Tag Archives: precious metal market

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.

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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

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Gold, Silver Prices Rebound From Multi-Month Lows | Kitco News

03 Tuesday Jul 2018

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Lady Liberty

Gold and silver prices are moderately higher in early U.S. trading Tuesday, on some short covering in the futures markets and perceived bargain-basement buying in the cash markets. Gold hit a 12-month low overnight and silver scored a 6.5-month low on Monday. The key “outside markets” are also in a bullish daily posture for the precious metals markets today, as the U.S. dollar index is lower and crude oil prices are higher. August gold futures were last up $7.10 an ounce at $1,248.80. July Comex silver was last up $0.14 at $15.975 an ounce.

Reports overnight said Monday’s trading in gold exchange traded funds saw the largest outflow of money from those funds since late March. Gold and silver bulls remain stymied by their metals’ inability to rally in the face of the threat of a global trade war and some fresh instability in the European Union.

World stock markets were mixed to higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

European stock markets were assuaged today on news that German Chancellor Merkel has apparently avoided a political crisis by coming to agreement with other German lawmakers regarding immigration laws.

In other overnight news, the Euro zone’s producer price index in May was reported up 0.8% from April and up 3.0%, year-on-year. Those numbers were a little higher than expected.

via Gold, Silver Prices Rebound From Multi-Month Lows | Kitco News

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PRECIOUS-Gold inches down on robust dollar; Italy crisis curbs losses

31 Thursday May 2018

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landis refining, dental industry, scrap metal, purchase gold, purchase dental scraps* Dollar near 6-1/2 month peak
* Italy crisis sparks stock sell-off
* China says ready to fight back if U.S. ignites trade war
* SPDR gold holdings rise 0.35 pct on Tuesday

By Karen Rodrigues
BENGALURU, May 30 (Reuters) – Gold prices edged down on
Wednesday as a robust U.S. dollar weighed on the market, but
concerns about political turmoil in Italy and Sino-U.S. trade
conflict limited losses.
Spot gold was 0.2-percent lower at $1,296 per ounce
by 0736 GMT.
U.S. gold futures for June delivery were down 0.3
percent at $1,295.40 per ounce.
“The stronger dollar is the most significant headwind,” said
Stephen Innes, APAC trading head at OANDA.
“With the yellow metal’s sensitivity to the U.S. dollar on
full display, it is unlikely gold will move significantly higher
until we reach the EU ‘Crisis Zone’ which we are nowhere near at
this stage.”
The dollar index , which measures the greenback
against a basket of six major currencies, hovered near its 6-1/2
month peak touched in the previous session.
Investors fear that repeat elections in Italy – which could
come as soon as July – may become a de-facto referendum on
Italian membership of the currency bloc and the country’s role
in the European Union.
“People are really worried about what’s happening in Europe
and the U.S.-China trade tensions … we also see U.S. bond
yields drop,” said Richard Xu, a fund manager at HuaAn Gold,
China’s biggest gold exchange-traded fund.
U.S. benchmark 10-year Treasury yields on Tuesday registered
their largest one-day drop since Brexit nearly two years ago.

Meanwhile, China on Wednesday lashed out at Washington’s
unexpected statement that it still holds the threat of imposing
tariffs on $50 bln of Chinese goods, saying Beijing was ready to
fight back if Washington was looking to ignite a trade war.

“That (U.S.-China conflict) is driving down risk appetite,
hence the stock markets are tanking,” Xu said.
Asian stocks extended a global sell-off on Wednesday as
Italy’s political crisis rippled across financial markets.

Holdings of SPDR Gold Trust , the world’s largest
gold-backed exchange-traded fund, rose 0.35 percent to 851.45
tonnes on Tuesday.
In other precious metals, spot silver was down 0.6
percent at $16.28 an ounce.
Platinum fell 0.4 percent to $900.45 an ounce, while
palladium was 0.2-percent lower at $977.31.

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PRECIOUS-Gold rises as dollar backs off highs after Fed meeting minutes | Reuters

25 Friday May 2018

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Gold nugget

By Renita D. Young and Zandi Shabalala

NEW YORK/LONDON, May 23 (Reuters) – Gold prices rose on
Wednesday as the U.S. dollar backed off its highs against a
basket of currencies while investors interpreted minutes from
the U.S. Federal Reserve’s latest policy meeting as dovish.
Most Federal Reserve policymakers thought it likely another
interest rate increase would be warranted “soon” if the U.S.
economic outlook remains intact, minutes of the central bank’s
last policy meeting showed.
Higher interest rates make non interest-bearing assets like
gold less attractive.

