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Gold Futures Score First Weekly Gain in a Month

Gold futures climbed Friday to tally a gain for the week, the first in four weeks, as geopolitical tensions remained high, boosting haven demand for the precious metal. President Donald Trump announced further sanctions on Iran. "The confrontation with Iran [is] still very real," said Jeff Wright, executive vice president of GoldMining Inc. "So you have safe-haven interest perking up into the weekend." Trump also said Friday that he didn™t need a trade deal with China before the 2020...

Gold ticks higher, set to snap streak of weekly declines

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Oil futures ended lower on Friday, but tallied a gain of almost 6% for the week, the largest such rise in three months. As the Saudis reveal the extent of damages from the attacks on oil facilities last weekend, "the market mood has shifted to questioning how quickly production can be restored," Manish Raj, chief financial officer at exploration and production firm Velandera Energy Partners, told MarketWatch. "We are familiar with the repair and maintenance processes in oilfield services, and...

Wall Street Falls as Trade Optimism Fizzles

Wall Street dropped on Friday after a Chinese agriculture delegation canceled a planned visit to Montana next week, dampening optimism about U.S.-China trade talks. The Dow Jones Industrial Average fell 160.19 points, or 0.59%, to 26,934.6, the S&P 500 lost 15.08 points, or 0.50%, to 2,991.71 and the Nasdaq Composite dropped 65.21 points, or 0.8%, to 8,117.67. Source : Reuters

Wall Street Gains On Stimulus Cues, U.S.-China Trade Progress

U.S. stocks ticked higher on Friday, as cues of easing monetary policy around the globe and signs of further co-operation on Sino-U.S. trade talks kept the S&P 500 within 1% of a record high. China cut its new one-year benchmark lending rate for the second month in a row, days after the Federal Reserve and the European Central Bank reduced borrowing costs and left the door open for further monetary stimulus. The S&P 500 and Nasdaq were set to end the week little changed after a rough...

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Wall St, Main St. Look For Still-Higher Gold Prices
Monday, 17 June 2019 14:43 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold hit its highest levels in more than a year on Friday, and Wall Street and Main Street look for the momentum to continue this week, based on the weekly Kitco News gold survey.

The metal has been underpinned by continuing trade tensions between the U.S. and its partners, resulting in worries about an economic slowdown that in turn has market participants looking for a rate cut from the U.S. Federal Open Market Committee before the end of the summer. Attacks on a pair of tankers in the Middle East prompted additional buying. And whenever markets break higher, they generate technical-chart momentum.

Twenty-two market professionals took part in the Wall Street survey. A total of 16 voters, or 73%, called for gold to rise. There were three votes each, or 14%, for either lower or sideways/neutral.

Meanwhile, 558 respondents took part in an online Main Street poll. A total of 389 voters, or 70%, called for gold to rise. Another 122, or 22%, predicted gold would fall. The remaining 47 voters, or 8%, saw a sideways market.

In the last survey, Main Street and Wall Street were both bullish. As of 11 a.m. EDT on Friday, they were right, with Comex August gold futures were trading up 0.4% for the week so far at $1,351.40 an ounce. The contract traded as high as $1,362.20 an ounce, its highest level since April 2018.

"With the tensions escalading between Iran and the U.S. as well as all the tariffs on and off, I think gold has a good potential to see new highs," said Afshin Nabavi, head of trading at MKS. "This week, [the] FOMC will have a meeting on Wednesday¦and the market thinks they may want to cut interest rates."

Richard Baker, editor of the Eureka Miner's Report, commented that not only has gold benefited from its role as a safe haven, but real interest rates remain suppressed given high demand for U.S. Treasury notes, which he noted is a bullish development for non-interest-bearing assets like gold.

"As oil prices have fallen on weakening demand, gold has proved resilient and, more recently, on the move higher," Baker said. "A gold price model based on Brent [crude], 10-year real rates, [the] euro and Japanese yen demonstrates high fidelity since early March. That model suggests that Comex gold should return to Friday morning's highs closing above $1,360 per ounce this week. Silver should follow above the $15-per-ounce level."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also said higher. "Importantly, sentiment seems to be changing, and so bullish factors are starting to be reflected in the price," Day said.

