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Gold futures finish higher, near 1-week high

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. The ICE U.S. Dollar Index was down 0.4% in Monday dealings, providing a boost to dollar-denominated gold prices.  August gold rose $3.50, or 0.2%, to settle at $1,793.50 an ounce. That was the highest settlement since June 30, when prices ended above $1,800 for the first time since September 2011. Source: Marketwatch

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.3 million. Mexico overtook France with the fifth-deadliest outbreak. Spot gold +0.2% to $1,776.01/oz at 8:10am in Singapore. Last week,...

Gold Rises Back Near $1,800 as U.S. Dollar Softens to Start July's First Full Week

Gold futures headed higher early Monday, supported in part by a weakening U.S. dollar, which was providing a runway for the commodity even as global stocks rallied. The U.S. dollar was off 0.5%, as measured by the ICE U.S. Dollar Index, a gauge of the buck against a half-dozen currencies. A weaker U.S. dollar can make assets priced in the currency more attractive to buyers using other monetary units. Against that backdrop, August gold rose $4.30, or 0.2%, at $1,794.50 an ounce, after the...

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.4 million. Mexico overtook France with the fifth-deadliest outbreak, while India™s coronavirus epidemic became the third...

Gold Holds Gain Amid Virus Resurgence, Weaker Dollar

Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the U.S. dollar slipped. The pace of new infections in Tokyo, Iran and elsewhere is raising concerns about a fresh wave. Australia™s two most-populous states will close their shared border from Tuesday night as authorities battle to contain a spike in cases. Any vaccine developed to ward off the novel...

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Gold Prices Expected To Shine As Governments Launch Stimulus
Monday, 6 April 2020 11:10 WIB | GOLD CORNER |Gold CornerGold Outlook

Gold is expected to keep rising from the mid-March lows, based on the weekly Kitco gold-price survey.

The expectation comes after the Federal Reserve recently launched open-ended quantitative easing and the U.S. quickly enacted a $2 trillion fiscal-stimulus effort in response to the COVID-19 pandemic and its impact on employment. Other countries are likewise taking action to prop up the global economy and stabilize markets.

"With all of the stimulus money, interest rates at zero, loss of jobs and multiple battles on the economic front, I can't see how gold is not higher this week," said Bob Haberkorn, senior commodities broker with RJO Futures.

Further, he pointed out, gold has started to decouple from equities, thus reasserting its role as a safe haven. Since mid-March, the precious metal fell with stocks when traders had to liquidate assets generally to offset losses and cover margin calls in other markets. But there was a period last week when gold moved higher when stocks fell sharply, Haberkorn pointed out.

Twelve market professionals took part in the Wall Street survey. Eleven participants, or 92%, called for higher prices this week. The other respondent (8%) said he expects sideways prices.

Meanwhile, 1,245 votes were cast in an online Main Street poll. A total of 834 voters, or 67%, looked for gold to rise in the this week. Another 235, or 19%, said lower, while 176, or 14%, were neutral.

In the last survey for the current trading week now winding down, 71% of both Wall Street and Main Street participants were bullish. As of 11:04 a.m. EDT last Friday, Comex June gold was trading down 0.6% at $1,643.50 an ounce, although the market recovered smartly from a mid-week blip lower.

"I don't see how this doesn't go higher," said Sean Lusk, co-director of commercial hedging with Walsh Trading. "We will find willing buyers on any dips given the amount of money that is being poured in [through stimulus and monetary-policy efforts]."

Lusk and Price Futures Group analyst Phil Flynn, who also voted higher, said the market is going to start anticipating inflation as a result of all of the monetary and fiscal stimulus.

"I am bullish for this week. I continue to believe that this low-interest-rate environment, coupled with the global expansion of central-bank balance sheets, will be very positive for the price of gold," said Kevin Grady, president of Phoenix Futures and Options.

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

"The 10-year U.S. Treasury note yield is trading around 0.6% last Friday, after trading above 1% week before. Declining U.S. Treasury yields last week are a sign that U.S. bond traders “ arguably the smartest traders in the world “ expect more serious markets/economic turmoil on the horizon, including suggesting that most markets have not yet fully priced in the eventual global economic toll the coronavirus sickness will exact," Wyckoff said. "This scenario is bullish for gold."

Charlie Nedoss, senior market strategist with LaSalle Futures Group, said he looks for gold to keep rising after testing and holding support at the 10- and 20-day moving averages. He also suspects the U.S. dollar will come under pressure.

"We™re [gold prices] are starting to catch our footing," Nedoss said.

Richard Baker, editor of the Eureka Miner's Report, listed a target of $1,680 in gold and $15 for silver. Gold has made three runs at $1,700 since late February but has not been able to sustain above this. Baker noted there has been on-again, off-again liquidation driven by bouts of strength in the U.S. dollar index.

"This should eventually abate as more and more stimulus measures become headwinds for the U.S. currency," Baker said. "Bullishly, the interest-rate picture has again turned favorable for gold with 10-year real rates [which are adjusted for inflation to show real yields] and the German Bund both plumbing negative 50 basis points."

Source: Kitco News

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POPULAR NEWS
Gold futures finish higher, near 1-week high

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. The ICE U.S. Dollar Index was down 0.4% in Monday dealings, providing a boost to dollar-denominated gold prices.  August gold rose $3.50, or 0.2%, to settle at $1,793.50 an ounce. That was the highest settlement since June 30, when prices ended above $1,800 for the first time since September 2011. Source: Marketwatch

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.3 million. Mexico overtook France with the fifth-deadliest outbreak. Spot gold +0.2% to $1,776.01/oz at 8:10am in Singapore. Last week,...

Gold Rises Back Near $1,800 as U.S. Dollar Softens to Start July's First Full Week

Gold futures headed higher early Monday, supported in part by a weakening U.S. dollar, which was providing a runway for the commodity even as global stocks rallied. The U.S. dollar was off 0.5%, as measured by the ICE U.S. Dollar Index, a gauge of the buck against a half-dozen currencies. A weaker U.S. dollar can make assets priced in the currency more attractive to buyers using other monetary units. Against that backdrop, August gold rose $4.30, or 0.2%, at $1,794.50 an ounce, after the...

Gold Ticks Up on Concerns Over Increase in Virus Cases

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high in global infections over the weekend. U.S. virus cases increased 2%, more than the seven-day average, according to an updated Johns Hopkins University count, while global cases topped 11.4 million. Mexico overtook France with the fifth-deadliest outbreak, while India™s coronavirus epidemic became the third...

Gold Holds Gain Amid Virus Resurgence, Weaker Dollar

Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the U.S. dollar slipped. The pace of new infections in Tokyo, Iran and elsewhere is raising concerns about a fresh wave. Australia™s two most-populous states will close their shared border from Tuesday night as authorities battle to contain a spike in cases. Any vaccine developed to ward off the novel...

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