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POPULAR NEWS
Gold futures log highest finish since September 2011

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a "routine downside correction following recent gains" in early Tuesday action, that was "once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead," said Jim Wyckoff, senior analyst at Kitco.com, in a market update. August gold rose $16.40, or 0.9%, to settle at $1,809.90 an ounce. That...

Gold futures up a fourth straight session to mark another finish at the highest since 2011

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold above $1,800 is not surprising given "so many positive price drivers in its favor, with the key player being negative real rates," said Peter Spina, president and chief executive officer at GoldSeek.com. He does not expect to see a meaningful pullback in gold until it breaks past $2,000. On Wednesday, August gold rose $10.70, or 0.6%, to settle at...

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Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude futures declined by 24 cents, or 0.56%, to $42.86. West Texas Intermediate crude futures fell 1 cent, or 0.02%, to settle at $40.62 per barrel. œOil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit a recovery in fuel demand, RBC said. Sixteen U.S. states have reported record...

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Gold Prices Extend Climb to 9-Year High as Traders See Few Limits to Central-Bank Stimulus

Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic. On Tuesday, the Federal Reserve's No. 2, Richard Clarida, did little to disabuse investors of the view that the Fed would do whatever it takes to limit the damage from the viral outbreak. Precious metals have benefited from loose monetary policy...

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Wall St., Main St. Look for Gold to Regain its Luster
Monday, 25 May 2020 14:32 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold prices to rise this week, according to the weekly Kitco News gold survey.

Traders and analysts who make up the Wall Street poll continued to cite the mass liquidity being dumped into the global economy to offset damage from the COVID-19 pandemic. Also, they pointed to rising U.S.-China tensions that were helping gold pare some of last week™s losses on Friday.

The Trump administration was already taking China to task over the pandemic, which hit China first. Then came news on Friday that Beijing has proposed imposing national security laws on Hong Kong, which could mean mainland intelligence agencies start operating there.

"Not only do you have low interest rates and economic stimulus supporting gold, you also have increasing tensions between the U.S. and China that will keep [gold] on its quest for all-time high prices," said Phil Flynn, senior market analyst with at Price Futures Group.

Ten out of 17 Wall Street voters, or 59%, said they are bullish for this week. There were five voters, or 29%, calling for lower prices. Two respondents, or 12%, were neutral.

Meanwhile, 1,809 votes were cast in an online Main Street poll. A total of 1,038 voters, or 57%, looked for gold to rise in the this week. Another 467, or 26%, said lower, while 304, or 17%, were neutral.

Gold bounced on Friday after a sell-off on Thursday. Sean Lusk, co-director of commercial hedging with Walsh Trading, said he looks for market participants to continue buying on price dips. As the week wound down, he was one of several market watchers who commented that the metal was being underpinned by renewed U.S.-China tensions.

"I just feel the level of uncertainty right now is greater, Lusk said.

Richard Baker, editor of the Eureka Miner's Report, also called for gold to rise, adding that industrial metal copper could come under pressure due to the U.S.-China situation.

"President Trump has decided to attack China for its lack of COVID-19 transparency as part of his re-election bid," Baker said. "This will likely reignite trade tensions between the world's two largest economies. Adding to China's woes are rekindled tensions in Hong Kong, a domestic economy damaged by the virus, and concerns about the global environment. All of this uncertainty is a boost for safe-haven gold and a growing headwind for the red metal [copper]."

Bob Haberkorn, senior commodities broker with RJO Futures, also looks for the precious metal to be stronger. The economy is gradually reopening after COVID-19 lockdowns, generating optimism about future economic growth, he said. Nevertheless, governments and central banks around the world have pumped massive sums of money into the economy, which observers for some time have characterized as bullish for gold.

"The medicine we threw at the economy “ all of this cash to confront the concerns of the shutdowns because of the pandemic “ are going to come back to benefit silver and gold," Haberkorn said. "Trillions of dollars have been created out of thin air between the European Union, U.S. Fed and other central banks. Interest rates are at or below zero at most places right now. It's a ripe environment for gold to go higher, and I think that will continue this week."

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to move higher after the market was able to hold above support at the 10- and 20-day moving averages last week. "I'm still very friendly toward gold," he said.

Meanwhile, Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, suggested gold prices could ease this week before eventually rising again.

"As the U.S. economy opens, there will initially be optimism in the stock market, perhaps provoking an overdue pullback for gold," Day said. "So this week down. But we remain fundamentally extremely bullish on gold because of the so-called 'policy' being pursued by the world™s leading central banks."

Colin Cieszynski, chief market strategist at SIA Wealth Management, described himself as neutral for thist week, commenting that gold "is still digesting recent gains."

Adam Button, managing director of ForexLive, also said neutral.

"This is the gut-check moment in the gold market," he said. "Everything is in place for the big breakout [on] the fundamental side, but the market is worried about sovereign and central-bank selling, or lack of buying. Ultimately, the path is much higher but in the short term the trade is to wait for a close above $1,750 to buy, so I™m neutral."

Source: Kitco News

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POPULAR NEWS
Gold futures log highest finish since September 2011

Gold futures marked their highest finish in nearly nine years, after climbing to nearly $1,810 an ounce during Tuesday's session. Prices had seen a "routine downside correction following recent gains" in early Tuesday action, that was "once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead," said Jim Wyckoff, senior analyst at Kitco.com, in a market update. August gold rose $16.40, or 0.9%, to settle at $1,809.90 an ounce. That...

Gold futures up a fourth straight session to mark another finish at the highest since 2011

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold above $1,800 is not surprising given "so many positive price drivers in its favor, with the key player being negative real rates," said Peter Spina, president and chief executive officer at GoldSeek.com. He does not expect to see a meaningful pullback in gold until it breaks past $2,000. On Wednesday, August gold rose $10.70, or 0.6%, to settle at...

Oil moves lower as Covid-19 cases spark demand fears

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude futures declined by 24 cents, or 0.56%, to $42.86. West Texas Intermediate crude futures fell 1 cent, or 0.02%, to settle at $40.62 per barrel. œOil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit a recovery in fuel demand, RBC said. Sixteen U.S. states have reported record...

Wall Street ends lower after strong recent rally as COVID cases mount

U.S. stocks eased on Tuesday as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new U.S. coronavirus cases rose further. Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida™s greater Miami area rolled back its reopening. Unofficially, the Dow Jones Industrial Average fell 396.5 points, or 1.51%, to...

Gold Prices Extend Climb to 9-Year High as Traders See Few Limits to Central-Bank Stimulus

Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic. On Tuesday, the Federal Reserve's No. 2, Richard Clarida, did little to disabuse investors of the view that the Fed would do whatever it takes to limit the damage from the viral outbreak. Precious metals have benefited from loose monetary policy...

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