n\n \u201cThe indirect exposure is a risk currently being factored in,\u201d Wright said. So, \u201cthere is a small appetite for safe-haven gold\u2026.but I believe it is short-lived.\u201d<\/p>\n\n\n\n Looking ahead, analysts said that absent a near-term catalyst, gold may be more influenced by U.S. dollar moves and risk appetite.<\/p>\n\n\n\n \u201cMoving forward, investors should understand that, unless anything noteworthy happens to the dollar index, gold prices will likely be influenced more by investors\u2019 risk appetite,\u201d wrote Naeem Aslam, chief market analyst at AvaTrade, in a daily note.<\/p>\n\n\n\n The dollar was up 0.1% on the week and down 0.2% on Friday, as measured by the ICE U.S. Dollar Index, a measure of the buck against a half-dozen currencies.<\/p>\n\n\n\n Meanwhile, silver for December delivery lost 25 cents, or 1.1%, to $22.425 an ounce, following a 1% decline on Thursday. For the week, silver was up 0.4%.<\/p>\n\n\n\n Strength in U.S. Treasury yields kept gains for gold in check, with the 10-year Treasury note touching a high of 1.46% in Friday dealings. Rising rates can undercut demand for precious metals which don\u2019t offer a coupon.<\/p>\n\n\n\n Among other metals traded on Comex, December copper edged up by 1.3% to $4.286 a pound, ending 0.9% higher for the week.<\/p>\n\n\n\n October platinum fell 1.7% to $979.90 an ounce, but notching a weekly rise of over 5%. December palladium declined by nearly 1.1% to $1,951.10 an ounce, contributing to a roughly 1.6% loss for the week.<\/p>\n\n\n\n Read more and the original source here<\/a>:<\/p>\n","protected":false},"excerpt":{"rendered":" 25 Sep 2021 By Myra P. Saefong and Mark DeCambre, Market Watch: Gold futures little changed for the week, but copper climbs Gold futures settled higher on Friday, a day after posting their sharpest daily loss in a week, as investors continued to digest the Federal Reserve\u2019s monetary policy plans, as well as China\u2019s crackdown… Read More »Gold prices settle higher, as Evergrande woes boost the metal\u2019s haven appeal<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":1120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-3933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/posts\/3933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/comments?post=3933"}],"version-history":[{"count":1,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/posts\/3933\/revisions"}],"predecessor-version":[{"id":3934,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/posts\/3933\/revisions\/3934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/media\/1120"}],"wp:attachment":[{"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/media?parent=3933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/categories?post=3933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sellgoldmalaysia.com\/bm\/wp-json\/wp\/v2\/tags?post=3933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}