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Asian Metal Market Update

09 Wednesday Jan 2019

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Big moves will be there in metals, energies and the US dollar Index only after the outcome of US-China trade talks are known. Till then, the consolidation phase will be there. Focus of the world in on a Chinese slowdown. Long term metal investors are on the sidelines as they expect slower and lower Chinese demand. If the trade talks succeed and all issues comes to an end once and for all, then also, the Chinese economic growth will not happen overnight. It will take at least another quarter to see actual higher and sustained growth.

Read more via: http://news.goldseek.com/InsigniaConsultants/1547042683.php

Gold prices post a modest decline as dollar weakens ahead of midterm vote – MarketWatch

06 Tuesday Nov 2018

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Gold prices posted a slight decline on Monday, holding above $1,230 an ounce for a third straight session as traders eyed some weakness in the U.S. dollar a day ahead of the closely watched midterm elections.

“Stepping back from today’s price action, what is most interesting for gold is how well it has held its ground despite a significant rally in the U.S. Dollar Index in recent weeks,” Michael Armbruster, managing partner at Altavest, told MarketWatch. “When it comes to gold, it’s easy to be lulled into a sense of complacency when the U.S. dollar is trending higher along with interest rates.”

Gold for December delivery GCZ8, -0.37%  edged down $1, or less than 0.1%, to settle at $1,232.30 an ounce, squarely between the day’s high of $1,236.60 and low of $1,228.40.

The contract ended last week slightly lower after a report showed a U.S. job market that was even stronger than expected—data seen keeping the next Federal Reserve interest-rate hike likely on track for December. Higher rates dull the appeal of nonyielding bullion, while boosting the dollar, making dollar-priced commodities less attractive to investors using other currencies.

Still, data Monday showed the nonmanufacturing index compiled by the Institute for Supply Management slipped to 60.3 last month from a 21-year high of 61.6 in September.

The dollar continued its decline after the ISM services survey, with the ICE U.S. Dollar index DXY, -0.06% down 0.3% at 96.286 in Monday dealings. Last Thursday, gold settled at its highest level in more than three months when the index weakened and as stock markets wrapped up a dismal October.

“Increased risk aversion with the equity markets’ selloff has certainly added a risk-averse boost to gold in recent weeks, but if the dollar starts to lose traction due to the reversal of the U.S.-China trade dispute, then this could be a driver of continued gold strength,” said Richard Perry, analyst at Hantec Markets.

Perry is watching $1,236 as a technical “line in the sand” for gold and says a consistently higher market at that price opens the way to a climb toward $1,266.

Armbruster pointed out that “investors should keep in mind that central banks around the world (China, Russia and others) are reportedly adding to their gold holdings. Such behavior by central banks may trump headwinds from the dollar and interest rates and result in a surprise rally.”

Read more via Gold prices post a modest decline as dollar weakens ahead of midterm vote – MarketWatch

More Upside For Gold Prices

02 Friday Nov 2018

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This month’s rally in gold prices may not be over.

That’s because investors are still heavily betting on a decline in the value of the precious metal. When speculators overwhelmingly bet in one direction then a move in the opposite way is often the result.

Bars of gold bullion. Rob Bennett/AP Images for APMEX

Investors wanting to profit from a likely upward move in prices might consider buying the SPDR Gold Shares exchange-traded fund (ticker: GLD) which hold bars of solid gold bullion. Alternatively, try buying December-dated futures contracts on the CME futures exchange.

On October 1, I wrote that speculators were betting so heavily on a further decline in gold prices that we’d likely see a rally. You can read the story here. Starting late January gold prices tumbled until they reached a recent low in mid-August.

However, even as the price stabilized traders held onto those so-called short positions, also known as bets on a decline in prices, and kept betting on further falls in the price.

By early October the negative bets became extreme and hence increased the likelihood of a gold price rally.

Read more via More Upside For Gold Prices

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 prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch

27 Thursday Sep 2018

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Gold futures eked out back-to-back gains Tuesday as the dollar index softened ahead of the Federal Reserve decision, which could yield a third rate increase of the year—a negative development for gold because it can bolster the dollar.

