Skip to main content

Commodities | Gold | Gold Price Report: Gold slips to over 3-month low as equities rise on 'risk-on' sentiment

3minutos - Source: CNBC




GP: Gold bullion bars 190920
An employee arranges one kilogram gold bars for a photograph in Bangkok, Thailand, on January 13, 2016.
Dario Pignatelli | Bloomberg | Getty Images
Gold fell on Monday to its lowest price in more than three months, dragged below technical support as upbeat risk sentiment kept U.S. stock indexes close to record levels, while investors awaited news on the U.S.-China trade.
Spot gold fell 0.2% to $1,455.47 per ounce, having touched its lowest since Aug. 5 earlier. U.S. gold futures fell 0.4% to $1,456.50.
“Overall, the outlook for (wider markets) seems more positive,” said Tai Wong, head of base and precious metals derivatives trading at BMO, adding the immediate trigger for gold’s decline was technical, since it failed to hold above $1,460.
“Before the trade-driven August rally, we were in a $1,380-$1,440 range so we could trade down somewhere into that level.”
U.S. stocks bounced off lows on Monday and hovered near record levels hit the previous week. But investors remained cautious about U.S.-China trade negotiations after U.S. President Donald Trump said Beijing wanted a deal more than he did.
Trump also said that there had been incorrect reporting about Washington’s willingness to lift tariffs. Wall Street’s bounce “took everything out of gold that it had going today,” said Bob Haberkorn, senior market strategist at RJO Futures.
Gold slumped 3.6% last week for its biggest weekly decline in three years on upbeat equities and optimism surrounding the U.S.-China trade deal.
“Gold is waiting for the next big fundamental development,” Kitco Metals senior analyst Jim Wyckoff said. He said a stock market decline could boost bullion, as could a worsening of unrest in Hong Kong, where protesters threw petrol bombs at police after a weekend of clashes across the Chinese-ruled territory.
“If that situation (in Hong Kong) deteriorates further, that could give gold a safe-haven lift,” Kitco’s Wyckoff added.
Among other precious metals, palladium dropped 2.4% to $1,700.45 per ounce, having touched lowest since Oct. 14 earlier.
“It’s more of a short term, though possibly sharp, correction like we had in the beginning of August before it embarked on a $400-30% rally. The market has been and remains quite long so, the weakest hands will always liquidate on price retreats,” BMO’s Wong said.
Platinum slipped 0.9%, to $878.78 per ounce, after touching its lowest since Oct. 4, while silver rose 0.2% to $16.83 after slipping to its lowest in mid-August earlier in the day.

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in