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POPULAR NEWS
Gold Futures Fall Sharply for The Session, Climb for The Month

Gold futures fell sharply on Tuesday, but scored a gain for month against a backdrop of ongoing worries about the spread of the coronavirus and overall losses in the stock market. June gold fell $46.60, or 2.8%, to settle at $1,596.60 an ounce. The contract, which is now the most active, was up 1.6% from its finish at $1,571.80 on Feb. 28, according to FactSet data. Source : Marketwatch

Gold Futures Settle Lower for a Second Session

Gold futures fell Monday for a second session, pressured as U.S. benchmark stock indexes climbed and the dollar strengthened. "Gold has been the answer to needed cash for the most part," said George Gero, managing director at RBC Wealth Management, following the record coronavirus-led retreat in the stock market. June gold fell $10.90, or 0.7%, to settle at $1,643.20 an ounce. The contract, which is now the most active, posted a loss of 0.4% on Friday. Source : Marketwatch

Gold Rose As Virus-Led Growth Fears Spur Safety Buying

Gold prices rose on Monday as investors sought safe havens amid fears over growing economic damage from the coronavirus after governments extended lockdowns to curtail its spread. Spot gold was up 0.3% at $1,621.89 an ounce. U.S. gold futures edged 0.1% higher to $1,625.70. Investors appetite for riskier assets remained weak as fears mounted that the global coronavirus shutdowns could last for months, sending European shares lower for a second straight session and oil prices to their weakest...

Gold Prices Slip After Big Weekly Gains

Gold prices slipped on Monday in Asia after recording their biggest weekly gains since 2008. Gold futures were down by 0.1% at $1,652.50 by 9:34 PM ET (2:34 GMT), after almost reaching the $1,700 mark last week amid fears about the economic impact damage from the pandemic. The Asian stock markets, which usually move in directions opposite to gold, also fell today. The COVID-19 pandemic continues to show no signs of abating as the World Health Organization said that there are now 638,146...

Gold Gains as Virus-Led Growth Fears Spur Safety Buying

Gold prices edged higher on Monday as investors sought safe havens, with fears about the economic damage from the coronavirus intensifying after governments extended lockdowns to curtail its spread. Spot gold was up 0.3% at $1,621.60 per ounce by 0941 GMT, while U.S. gold futures gained 0.3% to $1,629.30. Investors™ appetite for riskier assets remained weak as fears mounted that the global coronavirus shutdowns could last for months, sending European shares lower for a second straight...

Gold Prices To Stay Healthy Amid Continuing Virus Worries
Monday, 17 February 2020 15:49 WIB | GOLD CORNER |Gold CornerGold Outlook

Voters in the weekly Kitco gold survey are bullish on the metal this week, citing gold's ability to hold up even when the dollar and equities strengthen, technical factors and ongoing worries about how the coronavirus could impact the global economy.

Seventeen market professionals took part in the Wall Street survey. Eleven, or 65%, called for gold to rise. There was one vote, or 6%, saying gold would fall, and five, or 29%, calling for a sideways market.

Meanwhile, 726 votes were cast in an online Main Street poll. A total of 472 voters, or 65%, looked for gold to rise in the this week. Another 148, or 20%, said lower, while 106, or 15%, were neutral.

Richard Baker, editor of the Eureka Miner's Report, looks for the coronavirus outbreak to get worse, suggesting that gold "will regroup to $1,590 this week with its eyes on breaking the $1,600 level." He added that he sees silver rising to around $17.85 an ounce.

"Is it a pandemic? Nobody knows for sure," Baker said. "Coronavirus infections are being recounted to the upside in China, and the death toll continues to rise. This is an economic and viral shock to the world that is hard to quantify. That uncertainty alone underpins a range for safe-haven gold -- a solid floor around $1,500 per ounce and the mercurial $1,600 level above -- at least for the near term. If China's growth falls to just several percent and supply chains are disrupted for months, the upper level for gold could be much higher, perhaps $1,800."

Charlie Nedoss, senior market strategist with LaSalle Futures Group, said he is short-term bullish on gold as long as the April futures remain above the 10-day moving average of $1,572.08 and 20-day of $1,573.75. He also pointed out that the metal has made higher highs and higher lows the last two days.

"It's doing this all with a stronger dollar [for most of February]," he continued. Normally a muscular greenback hurts gold.

Phillip Streible, chief market strategist with Blue Line Futures, also said higher. Should gold top $1,590, it could climb to $1,600 quickly, he said.

