Showing posts with label Gold Price. Show all posts
Showing posts with label Gold Price. Show all posts

Sep 3, 2019

Gold | Gold Price by MarketWatch: Gold's surge to 6 1/2-year high fuels broad rally in gold miner stocks

Tomi Kilgore

Shares of gold miners were broadly higher in afternoon trading Tuesday, as worries about escalating U.S.-China trade tensions, data showing a surprise contraction in the U.S. manufacturing sector and uncertainty surrounding Brexit has helped fuel demand for safe-haven gold. The VanEck Vectors Gold Miners ETF GDX, +1.69% rallied 2.2% with 39 of 44 components gaining ground. Among the more active U.S.-listed shares, Hecla Mining Co. HL, +4.49% hiked up 5.3%, Coeur Mining Inc. CDE, +2.74% climbed 2.7%, Newmont Goldcorp Corp. NEM, +1.40% advanced 1.9% and AngloGold Ashanti Ltd. AU, +0.75% tacked on 1.5%, while Harmony Gold Mining Co. Ltd. HMY, -1.89% lost 1.2%. Meanwhile, SPDR Gold Shares GLD, +1.45% rose 1.4% toward the highest close since April 2013, while continuous gold futures GC00, +1.75% gained 1.7%, also toward a 6 1/2-year high. The gold miners ETF has now soared 64.5% over the past 12 months, while the S&P 500 SPX, -0.97% has slipped 0.2%.

Jul 6, 2018

Gold down but off session lows as dollar weakens I Gold Price I CNBC.

Gold down but off session lows as dollar weakens


Gold Getty Images
Gold fell on Friday, but bounced off session lows as the dollar weakened and equities rose, yet bullion was on track for a small weekly gain amid escalating U.S.-Sino trade tensions.
Spot gold was down 0.29 percent at $1,253.66 an ounce, off the session low of $1,252.15 and headed for its first weekly gain in four weeks. U.S. gold futures for August delivery settled down $3 at $1,255.80.
The dollar fell after data showed the U.S. unemployment rate increased and wages grew less than forecast in June even as the economy created more jobs than expected. Wage growth is a closely watched signal of potential inflation that could prompt more interest rate hikes by the Federal Reserve. A weak dollar tends to lift gold, making the greenback-priced metal cheaper for non-U.S. investors.
U.S. tariffs on $34 billion worth of Chinese goods took effect on Friday, while China's commerce ministry retaliated with 25 percent tariffs on $34 billion worth of U.S. imports. The markets absorbed imposition of the tariffs calmly, with stocks edging higher. Rising stock markets pressure gold prices.
"The tariffs were already priced in," said RJO Futures' Josh Graves. "Gold needs more than a trade war to push it higher. It needs volatility in equities, weaker economic data, a dovish Fed."
"Gold needs to see closes above $1,275-$1,280 before it finds any support," he added.
On Thursday, minutes of the Federal Reserve's June 12-13 policy meeting showed that U.S. central bankers expressed concerns global trade tensions could hit an economy perceived as strong.
"Traders are extremely cautious when it comes to gold. The intraday price-action has a bullish set-up and shows that the price has potential to test the level of $1,280 in the coming days if the dollar weakness continues," ThinkMarkets chief market analyst Naeem Aslam said.
India's gold imports fell for a sixth month in June to 44 tonnes, provisional industry data showed.
Gold-backed exchange-traded funds (ETFs) saw outflows in North America and Asia, but saw inflows in Europe during June, the World Gold Council said.
Silver gained 0.22 percent at $16.02 and platinum fell 0.16 percent to $839.15, both heading for a 0.3 percent weekly drop. Palladium added 0.3 percent at $950.80, on track for a 0.1 percent weekly drop. All three metals were headed for their fourth straight weekly decline.

