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POPULAR NEWS
Gold Rises as Brexit Turmoil Eclipses Jump in Equities

Gold futures rose for the third time in four sessions as the U.K.™s fallout over Brexit eclipsed a global stock market rally. The metal is heading for a fifth week of gains as the U.K. parliament is mired in turmoil surrounding the terms of leaving the European Union. Haven demand helped boost holdings in exchange-traded funds backed by bullion to a 13th straight gain and the highest since May. In the cash market, platinum, trading near a decade low, is near...

Gold Pulls Back From 2-Week High as $1,300 Mark Proves Elusive

Gold futures pulled back on Thursday from the nearly two-week high they settled at a day earlier, as the psychologically important $1,300 line remained elusive for another session. Gold for February delivery edged down by $1.50, or 0.1%, to settle at $1,292.30 an ounce. It settled Wednesday at an almost two-week high of $1,293.80, on the back of political turmoil in the U.K. and U.S. March silver also fell 10.2 cents, or 0.7%, to $15.536 an ounce on Thursday. Source : Marketwatch

Gold pauses as investors wave off geopolitical worries, snap up stocks

Gold futures struggled for direction Wednesday as investors waved off turmoil surrounding the U.K.'s plan to leave the European Union and continued to pile into equities, depriving the yellow metal of haven-related demand. Gold for February delivery was up $2, or 0.2%, at $1,290.40 an ounce, while March silver was off 4 cents, or 0.3%, to $15.58 an ounce. In other metals trading, April platinum rose 0.1% to $800.70 an ounce, while March palladium was up 1.2% to $1,292 an ounce. March copper...

Gold Drifts as Stocks Rise, Brexit Turmoil Continues

Gold lacked a clear direction, holding the tight range that it™s been stuck in so far this year, as investors weighed the U.K.'s fallout over Brexit against global stock market gains. Spot gold unchanged at $1,289.51/oz while Bloomberg Dollar Spot Index edged 0.1% up. Bullion rallied in the final month of 2018 on stock market turmoil and speculation the Federal Reserve would pause in raising rates, but has struggled to sustain momentum in January. The metal hasn™t breached...

USD/JPY opens Tokyo on 109 handle, but faltering at key resistance

USD/JPY has been better bid on the back of renewed optimism surrounding Brexit and global stocks. China announcing stimulus endeavours and with the market backing the notion that the UK will find a resolution to the deadlock in a hung parliament surrounding the Brexit plan has helped risk sentiment rally, supporting the upside in the pair. As far as the no-confidence vote went,  the victory of the vote following yesterday's humiliating defeat where PM May lost the 'meaningful vote' on...

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These 3 Drivers Will Support Gold In The Short-Term - ING
Tuesday, 22 May 2018 05:01 WIB | GOLD CORNER |Gold OutlookGold Corner

Even as gold continues to trade below $1,300, the œfundamental case for holding the yellow metal remains intact, said Dutch bank ING, listing three main drivers that will provide support to prices.

œWe look to physical demand, geopolitics, and inflation to provide support, ING commodities strategist Oliver Nugent said in a note published on Friday.

Gold prices closed the week below $1,300 an ounce for the first time this year, after posting the largest weekly decline since December 2017. The biggest drop was on Tuesday when the precious metal plunged more than 2%.

As Asian markets opened on Monday, spot gold on Kitco.com was trading at $1,290, down 0.12% on the day, while June Comex gold futures were last at $1,290.10, down 0.09% on the day.

ING said it doesn™t expect to see gold prices fall much further, but does project for the next couple of months to be dull before any significant rebound is seen.

œThings shouldn™t get much worse, but it will take time before we see improvement, Nugent said. œWe expect longer-term holders/consumers to build a floor for the yellow metal even if it remains shunned by active money managers hunting for more attractive near-term returns.

One of the signs that gold will hold its ground is ETF holdings, which increased to the highest level since 2013 and are showing little sign of liquidation after a drop in prices, Nugent added.

