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AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2018-04-26 06:34:36
Oil prices ended Wednesday's trading session higher, but data showing rising U.S. stockpiles and production capped gains. Supplier cutbacks, steady demand growth, geopolitical tensions and a favorable structure in the futures market have attracted record investment in oil this year. A rise in U.S. government borrowing costs to their highest since 2013 this week has tempered some investor appetite for risk, but analysts said Brent crude futures, the global benchmark, may yet rise toward new 2018 peaks above $75 a barrel. U.S. West Texas Intermediate (WTI) futures finished Wednesday's session up 35 cents at $68.05 a barrel. Brent crude oil futures settled 14 cents higher at $74 a barrel. The contract hit a high going back to November 2014 at $75.47 in the previous session. Prices briefly fell to session lows after U.S. government data showed U.S. crude and gasoline stockpiles rose unexpectedly last week. Crude inventories rose 2.2 million barrels in the week to April 20, compared with expectations for a decrease of 2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose 459,000 barrels, EIA said. Weekly U.S. crude oil production also rose to nearly 10.6 million barrels a day, according to preliminary data. American output has already shot up by more than a quarter since mid-2016, taking it past Saudi Arabia's output of around 10 million bpd. Only Russia currently produces more, at almost 11 million bpd. "The market is being led down by gasoline as inventories rose due to an extraordinary high level of imports and that is weighing on crude oil prices," said Andrew Lipow, president of Lipow Oil Associates in Houston. "Tempering some of that weakness is the record exports of crude oil and distillate fuel last week," he said. Geopolitical tensions including the prospect of fresh sanctions on Iran and disruption to the country's oil flows helped push oil higher this month. However, oil prices fell from session highs on Tuesday after President Donald Trump said the United States and France could reach an agreement on an Iran strategy "fairly quickly."Money managers hold record positions in Brent crude futures and options, lured by the hefty premium of the front-month June contract over subsequent months that makes it profitable to invest in crude over the longer term. "The prospect of a downside correction in prices is lost on the speculative fraternity. In fact, financial players have rarely felt more optimistic. Bets on rising crude prices are close to a near-record high," PVM Oil Associates strategist Stephen Brennock said. "However, given the already vast holdings of long positions in oil, there are doubts over the scope for further inflows." The forward curve for Brent is now above $70 until the end of 2018, and prices are above $60 through 2020. But the rise in U.S. Treasury yields above 3 percent has driven the dollar to three-month highs, making oil more expensive for buyers using other currencies. This might eventually pressure crude prices, even though oil and the dollar have moved in tandem for a few weeks. More»
Amwal Al Ghad English - 2018-04-26 06:31:40
Gold fell on Wednesday as the dollar and U.S. Treasury yields jumped on robust U.S. data and signs of an easing in the U.S.-China trade conflict. Spot gold was down 0.66 percent at $1,321.47 per ounce, as of 2:24 p.m. ET, erasing the gains made in the previous session when it broke a three-session losing streak. U.S. gold futures for June delivery dropped 0.76 percent to $1,322.90 per ounce. U.S Treasury yields rose to 3 percent for the first time in more than four years, reflecting the durability of the U.S. economic expansion after U.S. consumer confidence rebounded in April and new home sales increased more than expected in March. But higher yields on bonds make gold a less attractive investment because it pays no interest. Meanwhile, there was a decline in political risk after the United States said it would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days. "Recently there has been some optimism that the U.S-China trade war isnt going to be as big of an issue," said Natixis precious metals analyst Bernard Dahdah. "There is a bit more confidence in the U.S. and that negatively affects gold, naturally, in terms of geopolitics." The dollar index, which measures the greenback against a basket of currencies, rose 0.41 percent to 91.13. World stocks were down for the fifth straight session on Wednesday. In other geopolitical news, North Korean leader Kim Jong Un is due to hold a summit with South Korean President