Home / Metal News / Gold Prices Conflicted by Thin Markets And Fed Blabber - Peter Hug

Gold Prices Conflicted by Thin Markets And Fed Blabber - Peter Hug

iconAug 23, 2016 09:57
Source:SMM
Gold is conflicted by the ongoing dialogue surrounding the next increase in Fed rates, said Peter Hug, global trading director for bullion dealer, Kitco Metals.

Aug 22, 2016

Guest(s): Peter Hug Director, Global Trading, Kitco Metals

Gold is conflicted by the ongoing dialogue surrounding the next increase in Fed rates, said Peter Hug, global trading director for bullion dealer, Kitco Metals. 'We continue to remain steadfast in our view that the Fed remains on hold in September and trading gold, on the short side on the basis of December being the target date for a move, is much too premature,' Hug said in an interview Monday. 'That said, we are still in a very thin market, but expect the range to be $1,328 - $1,355 to continue ahead of Yellen’s speech on Friday,' he added. Fed Chair Janet Yellen is expected to give an upbeat report on the U.S. economy later this week. It is highly expected that if the jobs report on September 2 shows a continued strong number, that even September may be on the table. Gold prices ended the U.S. day session weaker but up from the daily low that marked a two-week low Monday. December Comex gold was last down $2.90 an ounce at $1,343.30. September Comex silver was last down $0.432 at $18.88 an ounce.


gold prices

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All