Jun 29, 2018

Gold on track for worst month since Nov. 2016 I Gold Price I CNBC

Gold on track for worst month since Nov. 2016


gold bars.jpg AP
Gold prices recovered on Friday from six-month lows as speculators took profits amid a weaker dollar, but some analysts warned that more losses were likely.
Spot gold added 0.45 percent to $1,253.55 an ounce. On Thursday, it touched $1,245.32, its lowest since Dec. 13, 2017. U.S. gold futures for August delivery settled up $3.50 at $1,254.50.
"We're receiving only a couple of dollars bounce on the back of a pretty decent weakening of the dollar, so gold's not showing any signs of strength," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "The shorts are still in control and the momentum is negative. The dollar and U.S. treasuries have taken over the role of safe haven this month and as long as the trade war is creating uncertainty then that will probably prevail."
Gold was on track for a third straight weekly decline, having slipped 1.4 percent so far this week. Spot gold was down about 3.6 percent for the month, heading for its biggest monthly drop since November 2016.
The euro jumped more than a half cent after European Union leaders reached an agreement on migration. A stronger euro potentially boosts demand for gold by making dollar-priced bullion cheaper for European investors.
The dollar index against a basket of six major currencies slipped 0.8 percent, having risen to about a one-year high on Thursday.
"There is feeling in some quarters that we may be nearing the bottom of this recent downturn (in gold)," MKS PAMP Group trader Tim Brown wrote in a note.
Support-wise, gold appears fairly well bid around $1,245-$1,248 and there should be support at $1,237 and below that, Brown said.
Hansen said the downtrend would likely accelerate unless gold held above multiple layers of support slightly below $1,240. "If that area breaks, the shorts and momentum sellers will have a field day."
In other precious metals, silver gained 1 percent to $16.12. It was heading for its biggest weekly decline since the week ended April 27, down 2 percent for the week. Palladium rose 0.86 percent to $952.80.
Platinum was up 0.68 percent at $853.30. It hit its lowest since January 2016 at $837.30 earlier in the session. It was down 9 percent for the quarter, its worst since the quarter ended December 2016.

May 22, 2018

Gold rebounds from 2018 low as dollar falls - May 22, 2018. May 22, 2018 I Gold I CNBC


Gold rebounds from 2018 low as dollar falls


gold bars.jpg AP
Gold edged up on Tuesday from a 2018 low, adding traction as the dollar fell off its five-month high, though risk appetite in the broader financial markets kept the precious metal's gains in check.
The dollar lost momentum following a broad rally prompted by rising U.S. bond yields and the prospect of a resolution to U.S.-China trade tensions. A weaker dollar makes dollar-priced gold cheaper for non-U.S. investors.
Spot gold had edged up 0.17 percent to $1,294.52 per ounce by 8:15 a.m. ET. In the previous session, it slid to $1,281.76, its lowest since Dec. 27.
U.S. gold futures for June delivery rose 0.21 percent to $1,293.60 per ounce.
Washington and Beijing both claimed victory on Monday as the world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China.
"This quarter and maybe going into next, gold will continue to struggle but the (positive) views on the U.S. economy are overdone," said Philip Newman, director at Metals Focus. "There are concerns over sizeable U.S. debt, there's the (U.S.) mid-term elections in November, there's enough out there that could see the dollar eventually weaken and gold prices start to improve through the back end of this year."
Capping gains in gold, European shares inched to a near four-month high as an easing of pressure on Italian markets coincided with China's latest move to open its giant economy to the rest of the world.
Gold, seen as a safe haven, tends to weaken when there is strong investor appetite for equities, seen as risky assets. "The overriding narrative here is where the dollar is going," said Stephen Innes, APAC trading head at OANDA. Abating geopolitical risk was also weighing on sentiment for gold, he added.
Meanwhile, expectations that the Federal Reserve will lift U.S. interest rates again next month added to downward pressure on gold. Higher U.S. rates tend to boost the dollar and push bond yields up, making non-yielding assets such as bullion less attractive.
"Somewhere around the $1,275 level we are going to start to attract more bullish sentiment, but in the meantime the driver is going to remain the U.S. dollar," Innes said.
Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.38 percent to 852.04 tons on Monday.
Silver rose 0.67 percent to $16.59 an ounce, while palladium rose 1.11 percent to $1,000.47 an ounce. Platinum climbed 1.09 percent to $905.74 an ounce, after marking a low for the year in the previous session at $873.50.

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