However sentiment was dovish, said Bob Haberkorn, senior
market strategist at RJO Futures. “They’re backing off the
inflation target at 2 percent. Just them saying that signals
that [the Fed is] dovish on rates and it doesn’t sound very
aggressive. That should be supportive for metals.”
Policymakers once again debated the inflation path. Several
noted that recent wage data provided “little evidence” of
overheating in the labor market, while some others saw a risk
that “supply constraints would intensify upward wage and price
pressures, or that financial imbalances could emerge.”
Spot gold gained 0.3 percent at $1,294.19 per ounce
by 2:35 p.m. EDT (1835 GMT), after touching its highest since
May 15 at $1,297.84. U.S. gold futures for June delivery
settled down $2.40, or 0.2 percent, at $1,289.60 per ounce.
The dollar, in which gold and other commodities are priced,
rose versus a basket of currencies but came off its
highs.

Often used to store wealth in times of political or economic
uncertainty, gold was underpinned by safe-haven support after
U.S. President Donald Trump said he was not pleased about recent
talks with China.

Gold also saw some safe-haven support after President Sergio
Mattarella gave political novice Giuseppe Conte a mandate to
lead the first government in Italy made up of anti-establishment
parties that have vowed to shake up the European Union,
Haberkorn added.

Trump also cited a “substantial chance” his summit with
North Korean leader Kim Jong Un will not take place as planned
on June 12 amid concerns that Kim is resistant to giving up his
nuclear weapons.

Gold has shown reduced volatility in the last few trading
sessions as it attempted a break above $1,300 and prices are
“waiting for a new, clear direction,” said ActivTrades chief
analyst Carlo Alberto De Casa.

Silver fell 0.4 percent at $16.45 an ounce and
platinum was 0.2 percent lower at $904.30 an ounce.
Palladium eased 1.2 percent to $979.10 an ounce.

via PRECIOUS-Gold rises as dollar backs off highs after Fed meeting minutes | Reuters

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PRECIOUS-Gold hits 5-month low as U.S. trade war with China ‘on hold’ | Reuters

22 Tuesday May 2018

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* Dollalandis refining, dental industryr index climbs to five-month high

* China, U.S. have great potential for cooperation- Chinese state
media
* Specs cut net long position in gold in week to May 15

By Apeksha Nair
BENGALURU, May 21 (Reuters) – Gold slid to a near five-month
low on Monday, as the dollar rose and demand for safe-haven
assets eased after U.S. Treasury Secretary Steven Mnuchin said a
trade war between China and the United States was “on hold”.
Spot gold was down 0.6 percent at $1,283.30 per ounce
at 0658 GMT, after earlier hitting $1,281.76, its lowest since
Dec. 27.
U.S. gold futures for June delivery were 0.7 percent
lower at $1,282.50.
“Gold price is under pressure as the dollar maintains its
strength,” said Naeem Aslam, chief markets analyst at Think
Markets.
“‘On Hold’ is a risk-on term…The absence of trade tariffs
and hostile tone between the two countries has also impacted the
gold price more adversely,” Aslam said.
The dollar rose versus the yen and hit a five month-high
against a basket of currencies, after Mnuchin’s comments
downplaying a trade dispute with China, boosting risk sentiment
amid hopes for an easing of trade tensions between the world’s
two biggest economies.
Chinese state media on Monday praised a significant dialing
back of trade tension with the U.S., saying China had stood its
ground and the two countries had huge potential for win-win
business cooperation.
“You have this combination of technical factors which is at
the moment un-supportive (for gold). As long as the dollar is on
the firm side, gold is under pressure,” said Dominic Schnider at
UBS Wealth Management in Hong Kong.
The price of gold fell below the psychologically important
$1,300 per ounce level last week for the first time since late
December and has since continued to trade below its 200-day
moving average.
A stronger dollar makes dollar-denominated gold more
expensive for holders using other currencies. Furthermore,
rising U.S. interest rates, and the expectation that U.S.
Federal Reserve will raise rates again next month, limits
investor demand for non-yielding bullion.
“Investors are looking towards the biggest event of this
week- the FOMC minutes and if the Fed doesn’t tame its hawkish
stance, we would expect more weakness in the gold price,” Aslam
said.
Hedge funds and money managers cut their net long position
in COMEX gold contracts by 21,294 contracts to 31,327 in the
week to May 15, data showed on Friday.
In other precious metals, silver fell 0.8 percent to
$16.30 an ounce.
Platinum was 0.4 percent lower at $879 an ounce,
after marking an over five-month low at $874 earlier.
Palladium rose 0.5 percent at $968.30 per ounce,
after hitting a two-week low at $960.22 on Friday.

