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Gold back above $1,600/oz as Apple’s virus warning lifts safety demand

18 Tuesday Feb 2020

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Gold surged over 1% on Tuesday to fetch more than $1,600 an ounce as Apple Inc’s surprise warning about the impact of the coronavirus outbreak fueled concerns about global economic weakness, driving investors to lower-risk assets.

Palladium notched an all-time high, driven by short supplies of the auto-catalyst metal.

Spot gold was up 1.3% at $1,601.04 per ounce, its highest since Jan. 8. U.S. gold futures climbed 1.2% to $1,604.70 an ounce.

“The equity markets are under pressure and gold is still being viewed as a quintessential safe-haven asset as we do get some negative news in this case in regards to coronavirus and its effects on the global economy,” said David Meger, director of metals trading at High Ridge Futures.

read more via: https://www.cnbc.com/2020/02/18/gold-markets-equities-coronavirus-in-focus.html

Gold holds steady above two-week low after Fed minutes

23 Thursday May 2019

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Gold prices are lower than expected.

Gold was little changed on Wednesday in the wake of minutes from the latest U.S. Federal Reserve meeting, but the precious metal was trading above the two-week low hit in the last session as stock markets slid on fresh trade tensions.

Spot gold was steady at $1,273.68 per ounce, having fallen to its lowest level since May 3 on Tuesday at $1,268.97.

U.S. gold futures settled 0.1% higher at $1,274.20.

The minutes from U.S. Fed’s last meeting showed policymakers agreed that their current patient approach to setting monetary policy could remain in place “for some time.”

“Not many surprises here and not many were expected. I would note though that this Fed meeting happened before China backtracked on the trade talks. At the next meeting, almost certainly there will be more caution,” said Tai Wong, head of base and precious metals derivatives trading at BMO.

PRECIOUS-Gold scales 2-week peak; palladium matches record high

15 Friday Feb 2019

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By Arpan Varghese

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Feb 15 – Gold jumped to a two-week high on Friday after weak U.S. economic data boosted expectations the U.S. Federal Reserve would hold pat on monetary tightening, while palladium matched an all-time high on a prolonged deficit.

Spot gold was up 0.4 percent at $1,317.36 an ounce at 12:47 p.m. EST (1747 GMT), having touched its highest since Feb. 1 at $1,319.81.

U.S. gold futures rose 0.5 percent to $1,320.60.

While gold is on track for a small weekly gain, it was rangebound for most of the week, with gains on Friday stemmed by a firmer dollar and a rebound in stocks.

Read more via: https://af.reuters.com/article/metalsNews/idAFL3N20A4DY

Precious Metals Decline On Steady Risk Appetite

04 Monday Feb 2019

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Risk appetite in equity and forex markets and positive US dollar in the broad market caused precious metals to decline in broad market.

Precious metals today saw sharp downside move as market scenario returned to normal following an eventful month. Given the fact that there is no major market altering events in the week ahead and the fact that market is set to see a week full of first tier macro data updates, investor sentiment is positive with plenty of risk appetite across all major global markets. Further US Dollar gained strength in the broad market following upbeat US NFP data and ISM Manufacturing PMI released last Friday. The dollar has retained its strength across Asian and early European market hours which also added to precious metal market bears.

Brent Crude Climbs Above $60 Per Barrel

Positive US dollar in broad market is always bearish for greenback denominated precious metals. A higher value of USD discourages participants from emerging markets owing to higher exchange rate which further reduces activity in the precious metals market. Risk appetite is currently very high in broad market as headlines last week hinted that China & U.S. managed to come to an agreement on many key issues which improved chances of a trade deal between two nations. As of writing this article, spot gold XAUUSD is trading at $1310.92 per ounce down by 0.51% on the day while US gold futures GCcv1 was trading at $1314.90 per ounce down by 0.54% on the day. Meanwhile, spot silver XAGUSD is trading at $15.75 per ounce down by 0.92% on the day.