Another key aspect is ING™s forecast that the U.S. dollar is likely to reverse its rally later in the year, pressured down by uncertainties in the U.S.

œWe look to the flattening yield curve and burgeoning twin trade deficits against the looming catalyst of mid-year elections or nearer term trade spats that could highlight the US policy/political uncertainties and spell a reversal for the greenback, Nugent said. œAs the dollar eases, it will be game back on for our bullish gold view, given our expectations for inflation to pick up substantially this year.

Physical gold demand will also play a key role in boosting gold prices, according to ING.

œWe are under no illusion that rates and currencies direct gold above everything else, but the impact of a tightening physical market will play an increasing role to cushion these lows, noted Nugent.

Lackluster physical demand in the first quarter of the year was likely a temporary letdown, the strategist pointed out.

œThe World Gold Council estimated a 7% YoY decline for Q1 demand which was a decade low and led very much by the 12% collapse in India. However, as the WGC point out, Q1 Indian demand was temporarily hit by the fewer auspicious days in the quarter (days deemed lucky for weddings). There were only seven such auspicious days in Q1 compared to 33 for the rest of the year.

On top of that, there are some geopolitical issues that could come back and add support to gold prices, including North Korea negotiations and the EU-US trade standoff, Nugent added.

Source: Kitco News

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POPULAR NEWS
Gold Rises as Brexit Turmoil Eclipses Jump in Equities

Gold futures rose for the third time in four sessions as the U.K.™s fallout over Brexit eclipsed a global stock market rally. The metal is heading for a fifth week of gains as the U.K. parliament is mired in turmoil surrounding the terms of leaving the European Union. Haven demand helped boost holdings in exchange-traded funds backed by bullion to a 13th straight gain and the highest since May. In the cash market, platinum, trading near a decade low, is near...

Gold Pulls Back From 2-Week High as $1,300 Mark Proves Elusive

Gold futures pulled back on Thursday from the nearly two-week high they settled at a day earlier, as the psychologically important $1,300 line remained elusive for another session. Gold for February delivery edged down by $1.50, or 0.1%, to settle at $1,292.30 an ounce. It settled Wednesday at an almost two-week high of $1,293.80, on the back of political turmoil in the U.K. and U.S. March silver also fell 10.2 cents, or 0.7%, to $15.536 an ounce on Thursday. Source : Marketwatch

Gold pauses as investors wave off geopolitical worries, snap up stocks

Gold futures struggled for direction Wednesday as investors waved off turmoil surrounding the U.K.'s plan to leave the European Union and continued to pile into equities, depriving the yellow metal of haven-related demand. Gold for February delivery was up $2, or 0.2%, at $1,290.40 an ounce, while March silver was off 4 cents, or 0.3%, to $15.58 an ounce. In other metals trading, April platinum rose 0.1% to $800.70 an ounce, while March palladium was up 1.2% to $1,292 an ounce. March copper...

Gold Drifts as Stocks Rise, Brexit Turmoil Continues

Gold lacked a clear direction, holding the tight range that it™s been stuck in so far this year, as investors weighed the U.K.'s fallout over Brexit against global stock market gains. Spot gold unchanged at $1,289.51/oz while Bloomberg Dollar Spot Index edged 0.1% up. Bullion rallied in the final month of 2018 on stock market turmoil and speculation the Federal Reserve would pause in raising rates, but has struggled to sustain momentum in January. The metal hasn™t breached...

USD/JPY opens Tokyo on 109 handle, but faltering at key resistance

USD/JPY has been better bid on the back of renewed optimism surrounding Brexit and global stocks. China announcing stimulus endeavours and with the market backing the notion that the UK will find a resolution to the deadlock in a hung parliament surrounding the Brexit plan has helped risk sentiment rally, supporting the upside in the pair. As far as the no-confidence vote went,  the victory of the vote following yesterday's humiliating defeat where PM May lost the 'meaningful vote' on...

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