Gold / Silver / Copper futures – weekly outlook: September 11 – 15
Gold prices rose to the highest level a year on Friday when the dollar remained being forced amid doubts over prospects for your third Federal Reserve rate hike this current year.
Gold futures for December delivery wound up 0.15% at $1,352.28 about the Comex division with the Ny Mercantile Exchange, after earlier touching an increased of $1,362.4.
For the week, gold prices rose 1.56%, its third consecutive weekly percentage gain.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.2% at 91.31 in late trade after earlier touching a trough of 90.99, the minimum level since January 2019.
The index ended a few days down 1.55%, the best weekly percentage decline since late June. A weaker dollar makes gold cheaper for foreign buyers.
Diminished expectations for the third rate hike this holiday season compounded by heightened tensions with North Korea and worries on the economic impact of hurricanes while in the southeastern U.S. pressured the dollar lower.
Concerns over political turmoil in Washington have also fed into recent dollar weakness.
An agreement to postpone U.S. debt ceiling talks until December, that would coincide with all the Fed’s policy meeting have diminished chances for that rate hike.
Gold is very responsive to rising rates, which lift the opportunity value of holding non-yielding assets such as bullion, while boosting the dollar.
Elsewhere in metals trading, silver futures were down 0.36% to $18.05 a troy ounce late Friday, after touching a five-month a lot of $18.16 earlier and platinum was down 0.59% to $1,010.85.
Among base metals, copper for December delivery closed down 3.32% at $3.039 one pound, the biggest one-day percentage decline since May 3.
After rising to your highest level in almost 36 months, prices were hit on Friday right after a report revealed that while Chinese copper imports rose by around 11% in August with the same month 2009, they had been unchanged from your previous month. Your data raised concerns over softening demand through the world’s largest copper consumer.
In a few days ahead, investors shall be closely watching Thursday’s U.S. inflation report for fresh clues on the possible timing from the next Fed rate hike. A monetary policy announcement through the Bank of England may also be in focus.
Ahead of the coming week, Investing.com has compiled a listing of these and also other significant events gonna change the markets.
Monday, September 11
Japan could be to release data on core machinery orders.
Canada would be to variety of housing starts.
Tuesday, September 12
Australia will be to release data on business confidence.
The UK is usually to publish its monthly inflation report.
Wednesday, September 13
Switzerland could be to release data on producer price inflation.
The UK should be to publish its monthly employment report.
The U.S. is always to publish figures on producer price inflation.
Thursday, September 14
Australia would be to release its monthly jobs report.
China will be to publish data on fixed asset investment.
The Swiss National Bank will be to announce its latest monetary policy decision and publish its policy assessment.
The Bank of England is always to announce its latest rate decision and publish the minutes of that monetary policy meeting.
Canada will be to variety of new house price inflation.
The U.S. will be to release data on consumer price inflation and initial jobless claims.
Friday, September 15
New Zealand could be to release private sector data on manufacturing activity.
The U.S. could be to gather a few days with a string of economic reports, including data on retail sales, industrial production, manufacturing activity during the Ny region and consumer sentiment.