Read more via: https://www.fxempire.com/news/article/precious-metals-decline-on-steady-risk-appetite-550655

Gold prices dip on strong dollar, equities rebound | Reuters

26 Friday Oct 2018

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(Reuters) – Gold prices fell on Thursday on a strong dollar and a rebound of stocks following a multi-day sell-off globally, taking steam out of bullion’s momentum.

Prices had risen to $1,239.22 earlier, near a more than three-month high of $1,239.68 hit on Tuesday as the stock market sell-off spurred interest in gold, considered a safer investment.

U.S. gold futures GCcv1 settled up $1.3, or 0.11 percent, at $1,232.40

“With equities being higher today, gold is unable to sustain a rally,” said Bob Haberkorn, senior market strategist at RJO Futures, adding that investors looking for safety are opting for Treasuries instead. [US/]

“Normally you would see gold trading significantly higher with this volatility, concerns in equity markets and global economic slowdown. But the fact that the U.S. Federal Reserve is hawkish, gold is having a hard time sustaining any rallies.”

U.S. stocks followed Europe higher on Thursday, a day after Wall Street suffered its worst day since 2011. [MKTS/GLOB]

The government said earlier that the number of Americans receiving unemployment benefits fell to more than a 45-year low, a sign to tight labour market conditions. That will likely keep the U.S. central bank on course to raise interest rates again in December. [nUSNPLEEMN]

Prospects of higher U.S. interest rates are negative for dollar-priced gold as they raise the opportunity cost of holding the bullion.

“The options expiry on Thursday is also dampening volatility in gold as between $1,225 and $1,230. There were about 1.5 million ounces of options that were open, allowing people to play around the range,” said Tai Wong, head of precious and base metals trading at BMO.

via Gold prices dip on strong dollar, equities rebound | Reuters

Short Sellers Beware: Gold “Must Go Higher” – Edelson Institute | Kitco News

09 Tuesday Oct 2018

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The cost of acquisitions has now fallen below the cost of exploration for major miners, and gold prices could benefit from a dwindling resource supply, this according to a recent report from the Edelson Institute.

Sean Brodrick of the Edelson Institute said that if gold prices don’t advance higher from here, many miners are likely to go out of business.

“If companies go out of business, and the only ‘new’ gold ounces come through acquisitions, that means gold supply will go down. And as surely as dawn follows night, prices will go up,” Brodrick said.

His comments come as Barrick Gold recently announced a merger with Randgold, forming the world’s undisputed largest gold miner.

According to the report, the cost of finding gold through exploration has climbed eight-fold since 2007, and gold miners are using up the resources in the ground.

Read more via Short Sellers Beware: Gold “Must Go Higher” – Edelson Institute | Kitco News

PRECIOUS-Gold steady as robust U.S. economy outlook stems safe-haven buying | Reuters

05 Friday Oct 2018

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* SPDR Gold holdings down 4.5 million ounces since April

* U.S. 10-year Treasury yields highest since 2011

* Dollar near 11-month highs against Japanese yen (Recasts with prices paring gains, adds comments)

By Swati Verma

BENGALURU, Oct 4 (Reuters) – Gold steadied on Thursday as positive U.S. economic data and prospects of tighter monetary policy offset limited gains from safe haven buying.

Spot gold was up 0.1 percent at $1,197.87 an ounce by 2:14 p.m. EDT (1814 GMT). U.S. gold futures settled down $1.30, or 0.11 percent, at $1,201.60.

Read more via PRECIOUS-Gold steady as robust U.S. economy outlook stems safe-haven buying | Reuters

Gold set for longest monthly losing streak in 2 decades

28 Friday Sep 2018

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Gold hit a fresh six-week low on Friday as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve’s resolve for steady interest rate hikes, putting the metal on track for its longest monthly losing streak since January 1997.

Gold was down about 1.6 percent in September, its sixth straight monthly loss.

Spot gold rose 0.9 percent to $1,192.53 an ounce. The metal touched its lowest since Aug. 17 at $1,180.34 an ounce earlier in the session, dipping further from a six-week low of $1,181.61 hit on Thursday.

U.S. gold futures rose 0.7 percent at $1,196.10 an ounce.