December gold GCZ8, -0.91%  rose 70 cents, or less than 0.1%, to settle at $1,205.10 an ounce, gaining as the dollar index DXY, +0.54%  traded little changed at 94.155.

The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. Gold prices based on the most-active contracts have declined by 8% so far in 2018 while the dollar index is up about 2.2%.

Read more via Gold prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch

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PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar |

04 Tuesday Sep 2018

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Off The Wire

PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar

Reuters
Reuters Tuesday September 04, 2018 12:16 AM

Kitco News

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* Gold may fall to $1,190/oz -technicals
* Palladium hovers near 11-week highs hit on Monday (Recasts, adds comment) By Sethuraman N R BENGALURU, Sept 4 (Reuters) – Gold prices inched down on Tuesday as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.
Gold prices are down about 8 percent this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar which is being viewed as a safe-haven asset. Spot gold was down 0.1 percent at $1,199.20 an ounce at 0347 GMT, while U.S. gold futures had dropped 0.1 percent to $1,205 an ounce. “The emerging market economic crisis is making currencies very weak and benefiting the dollar, which continues to pressure gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. The dollar index , which measures the greenback against a basket of currencies, was up 0.1 percent at 95.182.
A firmer U.S. dollar makes gold more expensive for holders of other currencies, with safe-haven demand for gold this year overshadowed by the metal’s relationship with the greenback. “Gold should track the dollar’s movement very closely and interest rate expectations too are weighing on the metal,” Fung said. Markets are closely watching U.S. economic data, including a manufacturing survey on Tuesday and an employment report on Friday, which could influence gold’s moves as investors look for clues on the pace of U.S. interest rate increases. Meanwhile, worries over an escalation in trade conflicts between the United States and other countries have kept participants in broader markets on edge. “With all the noise building around the trade dispute, along with unsettling economic prospects for Turkey and Argentina that will likely drag on more emerging market economies … gold should be in demand,” said Stephen Innes, Asia-Pacific trading head at OANDA.
After a 16-percent slide in the peso last week, Argentine President Mauricio Macri on Monday announced new taxes and steep cuts to spending in an “emergency” bid to balance next year’s budget. Meanwhile, Turkey’s central bank signalled on Monday it would take steps to combat “significant risks” to price stability, comments seen as hinting at interest rate hikes. Spot gold may fall to $1,190 per ounce, as suggested by its wave pattern and a projection analysis, according to Reuters technical analyst Wang Tao. Spot silver dropped 0.2 percent to $14.43 on Tuesday, after falling to an over two-week low at $14.37 on Monday. Platinum was up 0.4 percent at $786.70, while palladium was down 0.1 percent at $977.50, after hitting an 11-week high of $985.50 on Monday. (Reporting by Nallur Sethuraman in Bengaluru Editing by Richard Pullin and Joseph Radford)

 

via PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar |

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

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Wednesday Sector Laggards: Precious Metals, Non-Precious Metals & Non-Metallic Mining Stocks – Nasdaq.com

17 Friday Aug 2018

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stock marketIn trading on Wednesday, precious metals shares were relative laggards, down on the day by about 5.1%. Helping drag down the group were shares of Tanzanian Royalty Exploration ( TRX ), off about 10.3% and shares of Hudbay Minerals ( HBM ) down about 8.6% on the day.

Also lagging the market Wednesday are non-precious metals & non-metallic mining shares, down on the day by about 4.3% as a group, led down by Reto Eco-Solutions ( RETO ), trading lower by about 10.8% and Century Aluminum Company ( CENX ), trading lower by about 10.3%.

Read more Via Wednesday Sector Laggards: Precious Metals, Non-Precious Metals & Non-Metallic Mining Stocks – Nasdaq.com

PRECIOUS-Gold prices subdued as dollar extends gains | Reuters

13 Friday Jul 2018

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gold, gold prices, today's gold price, trade war, US market

