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POPULAR NEWS
Gold Futures End Higher as Weekly Jobless Claims Climb to Record

Gold futures ended higher on Thursday, with the haven metal getting a boost on the heels of a climb in U.S. weekly jobless claims to a record 6.6 million. The move for gold followed four consecutive sessions of losses for the metal. June gold rose $46.30, or 2.9%, to settle at $1,637.70 an ounce. That was the biggest one-day percentage gain since March 24, according to FactSet data. Source : Marketwatch

Gold Bounces Around As Investors Key In On Friday Jobs Report

Gold futures on Friday swung between small gains and losses as investors watched for a report on the labor market in March, which may offer some clues about the state of American jobs even if it doesn™t entirely reveal the extent of the damage of coronavirus business shutdowns. Friday™s nonfarm-payrolls report from the Bureau of Labor Statistics will indicate how many workers the U.S. economy added last month, with average consensus estimates from economists for ais expected to show...

Gold slips on firm dollar, poor U.S. data limits losses

Gold inched down on Friday after rising 1.4% in the previous session as the U.S. dollar firmed, but record high weekly U.S. jobless claims filings kept a check on bullion™s downside. Spot gold eased 0.1% to $1,610.64 per ounce by 0037 GMT. U.S. gold futures slipped 0.1% to $1,635.50. The metal was down over 0.4% for the week after an 8% jump in the previous week. The dollar was up 0.1% against key rivals, having risen for the last two sessions. The number of Americans filing claims for...

Gold Eases on Firm Dollar, But Holds Tight Range Ahead of US Data

Gold prices were subdued on Friday as the dollar strengthened, but they were stuck in a narrow range ahead of U.S. nonfarm payrolls data that could provide further clarity on the economic damage from the coronavirus. Spot gold was down 0.1% at $1,610.46 per ounce by 0923 GMT. The metal has declined nearly 0.5% so far this week after an 8% jump in the previous week. U.S. gold futures dropped 0.6% to $1,627.90 per ounce. Safe-haven gains for the U.S. dollar limited gold™s advance, with the...

U.S. oil prices settle nearly 25% higher; Trump expects a Saudi Arabia-Russia output cut

Oil futures rallied Thursday, finding support after President Donald Trump tweeted that he spoke to Saudi Arabia's Crown Prince Mohammed bin Salman, who held a discussion with Russian President Vladimir Putin, and now expects the two major oil producers to announce a production cut of "approximately 10 Million Barrels." Trump later tweeted that the cut could be as high as 15 million barrels. Saudi Arabia has also called for an "urgent" meeting of OPEC and its allies. News reports, however,...

Gold Prices Expected To Maintain Upward Momentum
Monday, 24 February 2020 11:05 WIB | GOLD CORNER |Gold CornerGold Outlook

Gold has enormous upward momentum at the moment, and that left participants in the weekly Kitco gold survey overwhelmingly expecting prices to keep rising this week due to the combination of  chart-based momentum and ongoing worries about the coronavirus outbreak.

The metal soared to a seven-year high on last Friday, fueled by the continued spread of the virus around the world and prompting worries this will dent economic growth. Some observers also cited expectations for continuing soft monetary policy in the U.S. and elsewhere.

Early last week, many participants in a range of markets took the "ostrich approach" “ sticking their head in the sand and not worrying about the outbreak, said Charles Nedoss, senior market strategist with LaSalle Futures Group. But as the week wound down, risk sentiment was dinged and gold took off.

"It seems like it [the virus] is getting worse," Nedoss said. "It showed up in Korea and Japan. You're hearing more talk of it hitting the economy “ obviously travel and tourism."

A major technology company “ Apple Inc. “ last week issued a warning that sales will fall short of its forecast for the current quarter since the virus has weakened both production and demand in China.

April gold generated technical follow-through last week when the metal broke above the previous high for the year of $1,619.60 hit back on Jan. 8, when the worry was that the U.S. and Iran might go to war.

"We've got a trend going," said John Weyer, co-director of commercial hedging with Walsh Trading. "I don't see anything that's going to stop it."

Of course, a contrarian would say when expectations in any market are this one-sided, all of the potential near-term buying or selling may have already occurred, meaning the market could end up going the other way.

Fifteen market professionals took part in the Wall Street survey. Fourteen, or 93%, called for gold to rise. Only one voter, or 7%, called for prices to fall, while nobody was neutral.

Meanwhile, 1,121 votes were cast in an online Main Street poll. A total of 820 voters, or 73%, looked for gold to rise in the this week. Another 192, or 17%, said lower, while 109, or 10%, were neutral.