"With equities making new highs and the dollar pushing up as well, gold futures are continuing to hold and are gathering some strength," Streible said. "It's a nice set-up for coming into this week."

Bob Haberkorn, senior commodities broker with RJO Futures, said gold may test $1,600 an ounce.

"Equities are ¦ strong, but [investors] are a little nervous about the coronavirus¦.I think that alone will keep gold strong," Haberkorn said.

"At the end of the day, gold is moving higher because of [accommodative] central banks. That's the main reason. The coronavirus is an added thing to push it higher."

Mark Leibovit, publisher of VR Metals/Resource Letter, said he is bullish but added that the "cycle high warrants caution."

Meanwhile, Sean Lusk, co-director of commercial hedging with Walsh Trading, was the survey participant expecting a pullback in gold prices, citing seasonal factors and potential for profit-taking by the bulls.

"The second part of February into March “ from a seasonal perspective “ is usually pretty weak for gold, and we see some pullbacks," Lusk said. "The reason is that you're past the Chinese Lunar New Year holiday. You are past Valentine's Day. You're past some traditional physical-buying time periods."

Still, he said, any pullback could be minor, as past price dips have been bought. Further, if the coronavirus situation worsens and spreads to other countries, prompting a big sell-off in stocks, investors may turn back to gold as a safe haven.

Kevin Grady, president of Phoenix Futures and Options LLC, is one of the survey participants who is neutral on gold prices for this week.

"I think that the news coming out of China regarding the coronavirus is putting some pressure on the stock market and giving a bid to metals prices," he said. "That being said, I do not see gold running up on the news.

"Also, stocks have been getting hit on Fridays the past few weeks and I expect today to be more of the same, especially due to the [three-day U.S. Presidents Day] holiday weekend. The fear is that there will be worse news on the virus over the weekend with the markets closed. Gold has been the beneficiary of the weekend hedging."

Source: Kitco News

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POPULAR NEWS
Gold Futures Fall Sharply for The Session, Climb for The Month

Gold futures fell sharply on Tuesday, but scored a gain for month against a backdrop of ongoing worries about the spread of the coronavirus and overall losses in the stock market. June gold fell $46.60, or 2.8%, to settle at $1,596.60 an ounce. The contract, which is now the most active, was up 1.6% from its finish at $1,571.80 on Feb. 28, according to FactSet data. Source : Marketwatch

Gold Futures Settle Lower for a Second Session

Gold futures fell Monday for a second session, pressured as U.S. benchmark stock indexes climbed and the dollar strengthened. "Gold has been the answer to needed cash for the most part," said George Gero, managing director at RBC Wealth Management, following the record coronavirus-led retreat in the stock market. June gold fell $10.90, or 0.7%, to settle at $1,643.20 an ounce. The contract, which is now the most active, posted a loss of 0.4% on Friday. Source : Marketwatch

Gold Rose As Virus-Led Growth Fears Spur Safety Buying

Gold prices rose on Monday as investors sought safe havens amid fears over growing economic damage from the coronavirus after governments extended lockdowns to curtail its spread. Spot gold was up 0.3% at $1,621.89 an ounce. U.S. gold futures edged 0.1% higher to $1,625.70. Investors appetite for riskier assets remained weak as fears mounted that the global coronavirus shutdowns could last for months, sending European shares lower for a second straight session and oil prices to their weakest...

Gold Prices Slip After Big Weekly Gains

Gold prices slipped on Monday in Asia after recording their biggest weekly gains since 2008. Gold futures were down by 0.1% at $1,652.50 by 9:34 PM ET (2:34 GMT), after almost reaching the $1,700 mark last week amid fears about the economic impact damage from the pandemic. The Asian stock markets, which usually move in directions opposite to gold, also fell today. The COVID-19 pandemic continues to show no signs of abating as the World Health Organization said that there are now 638,146...

Gold Gains as Virus-Led Growth Fears Spur Safety Buying

Gold prices edged higher on Monday as investors sought safe havens, with fears about the economic damage from the coronavirus intensifying after governments extended lockdowns to curtail its spread. Spot gold was up 0.3% at $1,621.60 per ounce by 0941 GMT, while U.S. gold futures gained 0.3% to $1,629.30. Investors™ appetite for riskier assets remained weak as fears mounted that the global coronavirus shutdowns could last for months, sending European shares lower for a second straight...

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