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POPULAR NEWS
Gold Inches Lower as Investors Seek Clarity on Virus Severity

Gold edged lower on Friday as investors sought details on the severity of the China virus after the World Health Organisation stopped short of announcing the outbreak as a global emergency. Spot gold fell 0.2% to $1,559.28 per ounce by 0748 GMT, but was on track to gain 0.2% for the week. U.S. gold futures slipped 0.4% to $1,559.30. Asian shares inched higher following the WHO statement on Thursday that the new China virus does not yet constitute an international emergency. However,...

Gold prices notch gains for the day and week as coronavirus fears intensify

Gold prices finish higher on Friday, ending at the highest settlement in about three weeks as a viral outbreak originating out of China continued to grow. February gold closed $6.50, or 0.4%, higher at $1,571.90 an ounce on Comex. The metal also marked a weekly gain of 0.4%. China has moved to restrict movement of some 46 million people in and out of cities near the center of the outbreak, while also canceling Lunar New Year events as the number of infections continued to rise. The virus...

European Stocks Open Higher as WHO Says No 'Global Emergency' Yet For China Virus

European stocks opened higher on Friday, looking to break a four-day losing streak after the World Health Organization (WHO) said the deadly Chinese coronavirus was not a œglobal emergency yet. The pan-European Stoxx 600 added 0.7% in early trade, basic resources rebounding 1.5% to lead gains as almost all sectors and major bourses entered positive territory. Following a torrid week for stocks on the back of fears over the spread of the new coronavirus, which has killed 25 people in...

Gold Edges Lower as Traders Assess China Virus Outbreak

Gold edged lower Friday as traders assessed the severity of a viral outbreak originating out of China a day after the World Health Organization said it was too early to declare a global emergency. Gold for February delivery on Comex fell $5.10, or 0.3%, to $1,560.30 an ounce, while March silver was up 13.1 cents, or 0.7%, at $17.96 an ounce. The yellow metal saw its highest close in more than two weeks on Thursday as the spread of the coronavirus triggered a selloff in global equities and...

Japanese Stocks Book Weekly Loss Amid China Virus Concerns

Japan™s stocks completed a weekly decline as the rising death toll from China™s coronavirus damped demand for riskier assets. Automakers and retail companies were the heaviest drags on the Topix index, with the yen little changed after a three-day gain against the dollar. China is rushing to halt the spread of a new coronavirus as the death toll rose to 25. Japanese Prime Minister Shinzo Abe said he would strengthen measures to tackle the virus and do everything possible to...

Gold Prices Gridlocked, Bears Take Wheel
Monday, 21 October 2019 13:10 WIB | GOLD CORNER |Gold CornerGold Outlook

Although Wall Street bears have an advantage, ultimately, gridlock in the gold market means prices are not going anywhere fast, according to the latest results from the Kitco News Weekly Gold Survey.

Main Street investors remain bullish on gold in the near-term. Retail investors have been bullish on gold since mid-May, which was the last time bullish bets were below the 50% level.

Bill Baruch, president of Blue Line Futures, said that gold is struggling as the investor sentiment in broader financial markets waffles between risk-on and risk-off sentiment. He noted that the door is open for lower prices. Still, the yellow metal continues to hold critical support just below $1,500 an ounce.

"I don't expect a ton of volatility, but I am cautiously optimistic in the near-term and remain a long-term bull," he said.

Last week, 14 market professionals took part in the Wall Street survey. Seven analysts or 50% said they see lower prices this week. Two analysts, or 14%, predicted gold would rise. The remaining five voters, or 36%, saw a sideways market or else were neutral.

Meanwhile, 876 respondents took part in an online Main Street poll. A total of 490 voters, or 56%, called for gold to rise. Another 214, or 24%, predicted gold would fall. The remaining 172 voters, or 20%, saw a sideways market.

In the last survey, both Wall Street and Main Street proved to be correct as both sides called for higher prices for last two week. As of 12.57 p.m. EST, December gold futures last traded at $1,495.50 an ounce, up nearly 0.5% from the previous week.

Wall Streets' record is now 20-17 year to date, meaning respondents have been right 54% of the time. Meanwhile, Main Street™s record improved to 19-18, meaning this group has been right 51% so far this year.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, said that he is bullish on gold in the near-term, but doesn™t see a dramatic rise in the price.

