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Gold finishes lower as worries over China virus ebb

Gold futures ended with a modest loss on Wednesday, lacking support as some equities markets in Asia and the U.S. climbed and while commodities traders weighed the potential economic impact of an outbreak of a serious virus in China. Gold for February delivery on Comex lost $1.20, or 0.08%, to settle at $1,556.70 an ounce, while March silver added 2 cents, or 0.1%, to $17.828 an ounce following a 1.5% loss Tuesday. In other metals trading, March palladium rose 4.6% to $2,335.60 an ounce,...

Gold futures finish at their highest in more than 2 weeks

Gold futures settled at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S. stock market and a fall in bond yields, lifting the haven appeal of the precious metal. "Appetite towards the precious metal should remain supported by growing fears over the coronavirus outbreak in China," said Lukman Otunuga, senior research analyst at FXTM. "The general uncertainty is likely to accelerate the flight to safety with gold seen testing...

Gold Holds Steady On Central Bank Policy Expectations

Gold prices were little changed on Wednesday as technical support on expected dovish monetary policy from central banks offset revived appetite for riskier assets and an upbeat dollar. Spot gold was down 0.1% at $1,555.73 an ounce at 13:22 GMT. U.S. gold futures dipped 0.2% to $1,555.50. Investors will keep a close eye on the European Central Bank™s first policy meeting of the year on Thursday, while the Fed™s first meeting is scheduled for Jan. 28-29. Lower interest rates reduce the...

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Hong Kong shares recovered some of the previous day's sharp losses on bargain-buying Wednesday but traders remain on edge as they await developments linked to the deadly SARS -like virus that has spread from China. The Hang Seng index climbed 1.27 percent, or 355.71 points, to close at 28,341.04. The benchmark Shanghai Composite Index rose 0.28 percent, or 8.61 points, to 3,060.75 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.72 percent, or 13.07...

Hong Kong Stocks Sharply Down on Virus Fears (Review)

Hong Kong equities closed sharply lower on Thursday as investors took flight over the deadly SARS -like virus that has spread from China. The Hang Seng Index fell 1.52 percent, or 431.92 points, to end at 27,909.12. The benchmark Shanghai Composite Index losing 2.75 percent, or 84.23 points, to close at 2,976.53, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, tumbled 3.45 percent, or 62.79 points, to 1,756.82 at the finish. Source : AFP

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Little conviction in gold market as trade talks ebb and flow
Monday, 25 November 2019 11:27 WIB | GOLD CORNER |Gold CornerGold Outlook

Confusion and uncertainty dominates the gold market as traders and investors continue to react to shifting trade sentiment between China and the U.S.

The latest Kitco News Weekly Gold Survey shows Wall Street analysts nearly caught in a three-way tie, while only a slight majority of retail investors remain bearish on gold.

"One day a trade deal with China is on and then the next day it's off. This uncertainty is supporting gold but it's not enough to drive gold prices higher," said Afshin Nabavi, head of trading with MKS (Switzerland) SA.

Last week, 16 market professionals took part in the Wall Street survey. In a tie, five analysts or 31% said they see higher, and other five analysts saw a sideways market this week. Six analysts, or 38%, predicted gold would fall.

Meanwhile, 587 respondents took part in an online Main Street poll. A total of 292 voters, or 50%, called for gold to rise. Another 173, or 29%, predicted gold would fall. The remaining 121 voters, or 21%, saw a sideways market.

In the last survey, Main Street and Wall Street both proved to be wrong calling for higher prices in previous week's survey. As of 12:13 p.m. EST, December gold futures last traded at $1,463 an ounce, down 0.37% from the previous week.

According to most analysts, the main driver for gold in the near-term remains the ongoing trade dispute between China and the U.S.

Adam Button, managing director for Forexlive.com, said that he is bullish on gold.

