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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 Prices Settle at a More Than 6-Year High

Gold futures climbed Wednesday to settle at their highest since May 2013, finding support from weakness in the dollar and expectations that the Federal Reserve will cut key interest rates later this month. "The dollar has eased back a little...allowing buck-denominated gold and silver to break further higher," said Fawad Razaqzada, technical analyst at Forex.com. "As well as a weaker dollar, these precious metals have found support from safe haven flows amid weakness on Wall Street, where...

Oil Prices End Lower as U.S. Crude Supplies Fall Less Than Expected And Product Stocks Climb

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Dollar Held Back by Lower U.S. Yields, Rebound in Pound

The dollar nursed light losses on Thursday, weighed down by lower U.S. yields and a rebound in the pound from 27-month lows. The dollar index versus a basket of six major currencies was flat at 97.200 after shedding 0.2% the previous day. The index had climbed to a one-week peak of 97.444 the previous day on stronger-than-expected U.S. retail sales and a slump in sterling. But it nudged lower as Treasury yields fell in the wake of weak U.S. housing market data and concerns about the...

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