BENGALURU – Gold prices rose for a second straight day on Thursday as risk averse sentiment amid weaker oil prices drove up the demand for the metal, with a softer dollar and weakness in US Treasury yields also lending support.
Spot gold rose 0.5% to $1 252.41/oz at 0812 GMT. It rose 0.3% in the previous session, its largest intraday percentage change since June 6.
US gold futures for August delivery rose 0.6% to $1 253.30/oz.
“A softer US dollar and a risk-off bias following the recent declines to crude saw gold turn higher during Asian hours on Thursday,” MKS PAMP trader Sam Laughlin said in a note.
Oil turned lower on Thursday after posting gains earlier in the session as traders look ready to test new lows for crude prices with worries persisting over a global glut. [O/R]
“The uncontrolled oil price spill in the futures markets may have seen some traders pushing the risk aversion button and buying gold,” said Jeffrey Halley, senior market analyst at Oanda.
“The primary driver appears to be the flattening of the longer-dated US Treasury curve.”
The US Treasury yield curve flattened to almost ten-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating.
US home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high.
Gold is highly sensitive to rising rates and yields, which increase the opportunity cost of holding nonyielding assets such as bullion while boosting the dollar, in which it is priced.
“Investors are waiting for any clues on whether the timing of the next rate hike is September or December,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Spot gold may bounce more into a range of $1 257 to $1 261/oz, as it has cleared a resistance at $1 251 according to Reuters technical analyst Wang Tao.
The US dollar index, which measures the greenback against a basket of six currencies, retreated from a one-month high of 97.871 set on Tuesday.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.04% to 853.98 tonnes on Wednesday.
Among other precious metals, silver gained 1% to $16.61/oz. Platinum touched its highest in a week during the session and was up 0.6% to $929.20/oz, while palladium slipped 0.8% to $880.99/oz.
Eskom Fet College Bursaries
Closing Date: 31 July 2015
|Further Education & Training (FET)|
Individuals legible to apply must meet the following requirements:-
- Applicants must be South African citizens with a valid ID number
- National Senior Certificate or equivalent
- Written proof of acceptance for admission by higher education institution
- Applicants must be for full time studies at an accredited South African institution
- Applicants must be willing to undergo an interview and medical examination or health declaration
Students to study at the University
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Bursaries In Chemical Engineering
Bursaries are awarded to successful candidates to complete a degree in Engineering (Chemical, Mechanical, Electrical or Industrial). These students will ‘work back’ their bursaries for a period equal to the period of their studies.
Bursaries are awarded to successful candidates for the following course of study:
- BEng/BSc Chemical Engineering
- BEng/BSc Electrical Engineering
- BEng/BSc Industrial Engineering
- BEng/BSc Mechanical Engineering
If you are interested in Workplace Experience opportunities such as In-service training, Internships or Work Integrated Learning or applying for a bursary read more here
Mintek’s Undergraduate and Postgraduate Bursaries Program in South Africa
Deadline: July 31, 2015
Mintek is offering undergraduate and postgraduate bursary programme for South African students. Mintek’s Undergraduate Bursary Programme ensures a steady supply of trained and highly skilled technical people for Mintek to meet a major portion of company’s operational, research and development manpower needs, and also to provide appropriately-skilled graduates to the broader South African minerals and metallurgy sector, as per Mintek’s Mission Statement. The closing date for undergraduate applications is 31 July 2015. There is no closing date to submit applications to Mintek’s Postgraduate Bursary Programme (for Masters Studies and above).
Mintek’s Postgraduate Bursary Programme further equips undergraduates through the development of research methodology skills at the Masters level, followed by the generation of original research that contributes new knowledge to a field at the Doctorate level. Bursaries cover the full payment of registration, tuition and residence fees, plus an allowance with a commitment to work at Mintek on a month-for-month basis. Bursars are also given the opportunity to work closely with experts in their field of interest as well as in other disciplines.
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