Moon Jae-In on Friday, and is expected to meet with Trump in late May or early June. "As traders put geopolitical and trade risk in the rear-view mirror for the time being, how the dollar flourishes and wilts will be the primary driver of near-term gold sentiment," said Stephen Innes, APAC trading head, OANDA. Gold is often seen as an alternative investment during times of political and financial uncertainty. "I think that the downward trend (in gold prices) will continue for the next few days..." ahead of a meeting between leaders of North Korea and the South, said Ji Ming, chief analyst, Shandong Gold Group. In other precious metals, spot silver dropped 0.92 percent to $16.546 an ounce, and platinum eased 1.68 percent to $910.50 an ounce. Palladium fell for a third straight session, down just 0.15 percent at $973 an ounce. More»
Amwal Al Ghad English - 2018-04-25 07:08:08
Oil prices were stable on Wednesday, but were below more than three-year highs reached the previous session as rising U.S. fuel inventories and production dragged on an otherwise bullish market. Brent crude oil futures were at 74.02 per barrel at 0020 GMT, up 16 cents, or 0.2 percent, from their last close, but were some way below the November-2014 high of $75.47 a barrel reached the previous day. U.S. West Texas Intermediate (WTI) crude futures were up 14 cents, or 0.2 percent, at $67.84 per barrel. That was also off the late-2014 highs of $69.56 a barrel reached earlier in April. Overall, many analysts say an oil market slump that started in 2014 has now ended and is turning into a sustained price rally due to supply disruptions and also strong demand, especially in Asia. That's due to production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market, but also because of political risk to supplies in the Middle East, Venezuela and Africa. "Market sentiment is turning increasingly bullish towards the commodity," said Lukman Otunuga, research analyst at futures brokerage FXTM. Despite this, Otunga said "the sustainability of the rally is a concern" as it was fuelled largely by political risk in the Middle East. "With rising production from U.S shale still a key market theme that continues to weigh on oil prices, it will be interesting to see how much oil appreciates before bears enter the scene," he said. U.S. crude oil production has shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia's output of around 10 million bpd. Only Russia currently produces more, at almost 11 million bpd. U.S. crude inventories rose by 1.1 million barrels in the week to April 20 to 429.1 million, according to a report by the American Petroleum Institute on Tuesday. Official weekly U.S. fuel inventory and crude production data will be published later on Wednesday by the Energy Information Administration (EIA). More»
Amwal Al Ghad English - 2018-04-25 07:06:13
Gold prices edged higher on Wednesday as most global stock markets fell and as the U.S. dollar eased below an over three-month high hit in the previous session. Spot gold was up 0.1 percent at $1,330.96 per ounce at 0058 GMT. Prices on Tuesday rose 0.5 percent to break a three-session losing streak. U.S. gold futures were steady at $1,332.60 per ounce. Asian shares were under pressure on Wednesday, with a rise in U.S. bond yields above the 3-percent threshold and warnings from bellwether U.S. companies of higher costs driving fears that corporate earnings growth may peak soon. The dollar index, which measures the greenback against a basket of currencies, was little changed at 90.800, lower than 91.076 hit in the previous session, its strongest level since Jan. 12. U.S. President Donald Trump and French President Emmanuel Macron pledged on Tuesday to seek stronger measures to contain Iran but Trump refrained from committing to staying in a 2015 nuclear deal and threatened Tehran with retaliation if it restarted its nuclear program. Trump on Tuesday said the United States would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days. The uncertainty being generated by U.S. trade tariffs is already hurting investment in the global economy and could do serious damage to world growth, European Central Bank policymaker Francois Villeroy de Galhau said on Tuesday. Trump said on Tuesday that North Korean leader Kim Jong Un had been "very honorable" and discussions on a planned summit were going well, but tempered expectations for any quick denuclearization deal by saying "it may be we're all wasting a lot of time." U.S. consumer confidence rebounded in April and new home sales increased more than expected in March, pointing to underlying strength in the economy despite signs that growth slowed in the first quarter. The price of silver will depend heavily on trends in investment demand in 2018, but could get a boost from international political and economic risk purchases, CPM Group said on Tuesday. Canada's Centerra Gold said on Tuesday it had received an unsolicited bid for its Kumtor gold mine in Kyrgyzstan from Chaarat Gold Holdings (CGH) but that it had informed the London-listed company that it was not interested in the offer. South Africa's mines minister will appeal a court ruling that held that mining companies did not have to maintain at least 26 percent black ownership in perpetuity, the Department of Mineral Resources (DMR) said on Tuesday. More»
