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Gold futures end lower for session, cling to weekly gain

Gold futures prices settled fractionally lower Friday although maintained a weekly gain. A decline for the leading dollar index boosted the metal, with gains held in check by a rebound for the U.S. stock market. December gold fell $1.00, or 0.1%, to $1,229.10 an ounce. The contract was up nearly 0.6% for the week after trading as high as $1,231 earlier in the week, its loftiest since July, according to FactSet data. Marketwatch

Gold Set for Longest Run of Weekly Gains Since January

Gold is heading for a third straight week of gains, the longest stretch since January, amid renewed interest in the precious metal as a safe haven. Volatility in equity markets and tensions in the Middle East have spurred demand for bullion, with holdings in exchange-traded funds backed by the metal expanding to the highest level in more six weeks. Concerns about the economy were further fueled by a JPMorgan Chase model indicating that the chance of the U.S. tipping...

Mega Millions Lottery Jackpot Inching Toward $1 Billion

Americans have a chance -- a very slight chance -- when the Mega Millions lottery numbers are picked Friday night. The jackpot has been building since the last winning set of numbers was drawn in July and has climbed to an astounding $970 million and could exceed the billion-dollar mark by the time all tickets are sold. Meantime, the jackpot for another lottery called Powerball stands at $430 million for a lucky winner in Saturday™s drawing. The odds of winning either game are about 1 in...

Shanghai Stocks Rally after Supporting Remarks

Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country's troubled markets. The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower. The Shenzhen Composite Index, which tracks stocks on China's second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but...

European markets close flat as Brussels looks to reduce tensions with Italy

European stocks pared earlier losses on Friday after Europe's economy commissioner said no decision had yet been taken on Italy's controversial budget plan. The pan-European Stoxx 600 ended a shade lower, 0.06 percent down as Friday's closing bell rang. In terms of country performance, the FTSE 100 in the U.K., the Swiss SMI, Spain's IBEX were all higher, while France's CAC 40, Germany's DAX and Italy's FTSE MIB pared losses but finished lower. Auto stocks was the worst-performing sector...

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Wall, Main St. See Price Recovery
Monday, 7 May 2018 07:57 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street both look for gold to continue its recovery this week, based on the Kitco News weekly gold survey.

Comex June gold last week fell as far as $1,302.30 an ounce, its weakest level of the year. Since, however, prices have ticked higher again. One widely anticipated event that occurred last week was a Federal Open Market Committee meeting in which interest rates were left unchanged and policymakers did not signal materially more aggressive future tightening. Meanwhile, an April jobs report that showed less-than-forecast payroll gains of 164,000.

Eighteen market professionals took part in the survey. Twelve respondents, or 67%, called for gold prices to rise this week. Another four voters, or 22%, looked for gold to fall, while two, or 11%, called for a sideways market.

Meanwhile, 809 voters responded in an online Main Street survey. A total of 557 respondents, or 69%, predicted that gold prices would be higher this week. Another 183 voters, or 23%, said gold will fall, while 69, or 9%, see a sideways market.

The smaller-than-forecast rise in April nonfarm payrolls should bode well for gold, says Phil Flynn, senior market analyst with Price Futures Group. œEven though the overall jobless rate went down [to 3.9%], the headline weakness should allay fears the Federal Reserve will be more aggressive on interest rates in the future, Flynn said.

Further, he added, geopolitical worries are likely to impact markets, particularly whether the U.S. backs out of the nuclear accord with Iran.

George Gero, managing director with RBC Wealth Management, looks for gold to rise, with a potential trade war once again impacting markets. œWe™re past the major worries we had with the Fed and jobs report, Gero said.

Jim Wyckoff, senior technical analyst with Kitco, looks for gold to trade higher since œit appears strong support at $1,300 is holding.

Meanwhile, Kevin Grady, president of Phoenix Futures and Options LLC, is one of the respondents who are bearish, citing gold™s break this week to a new low for the year and also the fact that prices remain just under the 200-day moving average. Expectations for higher U.S. interest rates will keep the market in check, he said. Grady also pointed to recent peaceful rhetoric on the Korean Peninsula, which takes away some safe-haven demand.

œWe™re going to see some new shorts [bearish positions] coming into the market, Grady predicted.

Richard Baker, editor of the Eureka Miner Report, looks for gold to test the bottom end of its trading range.

œBarring a political/geopolitical shock, it is unlikely that the yellow metal will sustain rally against a rising U.S. dollar, which made a new high for the year after the weaker-than-expected nonfarm payroll report, he said.

Baker later added: œOn a positive, it appears the march of higher U.S. interest and inflation rates has stalled given comments by the Federal Reserve on inflation and an economy that added fewer jobs than expected. Rising U.S. deficits will establish a floor for gold prices, and it is likely that prices will stay in a range above $1,300 per ounce.

Colin Cieszynski, chief market strategist at SIA Wealth Management, is neutral unless gold breaks out of its trading range.

œI remain neutral on gold for this week as it remains in the $1,300-$1,360 range, he said. œHowever, USD [U.S. dollar] is climbing despite soft payrolls, so if gold breaks $1,300 I would turn bearish.

Source: Kitco News

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POPULAR NEWS
Gold futures end lower for session, cling to weekly gain

Gold futures prices settled fractionally lower Friday although maintained a weekly gain. A decline for the leading dollar index boosted the metal, with gains held in check by a rebound for the U.S. stock market. December gold fell $1.00, or 0.1%, to $1,229.10 an ounce. The contract was up nearly 0.6% for the week after trading as high as $1,231 earlier in the week, its loftiest since July, according to FactSet data. Marketwatch

Gold Set for Longest Run of Weekly Gains Since January

Gold is heading for a third straight week of gains, the longest stretch since January, amid renewed interest in the precious metal as a safe haven. Volatility in equity markets and tensions in the Middle East have spurred demand for bullion, with holdings in exchange-traded funds backed by the metal expanding to the highest level in more six weeks. Concerns about the economy were further fueled by a JPMorgan Chase model indicating that the chance of the U.S. tipping...

Mega Millions Lottery Jackpot Inching Toward $1 Billion

Americans have a chance -- a very slight chance -- when the Mega Millions lottery numbers are picked Friday night. The jackpot has been building since the last winning set of numbers was drawn in July and has climbed to an astounding $970 million and could exceed the billion-dollar mark by the time all tickets are sold. Meantime, the jackpot for another lottery called Powerball stands at $430 million for a lucky winner in Saturday™s drawing. The odds of winning either game are about 1 in...

Shanghai Stocks Rally after Supporting Remarks

Shanghai stocks rebounded from early losses to surge more than two percent Friday after top economic officials made rare coordinated statements aimed at shoring up investor confidence in the country's troubled markets. The benchmark Shanghai Composite Index jumped 2.58 percent, or 64.05 points, to 2,550.47 but it still finished the week 2.1 percent lower. The Shenzhen Composite Index, which tracks stocks on China's second exchange, also gained 2.58 percent, or 31.80 points, to 1,263.81 but...

European markets close flat as Brussels looks to reduce tensions with Italy

European stocks pared earlier losses on Friday after Europe's economy commissioner said no decision had yet been taken on Italy's controversial budget plan. The pan-European Stoxx 600 ended a shade lower, 0.06 percent down as Friday's closing bell rang. In terms of country performance, the FTSE 100 in the U.K., the Swiss SMI, Spain's IBEX were all higher, while France's CAC 40, Germany's DAX and Italy's FTSE MIB pared losses but finished lower. Auto stocks was the worst-performing sector...

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