The dollar gained against its peers on Friday as data showed U.S. economic growth accelerated in the second quarter at its fastest pace in nearly four years. Another report showed durable goods rose 4.5 percent in August, rebounding from a revised 1.2 percent drop the month before.

The short-term outlook is bearish for gold as the dollar may see some upside due to an ongoing trade war between China and the U.S. and the Federal Reserve interest rate hike outlook, according to Argonaut Securities analyst Helen Lau.

The Fed raised interest rates on Wednesday and said it planned four more increases by the end of 2019 and another in 2020.

“Robust U.S. economic fundamentals despite an escalation in trade tariffs have done little to lift demand for the non-interest bearing asset,” said Benjamin Lu, commodities analyst at Phillip Futures.

“The outlook for gold prices in the current term remains dim as such in lieu of rising rates and yields amidst buoyant U.S. economic conditions.”

Gold is down more than 13 percent from an April high, largely because of the stronger dollar, which has been boosted by a vibrant U.S. economy and fears of a global trade war. Investors have bought the greenback instead of gold as a safe investment.

Meanwhile, President Donald Trump’s accusation of Chinese meddling in the upcoming U.S. elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior U.S. officials said on Thursday.

“The trade war continues to favour the U.S. dollar and this will generally dampen gold’s upside,” said Nicholas Frappell, global general manager, ABC Bullion, Australia.

“Large speculative shorts may help cushion weakness as punters keep an eye on levels to close out and take money off the table,” he said.

Among other metals, palladium touched a fresh eight-month high at $1,088.97 an ounce. Silver rose 3.4 percent to $14.68 an ounce and platinum was up 0.7 percent to $815.24.

via Gold set for longest monthly losing streak in 2 decades

Gold Prices Push Into Positive Territory As U.S. Core PCE Hits 2% | Kitco News

31 Friday Aug 2018

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landis refining, dental industry, scrap metal, purchase gold, purchase dental scrapsKitco – Gold prices have pushed into positive territory after inflation pressures have officially hit the Federal Reserve’s target.

Thursday, U.S. Department of Commerce said that its Core Personal Consumption Expenditures Index, increased also increased 0.2% in July, in line with expectations. Annually, core inflation, which is the Fed’s preferred inflation measure increased a tick higher to 2%, up from June’s reading of 1.9%.

This is the first time inflation has hit 2% since 2012.

headline inflation, increased 0.1% last month, in line with expectations. For the year, inflation pressures increased 2.3%.

Gold prices were in negative territory ahead of the data and has pushed into the green in initial reaction. December gold futures last traded at $1,211.90 an ounce, up 0.03% on the day.

Read more via Gold Prices Push Into Positive Territory As U.S. Core PCE Hits 2% | Kitco News

Gold Bears Not Letting Up; No Low In Sight As Prices Remain Below $1,200 | Kitco News

22 Wednesday Aug 2018

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(Kitco News) – Bearish speculative investors continue to hold the gold market in a death grip and are in complete control of the price action, according to the latest trade data from the Commodity Futures Trading Commission (CFTC).

While analysts continue to wait for the ever-elusive short squeeze to breathe new life in the yellow metal, the market’s speculative short side continues to expand hitting new historical record on a weekly basis. Net speculative short positions have increased for seven consecutive weeks.

“Speculative financial investors remain the primary factor weighing on the gold price. In the last reporting week alone, they sold 53.5 tons of gold via the futures market,” said analysts from Commerzbank. “Selling since the end of June now totals almost 260 tons – equivalent to nearly a month’s worth of global gold mining production.”

The CFTC’s disaggregated Commitments of Traders report, for the week ending Aug. 14, showed money managers decreased their speculative gross long positions in Comex gold futures by 1,046 contracts to 104,803. At the same time, short bets rose by 16,162 contracts to 188,127.

Gold’s net-short positioning currently stands at 83,324contracts, a 26% increase from the previous week. During the survey period, gold prices continued to test critical support at $1,200 an ounce.

Read more via Gold Bears Not Letting Up; No Low In Sight As Prices Remain Below $1,200 | Kitco News

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