"The timing is tricky but cracks are beginning to appear in the phase one trade deal and if it breaks down, that would be a major catalyst for gold," Button said.  Right now, the market has largely priced in a deal but even if there is a deal, it may be less than hoped."

However, on the other side, Button said that if the U.S. delays the Dec. 15 tariffs and there is progress made between the two countries, then gold prices would drop.

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also named the trade talks as the primary catalyst to push gold higher in the short term. But, he also noted that "wobbly global equity markets heading into year end could provide some support for gold.

Richard Baker, editor of the Eureka Miner Report, said that a top in equity markets could provide some momentum for gold this week.

"The S&P 500 made an all-time intraday high Tuesday (3,127.64). I believe it likely that this is a top for the time being so the prospects for gold moving higher on falling stocks are positive," he said.

Sean Lusk, co-director of commercial hedging with Walsh Trading, said that he is bearish on gold in the near-term as speculative interest remains high. He added that traders might shed some bullish bets this week ahead of the U.S. Thanksgiving holiday. He added that resilient strength in the U.S. dollar could also weigh on the yellow metal in the near-term.

Although he is bearish on gold in the short-term, Lusk added that even with the recent selling pressure, the market is still in a strong uptrend.

"There is still a strong sense of uncertainty and interest rates are still fairly negative and in that environment, you want a tangle asset like gold," he said.

Mark Leibovit, publisher of VR Metals/Resource Letter, said that he is also bearish on gold in the near-term but remains bullish long-term. He added that he sees the selloff running to mid-December with prices fall back to $1,400 an ounce.

Source: Kitco News

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POPULAR NEWS
Gold finishes lower as worries over China virus ebb

Gold futures ended with a modest loss on Wednesday, lacking support as some equities markets in Asia and the U.S. climbed and while commodities traders weighed the potential economic impact of an outbreak of a serious virus in China. Gold for February delivery on Comex lost $1.20, or 0.08%, to settle at $1,556.70 an ounce, while March silver added 2 cents, or 0.1%, to $17.828 an ounce following a 1.5% loss Tuesday. In other metals trading, March palladium rose 4.6% to $2,335.60 an ounce,...

Gold futures finish at their highest in more than 2 weeks

Gold futures settled at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S. stock market and a fall in bond yields, lifting the haven appeal of the precious metal. "Appetite towards the precious metal should remain supported by growing fears over the coronavirus outbreak in China," said Lukman Otunuga, senior research analyst at FXTM. "The general uncertainty is likely to accelerate the flight to safety with gold seen testing...

Gold Holds Steady On Central Bank Policy Expectations

Gold prices were little changed on Wednesday as technical support on expected dovish monetary policy from central banks offset revived appetite for riskier assets and an upbeat dollar. Spot gold was down 0.1% at $1,555.73 an ounce at 13:22 GMT. U.S. gold futures dipped 0.2% to $1,555.50. Investors will keep a close eye on the European Central Bank™s first policy meeting of the year on Thursday, while the Fed™s first meeting is scheduled for Jan. 28-29. Lower interest rates reduce the...

Hong Kong Stocks Bounce After Sell-Off (Review)

Hong Kong shares recovered some of the previous day's sharp losses on bargain-buying Wednesday but traders remain on edge as they await developments linked to the deadly SARS -like virus that has spread from China. The Hang Seng index climbed 1.27 percent, or 355.71 points, to close at 28,341.04. The benchmark Shanghai Composite Index rose 0.28 percent, or 8.61 points, to 3,060.75 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.72 percent, or 13.07...

Hong Kong Stocks Sharply Down on Virus Fears (Review)

Hong Kong equities closed sharply lower on Thursday as investors took flight over the deadly SARS -like virus that has spread from China. The Hang Seng Index fell 1.52 percent, or 431.92 points, to end at 27,909.12. The benchmark Shanghai Composite Index losing 2.75 percent, or 84.23 points, to close at 2,976.53, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, tumbled 3.45 percent, or 62.79 points, to 1,756.82 at the finish. Source : AFP

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