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Wall St., Main St. Expect Gold Prices To Remain Buoyant
Monday, 4 February 2019 21:59 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold to keep climbing this week, according to the Kitco News gold survey.

Many traders and analysts cited a dovish Federal Open Market Committee after a policy meeting this week, in which officials indicated they are pausing in the monetary-tightening cycle while awaiting more economic data. This tends to undermine the U.S. dollar, which helps gold. It also limits the so-called œopportunity cost of holding non-interest-yielding assets such as precious metals.

Wall Street voters remained bullish even in the aftermath of a strong U.S. jobs report on Friday that normally might hurt sentiment by rekindling rate-hike worries. The Labor Department said U.S. nonfarm payrolls rose by 304,000 in January.

Sixteen market professionals took part in the Wall Street survey. There were 10 votes, or 63%, calling for higher prices.  Two respondents, or 13%, said lower, while four, or 25%, said sideways.

Meanwhile, 561 respondents took part in an online Main Street poll. A total of 357 voters, or 64%, called for gold to rise. Another 135, or 24%, predicted gold would fall. The remaining 69 voters, or 12%, see a sideways market.

In the last survey, 72% of Wall Street and 47% of Main Street was bullish on gold.

Bob Haberkorn, senior commodities broker with RJO Futures, looks for gold to keep rising on ideas the Federal Reserve has paused its rate-hiking cycle. Previously, rate hikes had limited gold™s upside for the last two years, Haberkorn said.

œHe [Fed Chair Jerome Powell] said the Fed will have patience, Haberkorn said. œThey will be in no hurry to raise rates again¦.The dollar is getting softer [as a result]. That will help gold out.

Colin Cieszynski, chief market strategist at SIA Wealth Management, also said he is bullish. œWith the Fed apparently pausing its rate-hike program, U.S. Treasury yields have come down and so has the U.S. dollar, removing a headwind from gold, he said. œMeanwhile, ongoing political and/or economic turmoil in Venezuela, Europe, China and elsewhere may continue investor interest in safe-haven plays like gold.

Peter Hug, global trading director with Kitco Metals, said he remains œconstructive, but adds that œwith the Chinese holiday this week, we may see a more balanced tone to the market.

Meanwhile, Ole Hansen, head of commodity strategy at Saxo Bank, said it™s time for gold to consolidate. He offered a œshort-term bearish view targeting $1,300.

George Gero, managing director with RBC Wealth Management, said he looks for range-bound prices next week as Chinese trade and tariff talks continue. Otherwise, œmostly everything [is] priced in for now, he adds.

Source: Kitco

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POPULAR NEWS
Gold Ends Higher as The U.S. Stock Market Pauses Its Rally

Gold futures ended higher on Wednesday, rebounding from their lowest levels of the year, as a rally in stocks that took two of the three main U.S. equity indexes to records cooled, providing support for the haven metal. However, a perky dollar ” hovering around its highest level in about 22 months ” kept prices for the metal off the session™s high. Gold for June delivery rose $6.20, or 0.5%, to settle at $1,279.40 an ounce. The most-active contract settled at its lowest levels since...

Gold Holds Gain as Investors Weigh Shaky Global Growth

Gold held an advance amid concerns about global growth and as investors assessed corporate earnings. South Korean gross domestic product unexpectedly contracted in the first quarter and markets are awaiting U.S. data that™s due on Friday. In Europe, key gauges of confidence in Germany and France unexpectedly deteriorated in a sign that a long-expected rebound may still be some way off. U.S. stocks retreated from a record. Spot gold -0.1% to $1,274.58/oz at...

Gold Prices Tally a Second Straight Gain But Hover Near Lows of The Year

Gold futures tallied back-to-back gains on Thursday, but found only modest support for the session against a backdrop of mixed trading in the U.S. stock market on the heels of the latest earnings reports and economic data. Gold for June delivery tacked on 30 cents, or 0.02%, to settle at $1,279.70 an ounce. The most-active contract settled at its lowest levels since about Dec. 26 on Tuesday, according to FactSet data, before a 0.5% rebound on Wednesday. May silver fell back by 3.7 cents, or...

U.S. Crude Falls on Inventory Build; Large Imports Hint at OPEC Ramp-Up

There's probably more OPEC oil already landing in the United States, regardless what the Saudis say, and the hedge funds may soon wise up to drive prices lower again. Oil prices slid on Wednesday after the U.S. Energy Information Administration reported that crude stockpiles in the country rose about five times more than expected last week. Imports grew the most since mid-March amid new momentum in the market's four-month long rally. New York-traded West Texas Intermediate crude settled down...

Stocks S&P, Nasdaq Slip as Falling Energy Stocks Weigh

The S&P 500 and Nasdaq fell Wednesday, a day after notching record highs, as falling energy stocks and mixed corporate earnings did little fuel further gains in the broader market. The S&P 500 fell 0.22% or 6.60 to 2,927.08 and the Nasdaq Composite lost 0.23% or 18.81 to 8,102.02. The Dow Jones Industrial Average slipped 0.23% or 59.34 to 26,597.05. Energy stocks led the decline as oil prices came under pressure after the Energy Information Administration reported a...

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