via PRECIOUS-Gold hits 5-month low as U.S. trade war with China ‘on hold’ | Reuters

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Gold Erases Modest Early Losses | Kitco News

18 Friday May 2018

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Live 24 hours gold chart [Kitco Inc.]

(Kitco News) – Gold prices are trading near steady levels in late-morning action Friday, and have recovered small losses seen overnight and in earlier U.S.-session trading. Short covering in the futures market and some bargain hunting in the cash market heading into the weekend are featured. There are also some geopolitical crosscurrents in play that could be limiting selling interest in the safe-haven gold market. Comex June gold was last up $0.10 at $1,289.60.

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PRECIOUS-Gold firms as dollar rally cools, U.S.-Iran tensions heat up | Metals & Mining | Reuters

11 Friday May 2018

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gold bars* U.S. consumer price data weaker than expected
* Dollar slips from 4-1/2-month peak
* U.S.-Iran tensions support gold prices

(New throughout, updates prices, market activity and comments;
adds second byline and NEW YORK dateline)
By Renita D. Young
NEW YORK/LONDON, May 10 (Reuters) – Gold rose on Thursday as
the U.S. dollar backed away from 2018 highs after
weaker-than-forecast U.S. inflation data and as tensions between
the United States and Iran also supported the precious metal.
The dollar slipped from a 4-1/2-month peak after U.S. data
showed the Consumer Price Index rose 0.2 percent in April, less
than the 0.3 percent increase that had been forecast. A weaker
dollar makes dollar-priced gold cheaper for non-U.S. investors.

Also helping gold, viewed as a safe-haven investment, was
U.S. President Donald Trump’s move on Tuesday to withdraw from a
nuclear accord with Iran, raising the risk of conflict in the
Middle East.
Israel said on Thursday it had attacked nearly all of Iran’s
military infrastructure in Syria after Tehran fired rockets at
Israeli-held territory.
“We’ve seen a (dollar rally) in the last few weeks, but
actually gold hasn’t gone down as far as you might think, so
political tensions are helping,” said Macquarie commodities
strategist Matthew Turner.
Turner said the dollar was the main driver for gold and he
expects the precious metal to come under pressure in the near
term, with the dollar extending its rally.
Spot gold rose 0.6 percent at $1,320.53 per ounce by
1:34 p.m. EDT (1734 GMT). During the session it touched
$1,322.76, a 10-day high. U.S. gold futures for June
delivery settled up $9.30, or 0.7 percent, at $1,322.30 per
ounce.
Risk appetite among investors limited gold’s gains. Global
equities hit a three-week high as rising oil prices boosted
energy companies, offsetting increased political uncertainty.

“It appears as though the investment side of the equation
has not attracted a lot of attention,” said Rob Lutts, chief
investment officer of Cabot Wealth Management
“We are at the lower end of the range. It appears we could
drift back up to $1,350, but longer term. We really need to see
more investment.”
North American gold-backed exchange-traded funds registered
inflows in April at their highest level since September 2017,
with safe-haven purchases ushered in by a trade stand-off
between the United States and China, Syria tensions and worries
about possible U.S. sanctions on Russia.
In other precious metals, silver gained 1.4 percent
at $16.72 an ounce after earlier hitting a two-week high at
$16.74.
Platinum rose 1.7 percent at $925.40 per ounce,
earlier hitting $926.20, a two-week high. Palladium rose
2.6 percent at $1,000.70 per ounce, earlier seeing $1,002.10, a
2-1/2-week high.

(Additional reporting by Apeksha Nair in Bengaluru; editing by
David Goodman and David Gregorio)

via PRECIOUS-Gold firms as dollar rally cools, U.S.-Iran tensions heat up | Metals & Mining | Reuters