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Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

Gold Prices Edge Higher as Market Awaits Labor-Market Update

Gold futures inched higher Thursday ahead of employment data in the U.S. that could influence trading in the precious commodity, a day after hope for a vaccine and a rally in stocks eroded appetite for the haven metal. Economists polled by MarketWatch estimate that 3.7 million jobs were created in June, with some estimates ranging as high as 8 million. Meanwhile, a weekly report on individuals seeking unemployment insurance weekly is estimated to show that 1.4 million people sought such...

Gold Prices Expected To Maintain Upward Momentum
Monday, 24 February 2020 11:05 WIB | GOLD CORNER |Gold CornerGold Outlook

Gold has enormous upward momentum at the moment, and that left participants in the weekly Kitco gold survey overwhelmingly expecting prices to keep rising this week due to the combination of  chart-based momentum and ongoing worries about the coronavirus outbreak.

The metal soared to a seven-year high on last Friday, fueled by the continued spread of the virus around the world and prompting worries this will dent economic growth. Some observers also cited expectations for continuing soft monetary policy in the U.S. and elsewhere.

Early last week, many participants in a range of markets took the "ostrich approach" “ sticking their head in the sand and not worrying about the outbreak, said Charles Nedoss, senior market strategist with LaSalle Futures Group. But as the week wound down, risk sentiment was dinged and gold took off.

"It seems like it [the virus] is getting worse," Nedoss said. "It showed up in Korea and Japan. You're hearing more talk of it hitting the economy “ obviously travel and tourism."

A major technology company “ Apple Inc. “ last week issued a warning that sales will fall short of its forecast for the current quarter since the virus has weakened both production and demand in China.

April gold generated technical follow-through last week when the metal broke above the previous high for the year of $1,619.60 hit back on Jan. 8, when the worry was that the U.S. and Iran might go to war.

"We've got a trend going," said John Weyer, co-director of commercial hedging with Walsh Trading. "I don't see anything that's going to stop it."

Of course, a contrarian would say when expectations in any market are this one-sided, all of the potential near-term buying or selling may have already occurred, meaning the market could end up going the other way.

Fifteen market professionals took part in the Wall Street survey. Fourteen, or 93%, called for gold to rise. Only one voter, or 7%, called for prices to fall, while nobody was neutral.

Meanwhile, 1,121 votes were cast in an online Main Street poll. A total of 820 voters, or 73%, looked for gold to rise in the this week. Another 192, or 17%, said lower, while 109, or 10%, were neutral.

"I am bullish for this week," said Kevin Grady, president of Phoenix Futures and Options LLC. "Gold's rally is quite impressive, especially in the face of a surging U.S. dollar. The coronavirus statistics coming out of China are getting worse. Until we start to see the tide turn, gold should hold a bid."

Phil Flynn, senior market analyst with at Price Futures Group, commented that gold is in "breakout mode," thus, he sees more gains ahead.

"Gold has gotten a boost because China continues to take measures to stimulate the economy and shield it from the coronavirus," Flynn said. "Also, the doomsday-buying effect is also in play as the coronavirus is causing some real fear and conspiracy theories."

Afshin Nabavi, head of trading with MKS, said gold is now poised to run higher toward $1,650 and $1,675. However, he added, "a bit of correction to the downside would be healthy" for the gold market.

Richard Baker, editor of the Eureka Miner's Report, said gold likely "will march inexorably towards $1,800" since "we haven't seen the worst from the coronavirus." He listed a target of $1,680 for Comex gold this week.

"As gold hits seven-year highs, it is interesting to note the Japanese yen has weakened to levels not seen since April 2019," Baker said. "Coronavirus cases in Japan have essentially removed its currency from safe-haven status¦.As a consequence, the lustrous metal and U.S. Treasurys have become the global safe-haven of choice as 10-year yields approach the September lows of last year during the U.S.-China trade negotiation brouhaha."

Jim Wyckoff, senior technical analyst with Kitco, said the gold market's technical posture "turned more bullish last week" and the coronavirus impact on global economy "is perceived to be getting worse."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also said higher.

"It's not only concern about [the] coronavirus, but investors are increasingly looking for some insurance, including against a volatile stock market," he said.

Source: Kitco News

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POPULAR NEWS
Gold settles with a gain for the session and shorter week

Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous...

Oil futures end higher, with U.S. prices at their highest since March

Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up...

Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data

Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data. Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida™s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony...

Oil Set for Weekly Gain With Economic Optimism Outweighing Virus

Oil slipped Friday but remained on track for a weekly gain as aggressive supply cuts and better-than-expected U.S. economic data overshadowed a surge in coronavirus cases in the world™s largest economy. Futures in New York fell toward $40 a barrel in Asian trading, but are still up almost 5% for the week. Crude rose along with broader markets on Thursday as data showed a rebound in the U.S. jobs market accelerated in June. That came after American crude stockpiles fell by the most...

Gold Prices Edge Higher as Market Awaits Labor-Market Update

Gold futures inched higher Thursday ahead of employment data in the U.S. that could influence trading in the precious commodity, a day after hope for a vaccine and a rally in stocks eroded appetite for the haven metal. Economists polled by MarketWatch estimate that 3.7 million jobs were created in June, with some estimates ranging as high as 8 million. Meanwhile, a weekly report on individuals seeking unemployment insurance weekly is estimated to show that 1.4 million people sought such...

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