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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...

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CPM Group Sees Gold Averaging Near $1,300/Oz In 2019
Monday, 17 December 2018 21:58 WIB | GOLD CORNER |Gold OutlookGold Corner

CPM Group looks for gold prices to rise next year as the Federal Reserve slows its pace of U.S. interest-rate hikes, yet the consultancy does not expect the yellow metal to run away to the upside either since the economy will remain strong.

CPM Group looks for gold to get up to $1,300 an ounce in the first quarter and average $1,295 to $1,300 for the year, said Rohit Savant, director of research for the consultancy, in an interview with Kitco News.

Demand for gold should be strong in the first quarter due to seasonal factors, tied to buying around celebrations in key gold-consuming nations, he said. Further, he continued, the Fed is likely to signal some kind of slowing in the pace of interest-rate hikes in the U.S.

'That should be positive for the precious metals,' Savant said. 'But with all of that said, I don™t necessarily see precious metals going up very sharply.'

The consultancy's average gold forecast is a little more than 2% higher than for 2018, Savant said.

Gold should benefit in several ways if U.S. economic growth and monetary tightening slows, Savant explained. For starters, an end to rate hikes may stem the rise in the U.S. dollar, which helps gold since the metal moves inversely to the greenback.

'If interest rates are not going to go up as much as expected, that is going to weigh on the dollar,' he said. 'If U.S. growth slows, that will weigh on the dollar. We don't necessarily see the dollar declining very sharply, but these factors are headwinds for the dollar.'

Savant called for 'a little bit of weakness on the dollar, but not a whole lot.' For one thing, he pointed out, a number of other countries are still facing either political uncertainty or softer growth, which will keep their currencies from gaining rapidly on the greenback.

The stock market may be more sideways next year, which may also support gold and silver demand, Savant added.

So what will limit the upside?

'We still have an economy that's doing fine globally,' Savant said. While economic growth may slow, it will still remain healthy overall, he continued.

'That will hold down any safe-haven buying. We do expect it [gold] to go up. We just don't expect investors to go crazy buying gold next year.'

However, he continued, the pace of investor buying may very well pick up in 2020 and 2021.

Source: Kitco

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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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