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POPULAR NEWS
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 Prices Settle Slightly Higher, Then See Volatile Trade after Fed Meeting Minutes

Gold prices settled with a modest gain on Wednesday, then saw volatile moves in electronic trading, edging lower, then higher, following the release of minutes from the Federal Reserve's March 3 and March 15 meetings. The meeting minutes showed that Fed officials were concerned that, under a worse-case scenario, an economic recovery wouldn't take hold until next year. June gold was at $1,686.40 an ounce in electronic trading, following a settlement at $1,684.30, up 60 cents, or 0.04%, for...

Gold eases on firmer dollar, coronavirus slowdown signs

Gold prices eased on Wednesday as the U.S. dollar firmed, while signs of a slowdown in the new coronavirus cases in major hot spots hurt the metal's safe-haven appeal and pushed it further away from a near one-month high hit in the previous session. Spot gold slipped 0.2% to $1,644.99 per ounce by 00:49 GMT, having risen to its highest since March 10 on Tuesday. U.S. gold futures eased 0.7% to $1,671.30. The dollar was up 0.2% against key rivals, making gold costlier for investors holding...

Gold ticks higher as coronavirus worries deepen, Fed minutes eyed

Gold edged higher on Wednesday as the rising coronavirus death toll hammered risk sentiment, while investors await the release of the U.S. Federal Reserve™s policy meeting minutes for clues on further stimulus measures. Spot gold ticked up 0.1% to $1,684.7 per ounce, after climbing to its highest since March 10 on Tuesday, at $1,671.40. U.S. gold futures were flat at $1,647.43 per ounce. Elsewhere, palladium climbed 0.7% to $2,191.31 an ounce, while platinum gained 0.6% to $738.15. Silver...

Gold inches up on weak dollar, pandemic peaking hopes cap gains

Gold prices rose slightly on Thursday ahead of a U.S. weekly jobless claims report as the dollar inched lower, while increasing appetite for risk on hopes that the new coronavirus pandemic is nearing a peak limited the metal's upside. Spot gold rose 0.1% to $1,646.81 per ounce by 00:59 GMT, resuming its march toward a near one-month peak scaled on Tuesday. U.S. gold futures eased 0.1% to $1,682.70. The dollar was down 0.1% against key rivals, making gold cheaper for investors holding other...

Wall Street, Main Street expect gold price uptrend to continue
Monday, 20 January 2020 10:52 WIB | GOLD CORNER |

Wall Street and Main Street alike look for gold to continue the recent bounce this week.            

Thirteen market professionals took part in the Wall Street survey. Ten, or 77%, called for gold to rise. There were no votes saying gold would fall, with three voters, or 23%, neutral or calling for a sideways market.

Meanwhile, 820 votes were cast in an online Main Street poll. A total of 475 voters, or 58%, looked for gold to rise in the this week. Another 208, or 25%, said lower, while 137, or 17%, were neutral.

In last two week™s first gold survey of the year, the largest Main Street and Wall Street voting blocs were bullish, although respondents overall were somewhat mixed with no camp garnering more than 50% of the vote. As of 10:42 a.m. EST,  Comex February gold was 0.3% lower for the week so far to $1,555.10 an ounce.

The Comex February futures rose to a roughly seven-year high of $1,613.30 an ounce on Jan. 8 when the world was worried about a war between the U.S. and Iran. Prices subsequently fell back as tensions de-escalated, bottoming at $1,536.40 an ounce on Tuesday, before the metal began working its way higher again.

œI think we are going to continue upwards this week, said Bob Haberkorn, senior commodities broker with RJO Futures. œIt™s due solely on some actions you™re seeing at night by the Fed ¦ with the liquidity injections they™ve doing.

Further, he added, even though equities have been hitting record highs, some investors have been moving into gold as a safety play just in case stocks suddenly correct sharply lower.

Richard Baker, editor of the Eureka Miner™s Report, also said higher, pointing out that gold has been able to climb alongside equities. He also cited low interest rates.

