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Gold futures down a third straight session

Gold futures marked a third straight session decline on Wednesday, posting their lowest settlement in more than three weeks. Strength in the U.S. stock market, as well as smaller-than-expected private-sector job losses in May pressured prices for the haven metal. August gold fell by $29.20, or 1.7%, to settle at $1,704.80 an ounce. That was the lowest finish for a most-active contract since May 11, according to FactSet data. Source: Marketwatch

Gold marks first gain in 4 sessions on weakness in U.S. dollar and stocks

Gold futures rose on Thursday, with prices posting their first gain in four sessions on the back of weakness in the U.S. stock market and the dollar, as investors digested policy actions by the European Central Bank. Gold for August delivery on Comex tacked on $22.60, or 1.3%, to settle at $1,727.40 an ounce, after trading as high as $1,729. Prices for the most-active contract tumbled 1.7% on Wednesday amid a strong rally in global equities. That decline marked a third straight loss for the...

Gold Under Pressure as Investors Snap Up Stocks, Dulling Demand for Havens

Gold lost ground Wednesday, unable to find traction higher as demand for equities dulls haven-related demand for the precious metal. Gold for August delivery on Comex was down $3.90, or 0.2%, at $1,730.20 an ounce. July silver was up 2 cents, or 0.1%, at $18.280 an ounce. Stock-index futures pointed to a higher start for U.S. equities, which have pushed back to early March levels on optimism over efforts to reopen the economy. Gold has failed to find much in the way of traditional haven...

Gold Declines as Investors Assess Recovery, Protests

Gold dropped for a second day as traders assessed the haven™s merits amid a rally in stocks and positive signs from economies reopening, while also focusing on continued civil unrest across the U.S. Businesses are resuming operations worldwide, while manufacturing gauges are painting a more optimistic picture. Activity in China has recovered to 80% to 85% of pre-virus levels, according to Bloomberg Economics. Still, risks to growth remain, including simmering U.S.-China relations...

Gold Rises on Political Frictions, Weaker Dollar

Gold prices gained from last session™s fall on lingering political tensions and a weaker dollar, but were still near their lowest in over a week as equities were set to extend their gains on economic optimism. Spot gold rose 0.4% to $1,703.67 per ounce, as of 0212 GMT. On Wednesday, it fell 1.7% to reach its lowest since May 27. U.S. gold futures were flat at $1,704.90. The European Central Bank is certain to give more stimulus, with the only question being timing ” whether later on...

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Wall St., Main St. Both Look For Gold Prices To Keep Shining
Monday, 18 May 2020 11:17 WIB | GOLD CORNER |Gold CornerGold Outlook

Wall Street and Main Street alike remain bullish on gold prices for this week, according to the weekly Kitco News gold survey.

Professional investors and traders cited the ongoing quantitative-easing efforts as a factor propping up gold as economic data remain soft. The latter was highlighted again last week as weekly U.S. jobless claims rose another 3 million and a Friday report showed that April retail sales fell 16.4%.

"The momentum is definitely with gold as more and more investors see gold as the only alternative to unlimited and endless QE," said Adrian Day, chairman and chief executive officer of Adrian Day Asset Management.

Ten out of 14 Wall Street voters, or 71%, said they are bullish for this week. There were two voters, or 14%, for both lower and neutral/sideways.

Meanwhile, 1,088 votes were cast in an online Main Street poll. A total of 750 voters, or 69%, looked for gold to rise this week. Another 179, or 16%, said lower, while 159, or 15%, were neutral.

"I am bullish for gold this week," said Kevin Grady, president of Phoenix Futures and Options LLC. "We are starting to see equities slow at this point. The massive global stimulus packages that the central banks have undertaken should propel gold to higher levels. This low interest-rate environment will be here for a while, also bullish for gold."

Richard Baker, editor of the Eureka Miner's Report, commented that gold has benefited from safe-haven flows and silver is starting to show some "spark." Still, he offered some caution, pointing out that investors can exit bullish positions just as quickly as they enter, and there's always potential for a breaking news event to reverse moves in markets, such as a breakthrough vaccine for COVID-19.

