As confusion reigns and bitcoin falls, Interactive Investor’s Gary McFarlane talks exclusively to the man behind Bitcoin Gold, Jack Liao.
Gold prices were nearly unchanged earlyon Thursday as the dollar held firm on the back of strong U.S.Treasury yields. FUNDAMENTALS * Spot gold was steady at $1,281.24 an ounce at 0053GMT. It hit an over one-week low of $1,276.73 in the previoussession. * U.S. gold futures for December delivery were flatat $1,283 per ounce. * The dollar index was nearly unchanged at 93.320. Itwas flat versus the yen * The U.S. economy expanded at a modest to moderate pace inSeptember through early October despite the impact of hurricaneson some regions, the Federal Reserve said in its latest snapshotof the U.S. economy released on Wednesday, but there were stillfew signs of an acceleration in inflation. * President Donald Trump will announce his decision on whowill be the chair of the Federal Reserve in the “coming days,”White House spokeswoman Sarah Sanders said on Wednesday. * An overhaul of U.S. tax code to make it simpler and morebroad-based should foster business investments and productivity,boosting overall domestic economic growth, New York FederalReserve President William Dudley said on Wednesday. * U.S. Senate Republicans appeared to have enough votes onWednesday to pass a budget measure that is crucial to PresidentDonald Trump’s hopes of enacting tax reform legislation beforethe end of the year. * Easy monetary policy gives euro zone governments a windowof opportunity to enact the reforms needed to boost growth onceinterest rates have to rise, European Central Bank PresidentMario Draghi said on Wednesday. * Catalonia’s leader pledged to press ahead with hisindependence bid if Spain moves to suspend the region’sautonomy, a regional government source said on Wednesday, hoursbefore a deadline over keeping the euro zone’s fourth-largesteconomy united. * British pay growth has lagged behind inflation again,official data showed on Wednesday, adding to questions about howquickly the Bank of England will raise interest rates after aninitial hike expected on Nov. 2. * Canada’s Bank of Nova Scotia is exploring optionsfor its gold business ScotiaMocatta, including a possible saleof the world’s oldest gold trader, three sources familiar withthe matter said on Wednesday. DATA/EVENT AHEAD (GMT) 0200 China GDP Q3 0200 China Industrial output Sep 0200 China Retail sales Sep 0200 China Urban investment Sep 0830 Britain Retail sales Sep 1230 U.S. Weekly jobless claims 1230 U.S. Philly Fed business index Oct 1400 U.S. Leading index Sep (Reporting by Apeksha Nair in Bengaluru; Editing by JosephRadford)
Open interest on the London Metal Exchange’s (LME) precious metals contracts has topped 3 million ounces of gold, the exchange said, as it tries to muscle into a futures business dominated by rival CME Group.