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Gold futures marks highest settlement since March 2013

Gold futures rallied on Tuesday to log their highest finish since late March 2013, with analysts attributing the rise to expectations for central bank stimulus as the spread of COVID-19 raised concerns about the global economy. April gold rose $17.20, or 1.1%, to settle at $1,603.60 an ounce. That was the highest most-active contract settlement since March 27, 2013, FactSet data show. Source : MarketWatch

Gold futures tally a fifth straight session climb

Gold futures climbed on Wednesday for a fifth consecutive session, marking another settlement at their highest since March 2013, with strength in U.S. equities failing to pressure prices for the haven metal. "I believe retail investors are pouring into equities, while institutional investors are a little more cautious and seeking safe haven exposure," said Jeff Wright, executive vice president of GoldMining Inc. April gold rose $8.20, or 0.5%, to settle at $1,611.80 an ounce, ahead of the...

Gold Scales Two-Week High as Coronavirus Hits Business

Gold climbed to a two-week high on Tuesday as investors sought safe havens after a revenue warning from iPhone maker Apple due to coronavirus, exacerbating fears of the outbreak's impact on global economic growth. Spot gold was up 0.4% at $1,587.06 per ounce, having earlier risen to its highest since Feb. 3 at $1,589.40. U.S. gold futures inched up 0.3% to $1,590.20. Gold is considered a hedge against risks from political and economic turmoil. Apple's warning that its sales would fall short...

Gold Holds Above $1,600 on Fears Over Economic Impact of Virus

Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic. Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall. Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to...

Oil settles unchanged, paring early losses

Oil prices were little changed on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market. Brent crude was up 8 cents at $57.75 per barrel. U.S. West Texas Intermediate crude futures settled unchanged at $52.05. Earlier in the session WTI fell to a session low of $51.15 per barrel. Though new cases of the coronavirus in mainland China have dipped, global experts said it was...

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Gold Ekes Out 1.3% Gains For Q1 2019
Monday, 1 April 2019 15:14 WIB | GOLD CORNER |Gold OutlookGold Corner

œPatience has been the latest mantra for gold investors as the yellow metal has struggled to find momentum while the first quarter of 2019 comes to a close.

Gold prices are looking to close in negative territory last week, ending a three-week winning streak. Despite a strong rally at the start of the new year, for the quarter, the yellow metal is eking out a modest gain, up 1.3%. June gold futures last traded at $1,297.70 an ounce.

According to analysts, although the precious metal is supported by falling bond yields, it continues to struggle against resilient strength in equity markets and the U.S. dollar; however, some analysts continue to look past near-term U.S. dollar strength as threats to the economy continue to build.

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that he expects weaker equity markets to signal an end to the dollar™s rally.

œWe expect last year's strong dollar performance to have marked a last gasp for the bull market, and for the greenback to remain near the bottom of 2019 performers, which is primarily supportive of metals, he wrote in a report Friday.

In a recent interview with Kitco News, Axel Merk, president and chief investment officer of Merk Investments said that a lot of the recent price action in gold can be chalked up to quarter-end positioning. He added that long-term, the recent drop in 10-year bond yields remains gold supportive.

Although gold could remain volatile in the near-term, Merk added that last week™s dovish move from the Federal Reserve, raises the risk for higher inflation pressures, another long-term positive factor for gold.

A Big Week For Economic Data

For some analysts, This week, which sees a full calendar of important economic reports, could set the tone for equities, the U.S. dollar and gold prices. Some of the important reports that will garner the most market attention include February™s retail sales numbers, March ISM PMI data, to be released Monday and March™s nonfarm payrolls report, to be released Friday.

œIf we see weak economic data come out next week then I would expect to see gold prices push higher on safe-haven flows, said Ross Strachan, senior commodity economist at Capital Economics. œAnything that will push equities lower will be the biggest factor for gold in the medium term.

Daniel Ghali, commodity strategist at TD Securities, said that he will be watching ISM manufacturing data closely as markets are laser-focused on growth expectations. Weak manufacturing data would add to growing growth fears.

œPoor data that highlights weak economic growth will reignite investors™ appetite for gold, he said.

However, not all analysts see weak economic data saving gold prices in the near-term. Some have noted that weak economic data could be seen as deflationary and as a falling tide lowers all boats, gold could suffer with equities and the U.S. dollar.

Do Technicals Support Higher Gold Prices

Other analysts are negative on the yellow metal as the price action has caused some technical chart damage.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that a lot of the economic data has been mixed, providing little direction for gold, but he added that it™s difficult to be bullish when traders look at the technicals.

œThe recent failure to retake $1,325 and subsequent [decline] appears to have carved out the right shoulder of a head-and-shoulders top and arrives at a time when gold is moving from its stronger season of the year into its weaker season of the year, which runs through to the late summer, he said.

Christopher Vecchio, senior currency strategist at DailyFX, said that he also doesn™t like gold™s technical short-term outlook. He added that the problem the gold market faces is that there is a growing disconnect between market expectations for an economic slowdown and what the data are showing.

œThe big first-quarter slowdown that many economists were anticipating may not transpire, he said. œLooking at the data this week, I don™t think we should expect to see a strong downturn in the numbers. That in turn will reduce the safe-haven appeal for gold.

Levels To Watch

Vecchio added that technically he sees signs that the near-term uptrend in gold has exhausted itself and the markets needs to recalibrate. In the near-term he said that he is watching an important retracement level at $1,286 an ounce as initial support.

Chris Beauchamp, market analyst at IG, said that a break below $1,285 an ounce, could push gold prices to $1,277 an ounce.

Source: KitcoNews

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POPULAR NEWS
Gold futures marks highest settlement since March 2013

Gold futures rallied on Tuesday to log their highest finish since late March 2013, with analysts attributing the rise to expectations for central bank stimulus as the spread of COVID-19 raised concerns about the global economy. April gold rose $17.20, or 1.1%, to settle at $1,603.60 an ounce. That was the highest most-active contract settlement since March 27, 2013, FactSet data show. Source : MarketWatch

Gold futures tally a fifth straight session climb

Gold futures climbed on Wednesday for a fifth consecutive session, marking another settlement at their highest since March 2013, with strength in U.S. equities failing to pressure prices for the haven metal. "I believe retail investors are pouring into equities, while institutional investors are a little more cautious and seeking safe haven exposure," said Jeff Wright, executive vice president of GoldMining Inc. April gold rose $8.20, or 0.5%, to settle at $1,611.80 an ounce, ahead of the...

Gold Scales Two-Week High as Coronavirus Hits Business

Gold climbed to a two-week high on Tuesday as investors sought safe havens after a revenue warning from iPhone maker Apple due to coronavirus, exacerbating fears of the outbreak's impact on global economic growth. Spot gold was up 0.4% at $1,587.06 per ounce, having earlier risen to its highest since Feb. 3 at $1,589.40. U.S. gold futures inched up 0.3% to $1,590.20. Gold is considered a hedge against risks from political and economic turmoil. Apple's warning that its sales would fall short...

Gold Holds Above $1,600 on Fears Over Economic Impact of Virus

Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic. Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall. Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10. U.S. gold futures were up 0.1% to...

Oil settles unchanged, paring early losses

Oil prices were little changed on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market. Brent crude was up 8 cents at $57.75 per barrel. U.S. West Texas Intermediate crude futures settled unchanged at $52.05. Earlier in the session WTI fell to a session low of $51.15 per barrel. Though new cases of the coronavirus in mainland China have dipped, global experts said it was...

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