Jim Wyckoff, senior technical analyst with Kitco News, said he looks for gold to keep rising since the charts turned more bullish.

"Gold is in a solid bull market," said Phil Flynn, senior market analyst with at Price Futures Group. "Increased geopolitical risks as well as concerns about the global economy will give gold a bid. More talk of a slower global economy will have investors looking at gold as a hedge."

Mark Leibovit, publisher of VR Metals/Resource Letter, said the seasonal low is "behind us" and "an attack at $1,370 in the gold is in the near-term horizon."

Meanwhile, Ole Hansen head of commodity strategy at Saxo Bank, said he is short-term bearish on gold, citing the risk that the Federal Reserve does not prepare markets for a July rate cut. However, he added that he would look to buy dips as weak economic data point to a slower U.S. economy and will prompt the Fed to eventually cut rates.

David Madden, market analyst at CMC markets, also described himself as bearish, not expecting the Fed to set the stage for a July rate cut.

"Some traders are getting ahead of themselves in many different markets, not just gold," he said. "If the Fed doesn™t tee up a rate cut for July, then that would cause sentiment to dramatically shift."

Two participants said they are neutral-sideways camp.

"I am neutral on gold for this week because I think it could potentially stage big moves in both directions in the coming days," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "While gold is breaking out last Friday, if the Fed is not as dovish this week as some on the Street seem to be hoping, the U.S. dollar could bounce back."

Neil Mellor, currency strategist at Bank of New York Mellen, also said he is neutral on gold and the U.S. dollar, as he expects the Federal Reserve strikes a neutral note and rate-cut expectations get pushed to later in the year.

Source: Kitco News

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POPULAR NEWS
Gold Futures Score First Weekly Gain in a Month

Gold futures climbed Friday to tally a gain for the week, the first in four weeks, as geopolitical tensions remained high, boosting haven demand for the precious metal. President Donald Trump announced further sanctions on Iran. "The confrontation with Iran [is] still very real," said Jeff Wright, executive vice president of GoldMining Inc. "So you have safe-haven interest perking up into the weekend." Trump also said Friday that he didn™t need a trade deal with China before the 2020...

Gold ticks higher, set to snap streak of weekly declines

Gold prices inched higher Friday but gains were capped by a rise in bonds yields and stocks. However, bullion's trade over the past five sessions puts it on pace to break out of a weekly skid of three consecutive weekly losses. Gold for December delivery on Comex was up 80 cents, or less than 0.1%, at $1,507 an ounce, after retreating 0.6% on Thursday. For the week, the yellow metal is on track for a 0.5% gain based on last Friday's closing price, which would halt three consecutive weekly...

U.S. Oil Prices Up 6% For The Week, Biggest Weekly Gain in 3 Months

Oil futures ended lower on Friday, but tallied a gain of almost 6% for the week, the largest such rise in three months. As the Saudis reveal the extent of damages from the attacks on oil facilities last weekend, "the market mood has shifted to questioning how quickly production can be restored," Manish Raj, chief financial officer at exploration and production firm Velandera Energy Partners, told MarketWatch. "We are familiar with the repair and maintenance processes in oilfield services, and...

Wall Street Falls as Trade Optimism Fizzles

Wall Street dropped on Friday after a Chinese agriculture delegation canceled a planned visit to Montana next week, dampening optimism about U.S.-China trade talks. The Dow Jones Industrial Average fell 160.19 points, or 0.59%, to 26,934.6, the S&P 500 lost 15.08 points, or 0.50%, to 2,991.71 and the Nasdaq Composite dropped 65.21 points, or 0.8%, to 8,117.67. Source : Reuters

Wall Street Gains On Stimulus Cues, U.S.-China Trade Progress

U.S. stocks ticked higher on Friday, as cues of easing monetary policy around the globe and signs of further co-operation on Sino-U.S. trade talks kept the S&P 500 within 1% of a record high. China cut its new one-year benchmark lending rate for the second month in a row, days after the Federal Reserve and the European Central Bank reduced borrowing costs and left the door open for further monetary stimulus. The S&P 500 and Nasdaq were set to end the week little changed after a rough...

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