Amwal Al Ghad English - 2018-04-25 07:02:19
The dollar was steady on Wednesday, just below a four-month high reached after the U.S. 10-year bond yield hit 3 percent for the first time since early 2014, as a slide in Wall Street stocks slowed the pace of the greenback rally. The dollar index against a basket of six major currencies was little changed at 90.824 following a rise overnight to a four-month top of 91.016. The greenback had risen without pause through much of the past week as U.S.-China trade conflict woes receded and allowed the market to turn its attention back to dollar-supportive fundamentals, notably the surge by U.S. yields. But the 10-year Treasury yield reached the 3 percent threshold for the first time in more than four years overnight and triggered a slide on Wall Street, which in turn weighed on the dollar. The U.S. currency was a shade higher at 108.935 yen. It pulled back from a 2-1/2-month high of 109.200 set the previous day when the S&P 500 and the Dow posted their biggest declines since April 6. While the weakening by equities was supportive for the yen, often sought when stocks fall due to its perceived safe-haven status, analysts said the dollar was still likely headed for further gains in the longer term. "At first glance, the situation is similar to February, when U.S. yields rose sharply and equities tumbled. But the difference this time is that the response by equities is more measured, and yen demand stemming from 'risk off' is not nearly as strong," said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo. "The market's attention is firmly back on interest rate differentials and this is likely to keep supporting the dollar going forward." The spreads between U.S. yields and those of its European and Japanese counterparts have widened significantly amid diverging monetary policy expectations. This week the gap between U.S. and German 10-year government bond yields has hit its widest in 29 years and the U.S.-Japanese 10-year yield spread reached its broadest in nearly 11 years. The 10-year Treasury yield rose to 3 percent on Tuesday, reflecting the durability of the U.S. economic expansion. Accelerating inflation and concerns about increasing debt supply have also driven yields higher. Wall Street dropped sharply on Tuesday as warnings by bellwether companies of higher costs stemming from the surge in yields reverberated. The pound was 0.05 percent higher at $1.3989, crawling away from a one-month low of $1.3919 plumbed on Tuesday. The Australian dollar traded at $0.7596 following a descent to a four-month trough of $0.7576 the previous day. The New Zealand dollar extended losses and dipped to $0.7105, its weakest since January 4. More»
Amwal Al Ghad English - 2018-04-24 06:32:47
Gold prices steadied in Asian trade on Tuesday, a day after falling to the lowest level in more than two weeks, as a climb in the dollar and 10-year U.S. Treasury yields dampened the appeal of bullion, which pays no interest. After falling for three sessions, spot gold edged up 0.1 percent to $1,325.16 per ounce at 0041 GMT, not far from a low of $1,321.81 an ounce touched on Monday, its weakest level since April 6. U.S. gold futures gained 0.2 percent to $1,327.10 per ounce. The dollar index, which measures the greenback against a basket of currencies, was steady near the more than three-month high of 90.985 hit in the previous session. U.S. bond prices fell on Monday, with the 10-year yield hitting its highest in over four years. Palladium plunged 5 percent on Monday after the United States gave American customers of Russia's biggest aluminum producer Rusal more time to comply with sanctions. Rusal owns a 28 percent stake in Norilsk Nickel, the world's biggest palladium producer. South Korea on Monday halted the propaganda broadcasts it blares across the border with North Korea, aiming to set a positive tone ahead of the first summit in a decade between their leaders as the U.S. president cautioned the nuclear crisis was far from resolved. Russia raised gold holdings by 10.3 tonnes to 1,890.9 tonnes in March, International Monetary Fund data showed on Monday. Barrick Gold Corp said on Monday it was done selling assets to cut debt and would instead use funds from future sales for growth or to pay dividends, as it looks set to lose its rank as the world's biggest gold producer due to declining production. Australia's biggest gold miner Newcrest Mining said on Monday it has been approved to use the first 200 meters of its Cadia Hill mine's open pit as a tailings storage facility after its flagship mine restarted processing earlier this month. More»
