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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 notches a third straight session gain, its second above $1,400

Gold futures climbed sharply on Monday, extending their streak of gains to a third consecutive session. Weakness in the U.S. dollar and 10-year Treasury yield, expectations for lower interest rates among global central banks, as well as geopolitical concerns continued to support haven demand for the precious metal. August gold rose $18.10, or 1.3%, to settle at $1,418.20 on Comex. Prices saw their highest most-active contract finish since August 28, 2013, according to FactSet data. Source :...

You Can't Be Anything But Bullish On Gold After $1,400 Breaks – Analysts

Patience has finally paid off for the gold bull, as demand for the precious metal has pushed prices to levels not seen in nearly six years. Although gold prices are off their highs after breaking above $1,400, the market is still seeing its best weekly gains in more than three years. August gold futures last traded at $1,393.70 an ounce, up nearly 4% since the previous Friday. According to it some analysts, gold's major breakout could be just the start of a long-awaited rally as investors...

Gold Prices Up as U.S.-Iran Conflict Fuels Safe-Haven Demand, Trades Above $1,400

Gold prices rose on Monday in Asia and traded above the key $1,400 level amid intensifying conflicts between the U.S. and Iran. Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.5% at $1,406.55per ounce by 12:38 AM ET (04:38 GMT). Prices of the yellow metal gained today as conflict in the Middle East reached new heights. Late last week, Iran shot down an American surveillance drone and accused the U.S. of incursion and spying over...

U.S. oil ends higher, but Brent falls as Trump administration announces additional Iran sanctions

Oil futures split two ways on Monday, with U.S. prices ending higher but global benchmark Brent crude posting a loss as the U.S. announced new sanctions on Iran. President Donald Trump on Monday signed an executive order imposing financial sanctions on Iranian leaders, according to pool reports from the White House. In Monday dealings, August West Texas Intermediate crude climbed by 47 cents, or 0.8%, to settle at $57.90 a barrel on the New York Mercantile Exchange. That was the highest...

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The U.S. dollar was near three-month lows on Monday after disappointing regional data and rising tensions between Iran and the U.S. The U.S. dollar index, which measures the greenback™s strength against a basket of six major currencies, was down 0.1% to 95.59 by 10:45 AM ET (14:45 GMT). The Dallas Fed manufacturing activity index for June came in weaker than expected at -12.1 compared to estimates for -1.0. The data confirm declining activity across other regions in the U.S., as the...

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