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PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

07 Monday May 2018

Posted by landisrefining in gold, market, precious metal market, scrap gold, scrap precious metals

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American Gold Coin

BENGALURU, May 7 (Reuters) – Gold prices edged up in early
trade on Monday as the dollar took a breather after climbing to
its highest level this year in the previous session.

FUNDAMENTALS
* Spot gold rose 0.2 percent to $1,316.62 per ounce
at 0034 GMT.
* U.S. gold futures for June delivery were up 0.2
percent at $1,317.20 per ounce.
* The dollar index , which measures the greenback
against a basket of six major currencies, was steady at 92.547
after hitting its best since December at 92.900 on Friday.

* U.S. job growth increased less than expected in April and
the unemployment rate dropped to near a 17-1/2-year low of 3.9
percent as some out-of-work Americans left the labor force.
* Two Federal Reserve officials who are currently voting
members of the U.S. central bank’s rate-setting committee said
on Friday they were keeping an open mind on the total number of
interest rate rises needed this year.
* U.S. interest rate futures rose modestly on Friday, as
traders still expect the Federal Reserve to raise key borrowing
costs at its June 12-13 policy meeting in the wake of
weaker-than-forecast growth in domestic payrolls and wages in
April.
* Euro zone business growth dimmed again in April but the
picture remained relatively bright as new business stayed
buoyant and firms managed to build up backlogs of work, a survey
showed on Friday.
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.17 percent to
864.13 tonnes on Friday from 865.60 tonnes on Thursday.

* Hedge funds and money managers trimmed their net long
positions in COMEX gold contracts in the week to May 1, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.
* Demand for physical gold barely changed in major Asian
hubs last week even as global prices weakened, while a
correction in local rates in India prompted retail consumers and
jewellers to start purchases.
* The World Gold Council, owner of the world’s largest
gold-backed exchange traded fund (ETF), is launching a new fund
with a cut-price management fee to fend off rivals with lower
charges, a source familiar with the matter told Reuters.

via PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

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Gold, Silver Slightly Lower Amid Upbeat Risk Appetite | Kitco News

10 Tuesday Apr 2018

Posted by landisrefining in dental scrap, gold, market, precious metal market, scrap gold, scrap precious metals

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stock market

Photo courtesy of colourbox.com

(Kitco News) – Safe-haven gold and silver prices are slightly lower in early U.S. trading Monday. Higher world stock markets overnight are a negative for the competing asset class of precious metals. However, a slightly weaker U.S. dollar index today is working in favor of the metals bulls. June Comex gold futures were last down $0.60 an ounce at $1,335.40. May Comex silver was last down $0.007 at $16.355 an ounce.

U.S. stock indexes are also pointed toward higher openings when the New York day session begins, which suggests better investor risk appetite in the marketplace to start the trading week. Still, traders and investors are wondering if the high volatility in the stock market will continue this week. Such would favor the stock market bears and the precious metals market bulls.

The markets have not reacted significantly to reports of missile strikes on the Syrian military overnight, after weekend reports that the Syrian army has used poison gas on its civilians. Reports said the missile strikes came from Israeli jets.

The U.S.-China trade dispute simmered down a bit during the weekend. Trump administration officials said on Sunday that trade sanctions against China are not imminent and there is time to work out a solution to the matter.

The key “outside markets” on Monday morning see the U.S. dollar index slightly lower. The greenback is seeing a corrective pullback today after hitting a five-week high on Friday. Meantime, Nymex crude oil prices are higher and trading just below $63.00 a barrel.

Read more via Gold, Silver Slightly Lower Amid Upbeat Risk Appetite | Kitco News

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