Amwal Al Ghad English - 2018-04-24 06:27:17
Brent crude oil rose for sixth day on Tuesday, passing $75 a barrel, on expectations that supplies will tighten because fuel is rising at the same time the United States may impose sanctions against Iran and OPEC-led output cuts remain in place. Brent crude oil futures climbed to as high as $75.20 a barrel in early trading on Tuesday, the highest since Nov. 27, 2014. Brent was still at $75 a barrel at 0311 GMT up 29 cents, or 0.4 percent, from its last close. Brent's six-day rising streak is the most since a similar string of gains in December and it is up by more than 20 percent from its 2018 low in February. U.S. West Texas Intermediate (WTI) crude futures were at $68.98 a barrel, up 34 cents, or 0.5 percent from their last settlement. On Thursday, WTI rose to as high as $69.56, the most since Nov. 28, 2014. Markets have been lifted by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market. The potential of renewed U.S. sanctions against Iran is also pushing prices higher. Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA said new sanctions against Tehran "could push oil prices up as much as $5 per barrel." The United States has until May 12 to decide whether it will leave the Iran nuclear deal and re-impose sanctions against OPEC's third-largest producer, which would further tighten global supplies. "Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world's oil supply," ANZ bank said. OPEC's efforts to tighten markets are being led by top exporter Saudi Arabia, where state-controlled oil firm Saudi Aramco is pushing for higher prices ahead of a partial listing planned for later this year or 2019. "Oil strength is coming from Saudi Arabia's recent commitment to get oil back up to between $70 to $80 per barrel as well as inventory levels that are back in the normal range," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. OPEC's supply curtailments and the threat of new sanctions are occurring just as demand in Asia, the world's biggest oil consuming region, has risen to a record as new and expanded refineries start up from China to Vietnam. One of the few factors that has limited oil prices from surging even more is U.S. production, which has shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia's output of around 10 million bpd. As a result of its rising output, U.S. crude is increasingly appearing on global markets, from Europe to Asia, undermining OPEC's efforts to tighten the market. More»
Amwal Al Ghad English - 2018-04-23 07:00:28
Oil prices were steady on Monday as a rising U.S. rig count pointed to further increases in American output, marking one of the few factors tamping back crude in an otherwise bullish environment. Brent crude oil futures were at $74.07 per barrel at 0354 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 3 cents at $68.37 a barrel. U.S. drillers added five oil rigs drilling for new production in the weekended April 20, bringing the total count to 820, highest since March 2015, according to General Electric's Baker Hughes energy services firm. The rising rig numbers point to further increases in U.S. crude production, which is already up a quarter since mid-2016 to a record 10.54 million barrels per day (bpd). Only Russia produces more at almost 11 million bpd. Despite the dips in crude oil on Monday, the overall market remains well supported, especially by strong demand in Asia, and Brent prices are up by 20 percent from their 2018 lows in February. Prices are also being supported by the supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that were introduced in 2017 to prop up the market. "Added price pressure comes from U.S. sanctions against the key oil exporting nations of Venezuela, Russia and Iran," said J.P. Morgan Asset Management Global Market Strategist Kerry Craig. He was referring to action the U.S. government has taken on Russian companies and individuals, as well as on potential new measures against struggling Venezuela and especially OPEC-member Iran. "Stay