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MTS News
MTS Gold Evening News 20170922
Spot gold was up 0.4 percent at $1,296.41 an ounce, as of 0643 GMT, having hit a four-week low of $1,287.61 in the previous session.
U.S. gold futures for December delivery climbed 0.4 percent to $1,299.80 an ounce.
• “Recent fiery rhetoric between the North Koreans and President Trump has led to a mild rebound in the gold price, but not enough to breach the important $1,300/oz mark,” said John Sharma, economist at National Australia Bank.
“It appears there is some concern among market participants about these comments, but they are discounted somewhat given past examples of bluster between these protagonists,” Sharma said.
• “The dollar-yen’s pullback has supported gold on this move higher,” a Hong Kong-based trader said.
However, the U.S. Federal Reserve’s indication on Wednesday of one more rate increase by the end of the year could continue to weigh on gold, the trader said.
• Spot gold may end its current weak bounce around a resistance at $1,299 per ounce and then fall towards a support at $1,281, said Reuters technicals analyst Wang Tao.
• Silver climbed 0.5 percent to $17.02 an ounce.