"I am bullish for this week," said Kevin Grady, president of Phoenix Futures and Options LLC. "Gold's rally is quite impressive, especially in the face of a surging U.S. dollar. The coronavirus statistics coming out of China are getting worse. Until we start to see the tide turn, gold should hold a bid."

Phil Flynn, senior market analyst with at Price Futures Group, commented that gold is in "breakout mode," thus, he sees more gains ahead.

"Gold has gotten a boost because China continues to take measures to stimulate the economy and shield it from the coronavirus," Flynn said. "Also, the doomsday-buying effect is also in play as the coronavirus is causing some real fear and conspiracy theories."

Afshin Nabavi, head of trading with MKS, said gold is now poised to run higher toward $1,650 and $1,675. However, he added, "a bit of correction to the downside would be healthy" for the gold market.

Richard Baker, editor of the Eureka Miner's Report, said gold likely "will march inexorably towards $1,800" since "we haven't seen the worst from the coronavirus." He listed a target of $1,680 for Comex gold this week.

"As gold hits seven-year highs, it is interesting to note the Japanese yen has weakened to levels not seen since April 2019," Baker said. "Coronavirus cases in Japan have essentially removed its currency from safe-haven status¦.As a consequence, the lustrous metal and U.S. Treasurys have become the global safe-haven of choice as 10-year yields approach the September lows of last year during the U.S.-China trade negotiation brouhaha."

Jim Wyckoff, senior technical analyst with Kitco, said the gold market's technical posture "turned more bullish last week" and the coronavirus impact on global economy "is perceived to be getting worse."

Adrian Day, chairman and chief executive officer of Adrian Day Asset Management, also said higher.

"It's not only concern about [the] coronavirus, but investors are increasingly looking for some insurance, including against a volatile stock market," he said.

Source: Kitco News

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POPULAR NEWS
Gold Futures End Higher as Weekly Jobless Claims Climb to Record

Gold futures ended higher on Thursday, with the haven metal getting a boost on the heels of a climb in U.S. weekly jobless claims to a record 6.6 million. The move for gold followed four consecutive sessions of losses for the metal. June gold rose $46.30, or 2.9%, to settle at $1,637.70 an ounce. That was the biggest one-day percentage gain since March 24, according to FactSet data. Source : Marketwatch

Gold Bounces Around As Investors Key In On Friday Jobs Report

Gold futures on Friday swung between small gains and losses as investors watched for a report on the labor market in March, which may offer some clues about the state of American jobs even if it doesn™t entirely reveal the extent of the damage of coronavirus business shutdowns. Friday™s nonfarm-payrolls report from the Bureau of Labor Statistics will indicate how many workers the U.S. economy added last month, with average consensus estimates from economists for ais expected to show...

Gold slips on firm dollar, poor U.S. data limits losses

Gold inched down on Friday after rising 1.4% in the previous session as the U.S. dollar firmed, but record high weekly U.S. jobless claims filings kept a check on bullion™s downside. Spot gold eased 0.1% to $1,610.64 per ounce by 0037 GMT. U.S. gold futures slipped 0.1% to $1,635.50. The metal was down over 0.4% for the week after an 8% jump in the previous week. The dollar was up 0.1% against key rivals, having risen for the last two sessions. The number of Americans filing claims for...

Gold Eases on Firm Dollar, But Holds Tight Range Ahead of US Data

Gold prices were subdued on Friday as the dollar strengthened, but they were stuck in a narrow range ahead of U.S. nonfarm payrolls data that could provide further clarity on the economic damage from the coronavirus. Spot gold was down 0.1% at $1,610.46 per ounce by 0923 GMT. The metal has declined nearly 0.5% so far this week after an 8% jump in the previous week. U.S. gold futures dropped 0.6% to $1,627.90 per ounce. Safe-haven gains for the U.S. dollar limited gold™s advance, with the...

U.S. oil prices settle nearly 25% higher; Trump expects a Saudi Arabia-Russia output cut

Oil futures rallied Thursday, finding support after President Donald Trump tweeted that he spoke to Saudi Arabia's Crown Prince Mohammed bin Salman, who held a discussion with Russian President Vladimir Putin, and now expects the two major oil producers to announce a production cut of "approximately 10 Million Barrels." Trump later tweeted that the cut could be as high as 15 million barrels. Saudi Arabia has also called for an "urgent" meeting of OPEC and its allies. News reports, however,...

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