œIf the S&P 500 reaches 3,350 this week, gold must make $1,580 per ounce to stay above water, Baker said. œI'm optimistic that this is possible given residual uncertainty about the U.S. election, corporate earnings and 2019 growth. My vote is up, with silver following that level to $18.31 per ounce.

œFrom an interest-rate perspective, even with a trend higher in global yields, a bullish environment remains for a non-interest-earning asset like gold. Negative or near-zero interest rates for major countries and near-zero real rates in the U.S. remain in place.

Charlie Nedoss, senior market strategist with LaSalle Futures Group, looks for gold to be sideways to higher, but emphasized that much will hinge on whether February gold can close above the 10-day moving average near $1,558. As he spoke, gold was within striking distance of this.

œThe close is very important today, Nedoss said last Friday. œIf we close above that 10-day, that will be viewed as constructive.

A failure to do so, however, could mean a test of the 20-day average down around $1,534.80, he cautioned.

George Gero, managing director with RBC Wealth Management, looks for higher gold prices due œmany valid worries “ political, geopolitical and economic.

œGold should continue is bullish momentum in the new week, said Phil Flynn, senior market analyst with at Price Futures Group. œStrong stocks along with weak inflation data last week should give gold the edge. The phase-one [U.S.-China] trade deal should increase economic optimism, improving the outlook for jewelry demand as well.

Colin Cieszynski, chief market strategist at SIA Wealth Management, anticipates a neutral market.

œI think it has had a necessary correction as political tensions eased and may now return to consolidation mode around $1,550, he said.

 Jim Wyckoff, Kitco™s senior technical analyst, said he looks for œmore choppy and sideways trading as bulls have stabilized the market.

Source: Kitco News

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POPULAR NEWS
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 Prices Settle Slightly Higher, Then See Volatile Trade after Fed Meeting Minutes

Gold prices settled with a modest gain on Wednesday, then saw volatile moves in electronic trading, edging lower, then higher, following the release of minutes from the Federal Reserve's March 3 and March 15 meetings. The meeting minutes showed that Fed officials were concerned that, under a worse-case scenario, an economic recovery wouldn't take hold until next year. June gold was at $1,686.40 an ounce in electronic trading, following a settlement at $1,684.30, up 60 cents, or 0.04%, for...

Gold eases on firmer dollar, coronavirus slowdown signs

Gold prices eased on Wednesday as the U.S. dollar firmed, while signs of a slowdown in the new coronavirus cases in major hot spots hurt the metal's safe-haven appeal and pushed it further away from a near one-month high hit in the previous session. Spot gold slipped 0.2% to $1,644.99 per ounce by 00:49 GMT, having risen to its highest since March 10 on Tuesday. U.S. gold futures eased 0.7% to $1,671.30. The dollar was up 0.2% against key rivals, making gold costlier for investors holding...

Gold ticks higher as coronavirus worries deepen, Fed minutes eyed

Gold edged higher on Wednesday as the rising coronavirus death toll hammered risk sentiment, while investors await the release of the U.S. Federal Reserve™s policy meeting minutes for clues on further stimulus measures. Spot gold ticked up 0.1% to $1,684.7 per ounce, after climbing to its highest since March 10 on Tuesday, at $1,671.40. U.S. gold futures were flat at $1,647.43 per ounce. Elsewhere, palladium climbed 0.7% to $2,191.31 an ounce, while platinum gained 0.6% to $738.15. Silver...

Gold inches up on weak dollar, pandemic peaking hopes cap gains

Gold prices rose slightly on Thursday ahead of a U.S. weekly jobless claims report as the dollar inched lower, while increasing appetite for risk on hopes that the new coronavirus pandemic is nearing a peak limited the metal's upside. Spot gold rose 0.1% to $1,646.81 per ounce by 00:59 GMT, resuming its march toward a near one-month peak scaled on Tuesday. U.S. gold futures eased 0.1% to $1,682.70. The dollar was down 0.1% against key rivals, making gold cheaper for investors holding other...

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