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Wall St., Main St. Expect Gold Prices To Remain Buoyant
Monday, 4 February 2019 21:59 WIB | GOLD CORNER |Gold OutlookGold Corner

Wall Street and Main Street look for gold to keep climbing this week, according to the Kitco News gold survey.

Many traders and analysts cited a dovish Federal Open Market Committee after a policy meeting this week, in which officials indicated they are pausing in the monetary-tightening cycle while awaiting more economic data. This tends to undermine the U.S. dollar, which helps gold. It also limits the so-called œopportunity cost of holding non-interest-yielding assets such as precious metals.

Wall Street voters remained bullish even in the aftermath of a strong U.S. jobs report on Friday that normally might hurt sentiment by rekindling rate-hike worries. The Labor Department said U.S. nonfarm payrolls rose by 304,000 in January.

Sixteen market professionals took part in the Wall Street survey. There were 10 votes, or 63%, calling for higher prices.  Two respondents, or 13%, said lower, while four, or 25%, said sideways.

Meanwhile, 561 respondents took part in an online Main Street poll. A total of 357 voters, or 64%, called for gold to rise. Another 135, or 24%, predicted gold would fall. The remaining 69 voters, or 12%, see a sideways market.

In the last survey, 72% of Wall Street and 47% of Main Street was bullish on gold.

Bob Haberkorn, senior commodities broker with RJO Futures, looks for gold to keep rising on ideas the Federal Reserve has paused its rate-hiking cycle. Previously, rate hikes had limited gold™s upside for the last two years, Haberkorn said.

œHe [Fed Chair Jerome Powell] said the Fed will have patience, Haberkorn said. œThey will be in no hurry to raise rates again¦.The dollar is getting softer [as a result]. That will help gold out.

Colin Cieszynski, chief market strategist at SIA Wealth Management, also said he is bullish. œWith the Fed apparently pausing its rate-hike program, U.S. Treasury yields have come down and so has the U.S. dollar, removing a headwind from gold, he said. œMeanwhile, ongoing political and/or economic turmoil in Venezuela, Europe, China and elsewhere may continue investor interest in safe-haven plays like gold.

Peter Hug, global trading director with Kitco Metals, said he remains œconstructive, but adds that œwith the Chinese holiday this week, we may see a more balanced tone to the market.

Meanwhile, Ole Hansen, head of commodity strategy at Saxo Bank, said it™s time for gold to consolidate. He offered a œshort-term bearish view targeting $1,300.

George Gero, managing director with RBC Wealth Management, said he looks for range-bound prices next week as Chinese trade and tariff talks continue. Otherwise, œmostly everything [is] priced in for now, he adds.

Source: Kitco

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POPULAR NEWS
Gold prices firm as dollar eases on grim U.S. retail sales

Gold prices firmed on Friday as the dollar weakened slightly after disappointing U.S. data indicated slowing economic momentum, supporting the U.S. Federal Reserve's 'patient' monetary policy approach. Spot gold was little changed at $1,312.82 per ounce at 0009 GMT. It rose 0.5 percent in the previous session in its biggest intraday gain since Jan. 30. U.S. gold futures were up 0.1 percent at $1,315 an ounce. U.S. retail sales recorded their biggest drop in more than nine years in December...

Gold Jumps on Reports of Sino-U.S. Trade-Talk Progress, Set For Slight Weekly Gain

Gold futures on Friday climbed firmly, as progress in trade talks in the final day of this week™s round of U.S.-China trade negotiations were seen as bullish for the yellow metal, overshadowing a firmer dollar and a pick up in global equity markets. April gold gained $7.80, or 0.6%, to reach $1,321.70 an ounce, after edging less than 0.1% lower in the session before. Friday™s early gains erased a loss for the 5-day stretch, putting bullion on track to log a 0.2% weekly return, based on...

Gold Holds February Range Awaiting Fresh Catalysts

Gold edged higher to head for a weekly gain, but remains within its narrow range so far this month as investors await fresh developments in U.S.-China trade talks. Spot gold +0.3% at $1,317.03/oz at 10:37am in London. +0.2% this week, the smallest weekly change since November. Metal has traded between $1,302.48/oz and $1,323.56 this month. Treasury Secretary Steven Mnuchin sounded a positive note on Friday as U.S.-China trade talks drew to a close in Beijing, as both sides tried to reach a...

Gold Futures Climb For The Session to Post a Gain For The Week

Gold futures finished at a two-week high on Friday to post a modest gain for the week as progress in trade talks between the U.S. and China was seen as bullish for the metal. China is one of the world's biggest buyers of gold. April gold settled at $1,322.10 an ounce, up $8.20, or 0.6% for the session. For the week, prices based on the most-active contract rose 0.3%. Source : Marketwatch

Nikkei slides as weak U.S. retail sales sour risk appetite

Japan™s Nikkei fell on Friday as bleak U.S. retail sales data dampened investor risk appetite and dragged down the broader market, with exporters and financial firms underperforming. The Nikkei share average dropped 1.2 percent to 20,886.27 at the midday break, retreating from a two-month high of 21,235.62 hit on Thursday. For the week, the index has risen 2.7 percent so far. Overall sentiment was hurt by a report from the U.S. Commerce Department showing retail sales in December suffered...

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