Gold futures re-approach 3-month low on hopes for U.S. deal
Gold futures traded near a three-month low on Tuesday, as hopes for a breakthrough in the Washington impasse weighed on assets viewed as safe havens.
The December contract ended 0.66% higher on Monday to settle at USD1,276.60 a troy ounce.
Gold futures were likely to find near-term support at USD1,262.60 a troy ounce, the low from October 11 and resistance at USD1,311.80, the high from October 10.
The precious metal’s safe-haven appeal was dampened as investors were encouraged by signs of progress by U.S. lawmakers to end the standoff in Washington ahead of Thursday’s deadline.
Senate Majority Leader Harry Reid said Monday that “tremendous progress” had been made towards a deal, fuelling hopes that a compromise can be reached.
If an agreement to raise the federal borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
However, any potential deal will still have to be approved by the House of Representatives, where Speaker John Boehner would have to decide whether to allow a vote or demand federal spending cuts.
The December contract ended 0.66% higher on Monday to settle at USD1,276.60 a troy ounce.
Gold futures were likely to find near-term support at USD1,262.60 a troy ounce, the low from October 11 and resistance at USD1,311.80, the high from October 10.
The precious metal’s safe-haven appeal was dampened as investors were encouraged by signs of progress by U.S. lawmakers to end the standoff in Washington ahead of Thursday’s deadline.
Senate Majority Leader Harry Reid said Monday that “tremendous progress” had been made towards a deal, fuelling hopes that a compromise can be reached.
If an agreement to raise the federal borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
However, any potential deal will still have to be approved by the House of Representatives, where Speaker John Boehner would have to decide whether to allow a vote or demand federal spending cuts.
Silver futures tumble 2% on U.S. debt deal progress
Silver futures tumbled to a three-week low on Tuesday, as investors were encouraged by signs of progress by U.S. lawmakers to end the standoff in Washington ahead of Thursday’s deadline.
On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD20.93 a troy ounce during European morning trade, down 1.95%.
Silver prices fell by as much as 2.05% earlier in the session to hit a daily low of USD20.91 a troy ounce, the weakest level since October 1.
The December contract ended 0.45% higher on Monday to settle at USD21.35 a troy ounce.
Silver prices were likely to find support at USD20.64 a troy ounce, the low from October 1 and resistance at USD21.68, the previous session’s high.
On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD20.93 a troy ounce during European morning trade, down 1.95%.
Silver prices fell by as much as 2.05% earlier in the session to hit a daily low of USD20.91 a troy ounce, the weakest level since October 1.
The December contract ended 0.45% higher on Monday to settle at USD21.35 a troy ounce.
Silver prices were likely to find support at USD20.64 a troy ounce, the low from October 1 and resistance at USD21.68, the previous session’s high.
Crude oil fluctuates with U.S. debt negotiations, Iran talks in focus
Crude oil futures swung between gains and losses on Tuesday, as investors assessed the potential for an agreement to raise the U.S. debt ceiling and ahead of talks over Iran's nuclear program.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD102.26 a barrel during European morning trade, down 0.15%.
New York-traded oil futures held in a range between USD102.08 a barrel, the daily low and a session high USD102.46 a barrel.
The November contract ended 0.38% higher at USD102.41 a barrel on Monday.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD102.26 a barrel during European morning trade, down 0.15%.
New York-traded oil futures held in a range between USD102.08 a barrel, the daily low and a session high USD102.46 a barrel.
The November contract ended 0.38% higher at USD102.41 a barrel on Monday.
Time
|
Cur.
|
Event
|
Forecast
|
Previous
|
Tuesday, October 15
| ||||
18:00
|
USD
|
NY Empire State Manufacturing Index
|
7
|
6.29
|
18:25
|
USD
|
Redbook (YoY)
|
3.30%
| |
18:25
|
USD
|
Redbook (MoM)
|
-0.50%
| |
19:30
|
USD
|
FOMC Member Dudley Speaks
| ||
21:00
|
USD
|
3-Month Bill Auction
|
0.04%
| |
21:00
|
USD
|
6-Month Bill Auction
|
0.06%
| |
No comments:
Post a Comment