long oil," U.S. bank J.P. Morgan said in a separate note to clients. The United States has until May 12 to decide whether it will leave the Iran nuclear deal and instead impose new sanctions against Tehran, including potentially on its oil exports, which would further tighten global supplies. The U.S. trade action against Russia and, potentially, against Iran has resulted in a slump in Russia's ruble and Iran's rial. This means costs for any imported goods become more expensive for its citizens or companies, but it has also pushed up the value of Russia's and Iran's oil sales as all of their production costs are in the local currencies, while foreign sales are virtually all made in the U.S. dollar. The generally elevated oil prices have also sparked a spat between U.S. President Donald Trump and producer cartel OPEC. Trump on Friday accused OPEC of "artificially" boosting oil prices, threatening on Twitter that this "will not be accepted", drawing rebukes from several of the world's top oil exporters within OPEC. More»
Amwal Al Ghad English - 2018-04-23 06:57:06
The dollar traded near a two-week high against a basket of major currencies on Monday, bolstered by rising U.S. bond yields, while easing concerns over global political risks weighed on the safe haven yen. The dollar's index against a basket of six major peers edged up 0.1 percent to 90.401, staying within sight of a two-week high of 90.477 set on Friday. Rising U.S. bond yields helped underpin the greenback, with the U.S. 10-year Treasury yield touching a peak of 2.979 percent in Asian trade, the highest since January 2014. Concerns that recent rises in global oil prices could add to inflationary pressures, as well as increases in U.S. debt issuance, are likely contributing to the rise in Treasury yields, said Teppei Ino, a Singapore-based analyst for MUFG Bank. "So this rise in yields is probably not something that should be welcomed," Ino said. "The market reaction for now is for the dollar to strengthen, but at the same time the dollar index hasn't risen above its recent trading ranges," Ino added. The dollar index has traded in a range of about 88.25 to 91.00 since around the middle of January. The rise in U.S. bond yields pressured emerging Asian currencies, with the Indonesian rupiah hitting a two-year low of 13,895 per dollar. Against the yen, the dollar hit a two-month high of 107.89 yen, and last changed hands at 107.80 yen, up 0.2 percent on the day. Easing concerns over global political risks weighed on the Japanese currency, market participants said. More»
Amwal Al Ghad English - 2018-04-23 06:31:16
Gold prices slipped to their lowest level in nearly two weeks on Monday as the dollar rose on the back of climbing U.S. Treasury yields and as global political concerns eased. Spot gold was down 0.1 percent at $1,333.71 per ounce at 0346 GMT, after earlier touching its lowest since April 10 at $1,331.70. U.S. gold futures fell 0.2 percent to $1,335.50 per ounce. "Gold prices dropped back to the levels of around a week ago, with easing geopolitical tensions, the stronger USD and gains in U.S. rates affecting the market," ANZ analysts said in a note. The dollar traded near a two-week high against a basket of major currencies on Monday, bolstered by rising U.S. bond yields and as concerns eased over global political risks after North Korea said it would suspend nuclear and missile tests, scrap its nuclear test site and pursue economic growth and peace. "We're on another high for the year for dollar yields and it's not boding well for gold," a Hong Kong-based trader said. Yields on benchmark 10-year Treasuries climbed to the highest level since Jan, 2014 on Friday. Higher U.S. bond yields tend to boost the dollar and weigh on greenback-denominated gold. Expectations that the Federal Reserve would raise interest rates three more times in 2018 after strong U.S. data last week, was also supporting the dollar. Gold has held its 50-day moving average around $1,332 an ounce, the trader said. "But I think Europe will look for the bigger picture which is dollar strength and I think they'll look to sell into this rally." Speculators raised their net long positions in COMEX gold by 5,382 contracts to 143,594 contracts in the week to April 17, U.S. Commodity Futures Trading Commission data showed on Friday. Spot gold may test support at $1,326 per ounce, following its failure to break resistance at $1,354, Reuters technical analyst Wang Tao said. Among other precious metals, spot silver fell 0.4 percent to $17.04 per ounce. Platinum was about 0.2 percent higher at $924 an ounce, while palladium rose nearly 0.3 percent to $1032.70 an ounce. More»