Fed says stimulus wind down to begin ‘relatively soon,’ leaves rates unchanged

The Federal Reserve laid the groundwork Wednesday to begin winding down shortly the massive stimulus program it embarked on to rescue the economy from the financial crisis. As expected, the Fed also unanimously declined to raise interest rates this month. After its two-day policy meeting, the Federal Open Market Committee released a statement containing key language that points to starting the move in September. At that time, the central bank will begin rolling off the $4.5 trillion portfolio...
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Oil Surges Above $49 as Supply Draw Shows Market in Better Shape

Oil closed above $49 a barrel for the first time since May on growing optimism OPEC’s supply cuts are trimming a supply glut. Futures climbed 0.6 percent in New York for a fourth day of gains. Kuwait joined the U.A.E. in promising to pump less oil after Saudi Arabia called on OPEC producers to cut more supply. U.S. crude inventories declined by 7.21 million barrels last week to the lowest level since early January, according to the Energy Information Administration. The market is digesting...
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Oil Climbs as U.S. Supplies Shrink to Lowest Since Start of Year

Oil surged to an eight-week high after the government said U.S. stockpiles shrank to levels last seen at the start of the year. Futures rose 1.8 percent in New York. Crude inventories declined by 7.21 million barrels last week to the lowest since Jan. 6, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles fell for a sixth week to the lowest level since December, the data showed. “The primary driver behind the rally is that you’ve got more inventory d...
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Gold Rebounds As U.S. Dollar Sells Off

(Kitco News) - Gold prices are moderately higher in early U.S. trading Tuesday, supported by a sharp daily drop in the U.S. dollar index. Short covering in the futures market and perceived bargain buying in the cash market are also featured after prices Monday hit a five-week low. August Comex gold was last up $4.60 an ounce at $1,251.00. September Comex silver was last down $0.079 at $16.71 an ounce. Focus of the marketplace today is on speeches by major central bankers. European Central Ban...
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Gold Plunges After 1.8 Million Ounces Were Traded in One Minute

Gold traders shaken awake by Monday’s rapid price plunge said the move probably won’t mean an end to the sleepy pace that’s characterized the market in recent months. Bullion sank at 9 a.m. in London on Monday after a huge spike in volume in New York futures that traders said may have been the result of a “fat finger,” or erroneous order. Trading jumped to 1.8 million ounces of gold in just a minute, an amount that’s bigger than the gold reserves of Finland. The episode is unlikely to upen...
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Gold Slightly Down Ahead Of Big U.S. Data Week

(Kitco News) - Gold prices are slightly weaker in early U.S. trading Monday. A lack of new, bullish fundamental developments on the geopolitical front have somewhat limited buying interest in the safe-haven metal, and have allowed some profit taking from the shorter-term futures traders to occur. August Comex gold was last down $1.20 an ounce at $1,270.20. July Comex silver was last down $0.143 at $17.075 an ounce. Focus is on this week’s FOMC meeting that begins on Tuesday morning and ends W...
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Trump trouble and euro surge extend gold’s gains

Gold extended its biggest weekly gain in five weeks as the dollar fell against the euro, while U.S. political turmoil fueled demand for bullion as a safe haven and reduced expectations of rapid U.S. interest rate rises. Spot gold rose 0.51 percent at $1,261.48, while U.S. gold futures for June delivery were up $7.80 to settle at $1,261.40 an ounce. The metal advanced by 2.2 percent last week as the furor over President Donald Trump's alleged links to Russia and his firing of former FBI ch...
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Gold Hunkers Down In “Wait And See Mode”

Focus Gold Hunkers Down In "Wait And See Mode" The Technical Trader Monday May 01, 2017 08:36 Kitco News Share this article: (Kitco News) -May 1 – Gold prices slid slightly lower in pre-market trading Monday. The precious metals market has shifted into a neutral "wait and see" mode ahead of a number of key macro events. The very short-term trend bias is neutral in a corrective phase as financial markets await a number of big potential triggers on t...
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The Gold Party’s Back on After Yellen Reassures the Market

For the gold market, the Federal Reserve has gone from killjoy to life of the party. The top three most-actively traded gold options are bets on further price gains. The price on the option giving holders the right to buy bullion futures for April delivery at $1,250 an ounce tripled by 10 a.m. on the Comex in New York, with volume more then doubling from the previous day. Futures headed for the steepest climb in eight months on Thursday. The gold rally had faltered in March after t...
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Commodities Are Stable Early on March 14

By Val Kensington Crude oil After falling for five consecutive trading days, crude oil prices are stable in the early hours on Tuesday. The market is looking forward to OPEC’s monthly report scheduled to release today. Even though crude oil output cuts improved the market sentiment, concerns about an increase in US shale oil production and an unexpected rise in crude oil inventory levels weighed on oil prices. According to the U.S. Energy Information Administration, crude oil inventor...
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