Still, for now, Baker said, "I believe it likely that gold will make the $1,780 level this week with silver looking above $17, a level not seen since early March."

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

"Bulls had a very good week and technicals have become more positive," Wyckoff said.

Daniel Pavilonis, senior commodities broker with RJO Futures, said gold "should see more upside this week," particularly with the U.S. dollar easing as this week winds down. Also, he added, silver has now started to outperform gold, and the strength in silver could spur yet more buying interest in the yellow metal as well.

"Gold should follow through to the upside after breaking out of its recent trading range," said Phil Flynn, senior market analyst with at Price Futures Group. "Incredible physical demand for the yellow metal should keep it moving. Better data out of China would suggest that demand in that country will start to rise. Talk of more global economic stimulus should also help the gold price."

Meanwhile, Mark Leibovit, publisher of VR Metals/Resource Letter, suggested gold could be due for a pullback.

"Despite all the bullish sentiment, I still see the market as vulnerable for a correction and remain short-term bearish," he said. "Cyclically, later in the summer should provide an entry point."

Colin Cieszynski, chief market strategist at SIA Wealth Management, suggested activity could be more subdued than it has been with holidays in several nations over the next 1 ½ weeks.

"I am neutral on gold for this week," he said. "Between holidays in Canada Monday, parts of Europe on Thursday and the U.S. the following Monday, plus market activity stabilizing in general, I think it could be a quieter week."

Source: Kitco News

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POPULAR NEWS
Gold futures down a third straight session

Gold futures marked a third straight session decline on Wednesday, posting their lowest settlement in more than three weeks. Strength in the U.S. stock market, as well as smaller-than-expected private-sector job losses in May pressured prices for the haven metal. August gold fell by $29.20, or 1.7%, to settle at $1,704.80 an ounce. That was the lowest finish for a most-active contract since May 11, according to FactSet data. Source: Marketwatch

Gold marks first gain in 4 sessions on weakness in U.S. dollar and stocks

Gold futures rose on Thursday, with prices posting their first gain in four sessions on the back of weakness in the U.S. stock market and the dollar, as investors digested policy actions by the European Central Bank. Gold for August delivery on Comex tacked on $22.60, or 1.3%, to settle at $1,727.40 an ounce, after trading as high as $1,729. Prices for the most-active contract tumbled 1.7% on Wednesday amid a strong rally in global equities. That decline marked a third straight loss for the...

Gold Under Pressure as Investors Snap Up Stocks, Dulling Demand for Havens

Gold lost ground Wednesday, unable to find traction higher as demand for equities dulls haven-related demand for the precious metal. Gold for August delivery on Comex was down $3.90, or 0.2%, at $1,730.20 an ounce. July silver was up 2 cents, or 0.1%, at $18.280 an ounce. Stock-index futures pointed to a higher start for U.S. equities, which have pushed back to early March levels on optimism over efforts to reopen the economy. Gold has failed to find much in the way of traditional haven...

Gold Declines as Investors Assess Recovery, Protests

Gold dropped for a second day as traders assessed the haven™s merits amid a rally in stocks and positive signs from economies reopening, while also focusing on continued civil unrest across the U.S. Businesses are resuming operations worldwide, while manufacturing gauges are painting a more optimistic picture. Activity in China has recovered to 80% to 85% of pre-virus levels, according to Bloomberg Economics. Still, risks to growth remain, including simmering U.S.-China relations...

Gold Rises on Political Frictions, Weaker Dollar

Gold prices gained from last session™s fall on lingering political tensions and a weaker dollar, but were still near their lowest in over a week as equities were set to extend their gains on economic optimism. Spot gold rose 0.4% to $1,703.67 per ounce, as of 0212 GMT. On Wednesday, it fell 1.7% to reach its lowest since May 27. U.S. gold futures were flat at $1,704.90. The European Central Bank is certain to give more stimulus, with the only question being timing ” whether later on...

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