Although investor sentiment has improved in financial markets, he noted that there is still a lot of uncertainty in the marketplace.

"Despite some positive developments towards a China trade agreement and Brexit”which would both be negative for gold -- neither of these two agreements is yet final," he said. "Brexit has to be approved by the U.K. Parliament, for example. There remain many uncertainties that are positive for gold, not least of which is the direction of monetary policy around the world."

For many analysts, the Brexit vote over the weekend among British politicians could be an important event for gold.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that he is neutral on gold ahead of the vote.

"I think it could potentially make a significant move depending on what happens this weekend in the U.K. If Parliament approves the recent UK-EU deal, confidence could improve and gold could decline," he said. "If Parliament rejects the deal and Brexit is delayed again, gold could hold steady. If Parliament rejects the deal and chaos ensues, uncertainty could spark a gold rally."

Even if Parliament does approve the proposed Brexit deal, Ashfin Nabavi, head of trading with MKS (Switzerland) S.A., said that investor angst won't be fading away anytime soon. He explained that there is still a lot of ambiguity about how the British economy will fair once it leaves the European Union. Economic weakness in the U.K. could then bleed into the E.U., which could impact the entire global economy.

"A lot of this uncertainty is turning into nightmares for some investors," he said. "We are in unchartered territory and it wouldn™t take much to push investors back into gold."

Navabi said that he is neutral on gold in the near-term but still sees potential for higher prices.

"I would prefer to trade the range from the long-side," he said. "I don™t want to be short in this market."

Kristina Hooper, chief market strategist at Invesco, said that she is neutral on prices as prices remain trapped in a range; however, she added that selling pressure is starting to build.

"There is a lot of geopolitical risks out there, and so I expect prices to ebb and flow with the news on geopolitical developments," she said. "However, yields have moved relatively higher in recent days, making the opportunity cost of owning gold to be higher and exerting downward pressure on gold prices."

Source: Kitco News

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POPULAR NEWS
Gold Inches Lower as Investors Seek Clarity on Virus Severity

Gold edged lower on Friday as investors sought details on the severity of the China virus after the World Health Organisation stopped short of announcing the outbreak as a global emergency. Spot gold fell 0.2% to $1,559.28 per ounce by 0748 GMT, but was on track to gain 0.2% for the week. U.S. gold futures slipped 0.4% to $1,559.30. Asian shares inched higher following the WHO statement on Thursday that the new China virus does not yet constitute an international emergency. However,...

Gold prices notch gains for the day and week as coronavirus fears intensify

Gold prices finish higher on Friday, ending at the highest settlement in about three weeks as a viral outbreak originating out of China continued to grow. February gold closed $6.50, or 0.4%, higher at $1,571.90 an ounce on Comex. The metal also marked a weekly gain of 0.4%. China has moved to restrict movement of some 46 million people in and out of cities near the center of the outbreak, while also canceling Lunar New Year events as the number of infections continued to rise. The virus...

European Stocks Open Higher as WHO Says No 'Global Emergency' Yet For China Virus

European stocks opened higher on Friday, looking to break a four-day losing streak after the World Health Organization (WHO) said the deadly Chinese coronavirus was not a œglobal emergency yet. The pan-European Stoxx 600 added 0.7% in early trade, basic resources rebounding 1.5% to lead gains as almost all sectors and major bourses entered positive territory. Following a torrid week for stocks on the back of fears over the spread of the new coronavirus, which has killed 25 people in...

Gold Edges Lower as Traders Assess China Virus Outbreak

Gold edged lower Friday as traders assessed the severity of a viral outbreak originating out of China a day after the World Health Organization said it was too early to declare a global emergency. Gold for February delivery on Comex fell $5.10, or 0.3%, to $1,560.30 an ounce, while March silver was up 13.1 cents, or 0.7%, at $17.96 an ounce. The yellow metal saw its highest close in more than two weeks on Thursday as the spread of the coronavirus triggered a selloff in global equities and...

Japanese Stocks Book Weekly Loss Amid China Virus Concerns

Japan™s stocks completed a weekly decline as the rising death toll from China™s coronavirus damped demand for riskier assets. Automakers and retail companies were the heaviest drags on the Topix index, with the yen little changed after a three-day gain against the dollar. China is rushing to halt the spread of a new coronavirus as the death toll rose to 25. Japanese Prime Minister Shinzo Abe said he would strengthen measures to tackle the virus and do everything possible to...

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