30
By Apeksha Nair
    BENGALURU, July 13 (Reuters) - Gold prices were muted on
Friday, stuck in a tight trading range, as the dollar extended
rally from the previous session when strong U.S. inflation data
and trade war concerns boosted demand for the greenback. 
    Spot gold        was down 0.1 percent at $1,245.54 an ounce,
as of 0652 GMT. For the week, the metal was down 0.7 percent.
    U.S. gold futures         for August delivery slipped 0.1
percent to $1,245.50 an ounce.
    "The dollar has been a prime mover of gold prices...Market
sentiments have been largely positive on the greenback as
investors pivoted from the safe haven asset despite rising
geopolitical risks," said Benjamin Lu, a commodities analyst at
Singapore-based broker Phillip Futures, in a note.
    The dollar was buoyant near a 10-day peak versus a basket of
currencies on Friday, supported by Treasury yields that edged
higher on expectations the U.S. inflation rate will rise.       
    U.S. consumer price data on Thursday showed a steady buildup
of inflation that could keep the Federal Reserve on a path of
gradual interest rate increases.                  
    A stronger dollar and higher U.S. rates reduce demand for
non-interest bearing gold as the metal becomes more expensive
for holders of other currencies.
    Elsewhere, the European Central Bank will keep rates at a
record low for as long as needed to raise inflation, minutes of
the bank's latest meeting showed.             
    Meanwhile, Most Asian share markets rose on Friday, but
China's markets wobbled as investors braced for the impact of
broadening, tit-for-tat Chinese-U.S tariffs.            
    The United States and China could reopen talks on trade but
only if Beijing is willing to make significant changes, U.S.
Treasury Secretary Steven Mnuchin said on Thursday.             
    "The trade war issue is still creating a lot of uncertainty.
If the situation continues and we're not seeing any real
movements in gold prices because of it, we might see prices
actually move lower," said Cameron Alexander, an analyst with
Thomson Reuters-owned metals consultancy GFMS.

Read more via PRECIOUS-Gold prices subdued as dollar extends gains | Reuters

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PRECIOUS-Gold prices hit two-week high on short covering, weaker dollar | Reuters

10 Tuesday Jul 2018

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china, gold, gold prices, trade tensions, United States, US dollar

* Dollar falls to lowest since June 14
* Spot gold hits highest since June 26
* Gold may rise into $1,268-$1,277/oz – technicals
* Silver, platinum, palladium at over one-week highs

By Karen Rodrigues

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BENGALURU, July 9 (Reuters) – Gold prices hit a near
two-week high on Monday as investors covered their short
positions and the dollar slipped to its weakest since mid-June,
while lingering U.S.-Sino trade tensions also supported the
bullion.

Spot gold was up 0.5 percent at $1,260.41 an ounce,
as of 0708 GMT, after touching its highest since June 26 at
$1,262.06.

U.S. gold futures for August delivery were 0.5
percent higher at $1,261.70 an ounce.
Gold is pushing higher on the dollar’s weakness in Asian
trading, said Tim Brown, trader at MKS PAMP Group, wrote in a
note.

The dollar index , which measures the greenback
against a basket of six major currencies, slipped to an over
three week low after U.S. jobs data showed slower-than-expected
wage growth.

The U.S. economy created more jobs than expected in June,
but steady wage gains pointed to moderate inflation pressures
that should keep the Federal Reserve on a path of gradual
interest rate increases this year.

A weak U.S. dollar makes greenback-denominated gold cheaper
for holders of other currencies.

“Some short covering has likely ensued given certainties
over the U.S.-Sino trade tensions on Friday. Still, the uptick
in risk appetite into the week may be short-lived if more trade
tariff threats are seen into the week ahead,” said OCBC analyst
Barnabas Gan.

The United States and China exchanged the first salvos in
what could become a protracted trade war on Friday, slapping
tariffs on $34 billion worth of each others’ goods and giving no
sign of willingness to start talks aimed at a reaching a truce.

President Donald Trump said on Thursday the United States
may ultimately impose tariffs on more than a half-trillion
dollars’ worth of Chinese goods.

“With the ongoing U.S.-Sino trade tensions, the resignation
of David Davis will likely be a side-show, though it may raise
some concerns amongst market-watchers depending on how the
overall Brexit issue progresses,” OCBC’s Gan added.

Brexit Secretary Davis resigned because he was not willing
to be “a reluctant conscript” to Prime Minister Theresa May’s
plans to leave the European Union, delivering a blow to the
British leader struggling to end divisions among her ministers.

Read more via PRECIOUS-Gold prices hit two-week high on short covering, weaker dollar | Reuters

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