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POPULAR NEWS
Gold Futures Settle at a More Than 7-Year High

Gold futures climbed on Monday to settle at their highest in more than seven years. "Fiscal and monetary stimulus will provide a nice backdrop for gold, but safe-haven demand will be high due to upcoming financial stress that will persist over the coming months as the U.S. economy enters a very dangerous place," said Edward Moya, senior market analyst at Oanda, in a market update. June gold rose $48.20, or 2.9%, to settle at $1,693.90 an ounce. That was the highest finish for a most-active...

Gold Futures Finish Lower after Brief Climb Above $1,700

Gold futures finished lower on Tuesday, easing back after briefly climbing above $1,700 an ounce for the first time since late 2012. There was a "follow through short-squeeze" in gold prices early Tuesday following Monday's sharp gain, but that morning squeeze gave way to retracement "as gold became overbought on a near-term basis," said Tyler Richey, co-editor at Sevens Report Research. June gold fell by $10.20, or 0.6%, to settle at $1,683.70 an ounce after trading as high as $1,742.60. It...

Gold Rises More Than 1% as Coronavirus Hits Global Economies

Gold jumped more than 1% to a more than one-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal. Spot gold was up 1.1% at $1,634.95 per ounce by 0930 GMT, its highest since March 26. U.S. gold futures were up 1.2% at $1,665.40. The pandemic has infected more than a million people, killed over 68,000 and prompted countries to extend lockdowns to curb its spread, paralysing large swathes of the global...

Gold slips 1% as small signs of progress against coronavirus boost stocks

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism after there were tentative signs of progress against coronavirus outbreaks in some countries. Spot gold was down 0.5% at $1,653.25 per ounce by 1024 GMT after rising to a one-month high of $1,671.40. The metal had risen as much as 2.8% on Monday. Palladium was 2.3% higher at $2,203.36 per ounce after rising more than 3% in early trading. Platinum...

Gold slips from 4-week high as dollar, equities firm on coronavirus slowdown

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related death. Spot gold was down 0.2% at $1,657.67 per ounce, as of 01:10 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. U.S. gold futures rose 1.7% to $1,723. The dollar was holding close to a near two-week high scaled in the previous session. Source : Reuters

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Equity Market Rally Doesn't Dampen Sentiment In Gold Market
Monday, 10 February 2020 11:11 WIB | GOLD CORNER |Gold CornerGold Outlook

Voters in the weekly Kitco gold survey remain bullish on the metal, with Wall Street analysts continuing to cite expected safe-haven buying of the precious metal due to worries about the impact of the coronavirus on the global economy.

The stock market posted several rallies last week “ and gold dipped “ as investors at times shook off worries about the damage to the global economy from the coronavirus. Yet the issue hasn't gone away, with the World Health Organization now putting the death total in mainland China at 637, with more than 31,000 total cases.

"The virus impact cannot be ignored," said Ole Hansen, head of commodity strategy at Saxo Bank, who described himself as bullish on gold. He suggested that the full impact of any ensuing economic slowdown in China and abroad is not being fully priced into markets.

Twelve market professionals took part in the Wall Street survey. Eight, or 67%, called for gold to rise. There was one vote, or 8%, saying gold would fall, and three, or 25%, calling for a sideways market.

Meanwhile, 966 votes were cast in an online Main Street poll. A total of 570 voters, or 60%, looked for gold to rise in this week. Another 232, or 24%, said lower, while 164, or 17%, were neutral.

"It looks like it eventually wants to go up to the [recent] highs," said Daniel Pavilonis, senior commodities broker with RJO Futures. "If this coronavirus continues to become more and more of a [worrisome] situation, gold will continue to be bought up."

Phil Flynn, senior market analyst with at Price Futures Group, looks for gold to bounce after recently falling to the lower end of its trading range. The price slid earlier last week on hopes that the coronavirus might be contained quickly. But the most recent news reports overnight suggest that this might not be the case, he continued.

"That should keep people using gold as a safe haven," Flynn said.

Phillip Streible, chief market strategist with Blue Line Futures, said "I'm optimistic" on gold not only due to the coronavirus but a rise in the U.S. jobless rate. Nonfarm payrolls rose 225,000 last month, but the unemployment rate ticked up to 3.6% from 3.5% as more people entered the job market searching for work.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, added that market participants appear to be paying attention to the downward revisions in the jobs data. While nonfarm payrolls rose sharply last month, the tally for 2019 was revised downward by around one-half million.

"I think we found support around $1,560," Nedoss said. "I'm not looking for a huge rally, but I™m looking for a little bit of strength next week."

Jim Wyckoff, senior technical analyst with Kitco, also said higher.

"The gold market has shown keen resilience recently in the face of a rallying competing asset class “ equities," he said.

John Weyer, co-director of commercial hedging with Walsh Trading, was among those who see a sideways market.

"We had what looked to be good jobs numbers," Weyer said. œNormally, that's bearish for gold¦ but we still have this coronavirus stuff hanging over our heads, so you'll see a flight to quality there. On any other good economic news, you'll see [gold] down, so [gold will move] back and forth and I™m looking for sideways."

Source: Kitco News

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POPULAR NEWS
Gold Futures Settle at a More Than 7-Year High

Gold futures climbed on Monday to settle at their highest in more than seven years. "Fiscal and monetary stimulus will provide a nice backdrop for gold, but safe-haven demand will be high due to upcoming financial stress that will persist over the coming months as the U.S. economy enters a very dangerous place," said Edward Moya, senior market analyst at Oanda, in a market update. June gold rose $48.20, or 2.9%, to settle at $1,693.90 an ounce. That was the highest finish for a most-active...

Gold Futures Finish Lower after Brief Climb Above $1,700

Gold futures finished lower on Tuesday, easing back after briefly climbing above $1,700 an ounce for the first time since late 2012. There was a "follow through short-squeeze" in gold prices early Tuesday following Monday's sharp gain, but that morning squeeze gave way to retracement "as gold became overbought on a near-term basis," said Tyler Richey, co-editor at Sevens Report Research. June gold fell by $10.20, or 0.6%, to settle at $1,683.70 an ounce after trading as high as $1,742.60. It...

Gold Rises More Than 1% as Coronavirus Hits Global Economies

Gold jumped more than 1% to a more than one-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal. Spot gold was up 1.1% at $1,634.95 per ounce by 0930 GMT, its highest since March 26. U.S. gold futures were up 1.2% at $1,665.40. The pandemic has infected more than a million people, killed over 68,000 and prompted countries to extend lockdowns to curb its spread, paralysing large swathes of the global...

Gold slips 1% as small signs of progress against coronavirus boost stocks

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism after there were tentative signs of progress against coronavirus outbreaks in some countries. Spot gold was down 0.5% at $1,653.25 per ounce by 1024 GMT after rising to a one-month high of $1,671.40. The metal had risen as much as 2.8% on Monday. Palladium was 2.3% higher at $2,203.36 per ounce after rising more than 3% in early trading. Platinum...

Gold slips from 4-week high as dollar, equities firm on coronavirus slowdown

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related death. Spot gold was down 0.2% at $1,657.67 per ounce, as of 01:10 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. U.S. gold futures rose 1.7% to $1,723. The dollar was holding close to a near two-week high scaled in the previous session. Source : Reuters

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