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POPULAR NEWS
Gold Settles Lower as Traders Weigh The Impact of China's Coronavirus on Demand for The Metal

Gold futures settled modestly lower on Tuesday, with some sources attributing the loss to the possibility that a viral outbreak may cut demand for the precious metal as China prepares for its New Year celebrations this weekend. The Chinese tend to buy more gold for the holiday celebration. Other sources, however, said that a further spread of the coronavirus may eventually support haven buying of gold. CNN reported Tuesday that the U.S. was expected to announce its first case of Wuhan...

Gold finishes lower as worries over China virus ebb

Gold futures ended with a modest loss on Wednesday, lacking support as some equities markets in Asia and the U.S. climbed and while commodities traders weighed the potential economic impact of an outbreak of a serious virus in China. Gold for February delivery on Comex lost $1.20, or 0.08%, to settle at $1,556.70 an ounce, while March silver added 2 cents, or 0.1%, to $17.828 an ounce following a 1.5% loss Tuesday. In other metals trading, March palladium rose 4.6% to $2,335.60 an ounce,...

Gold Eases Off 2-Week Peak, Virus Scare Stems Declines

Gold fell on Tuesday, easing off a two-week peak, as the dollar steadied near a one-month high, although fears of the economic fallout from the coronavirus in China dulled risk sentiment and kept prices supported above the $1,500 an ounce level. Spot gold was down 0.4% to $1,555.59 per ounce, after hitting its highest since Jan. 8 at $1,568.35 earlier in the session. U.S. gold futures fell 0.3% to $1,555.70 per ounce. The dollar held near the highest level in nearly a month, making gold...

Gold Steady Amid Virus Concerns; Palladium Decline

Gold was steady in Asia as markets assessed the likely impact of the spread of China™s coronavirus. Palladium extended its decline. Spot gold -0.1% to $1,556.81/oz at 7:41am in Singapore; -0.2% Tuesday. Bloomberg Dollar Spot Index steady after +0.1% Tuesday. Other precious metals: Silver little changed at $17.7762/oz, Platinum -0.1% to $999.92/oz, Palladium -0.3% to $2,394.35/oz; prices fell 5.6% Tuesday, biggest loss since Aug. 1. Source: Bloomberg

Gold Gains on IMF Growth Cut, Virus Curbs Risk Demand

Gold rose for a third day after the International Monetary Fund trimmed its global growth outlook for this year and as a virus outbreak in China weighed on risk appetite across markets. Palladium dropped more than 3% after hitting a record on Monday. Spot gold as much as +0.5% to $1,568.67/oz and was at $1,562.53 at 7:35am in London. Bloomberg Dollar Spot Index +0.1%. The IMF predicted the world economy will strengthen in 2020, albeit at a slightly weaker pace...

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Gold Ekes Out 1.3% Gains For Q1 2019
Monday, 1 April 2019 15:14 WIB | GOLD CORNER |Gold OutlookGold Corner

œPatience has been the latest mantra for gold investors as the yellow metal has struggled to find momentum while the first quarter of 2019 comes to a close.

Gold prices are looking to close in negative territory last week, ending a three-week winning streak. Despite a strong rally at the start of the new year, for the quarter, the yellow metal is eking out a modest gain, up 1.3%. June gold futures last traded at $1,297.70 an ounce.

According to analysts, although the precious metal is supported by falling bond yields, it continues to struggle against resilient strength in equity markets and the U.S. dollar; however, some analysts continue to look past near-term U.S. dollar strength as threats to the economy continue to build.

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that he expects weaker equity markets to signal an end to the dollar™s rally.

œWe expect last year's strong dollar performance to have marked a last gasp for the bull market, and for the greenback to remain near the bottom of 2019 performers, which is primarily supportive of metals, he wrote in a report Friday.

In a recent interview with Kitco News, Axel Merk, president and chief investment officer of Merk Investments said that a lot of the recent price action in gold can be chalked up to quarter-end positioning. He added that long-term, the recent drop in 10-year bond yields remains gold supportive.

Although gold could remain volatile in the near-term, Merk added that last week™s dovish move from the Federal Reserve, raises the risk for higher inflation pressures, another long-term positive factor for gold.

A Big Week For Economic Data

For some analysts, This week, which sees a full calendar of important economic reports, could set the tone for equities, the U.S. dollar and gold prices. Some of the important reports that will garner the most market attention include February™s retail sales numbers, March ISM PMI data, to be released Monday and March™s nonfarm payrolls report, to be released Friday.

œIf we see weak economic data come out next week then I would expect to see gold prices push higher on safe-haven flows, said Ross Strachan, senior commodity economist at Capital Economics. œAnything that will push equities lower will be the biggest factor for gold in the medium term.

Daniel Ghali, commodity strategist at TD Securities, said that he will be watching ISM manufacturing data closely as markets are laser-focused on growth expectations. Weak manufacturing data would add to growing growth fears.

œPoor data that highlights weak economic growth will reignite investors™ appetite for gold, he said.

However, not all analysts see weak economic data saving gold prices in the near-term. Some have noted that weak economic data could be seen as deflationary and as a falling tide lowers all boats, gold could suffer with equities and the U.S. dollar.

Do Technicals Support Higher Gold Prices

Other analysts are negative on the yellow metal as the price action has caused some technical chart damage.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said that a lot of the economic data has been mixed, providing little direction for gold, but he added that it™s difficult to be bullish when traders look at the technicals.

œThe recent failure to retake $1,325 and subsequent [decline] appears to have carved out the right shoulder of a head-and-shoulders top and arrives at a time when gold is moving from its stronger season of the year into its weaker season of the year, which runs through to the late summer, he said.

Christopher Vecchio, senior currency strategist at DailyFX, said that he also doesn™t like gold™s technical short-term outlook. He added that the problem the gold market faces is that there is a growing disconnect between market expectations for an economic slowdown and what the data are showing.

œThe big first-quarter slowdown that many economists were anticipating may not transpire, he said. œLooking at the data this week, I don™t think we should expect to see a strong downturn in the numbers. That in turn will reduce the safe-haven appeal for gold.

Levels To Watch

Vecchio added that technically he sees signs that the near-term uptrend in gold has exhausted itself and the markets needs to recalibrate. In the near-term he said that he is watching an important retracement level at $1,286 an ounce as initial support.

Chris Beauchamp, market analyst at IG, said that a break below $1,285 an ounce, could push gold prices to $1,277 an ounce.

Source: KitcoNews

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POPULAR NEWS
Gold Settles Lower as Traders Weigh The Impact of China's Coronavirus on Demand for The Metal

Gold futures settled modestly lower on Tuesday, with some sources attributing the loss to the possibility that a viral outbreak may cut demand for the precious metal as China prepares for its New Year celebrations this weekend. The Chinese tend to buy more gold for the holiday celebration. Other sources, however, said that a further spread of the coronavirus may eventually support haven buying of gold. CNN reported Tuesday that the U.S. was expected to announce its first case of Wuhan...

Gold finishes lower as worries over China virus ebb

Gold futures ended with a modest loss on Wednesday, lacking support as some equities markets in Asia and the U.S. climbed and while commodities traders weighed the potential economic impact of an outbreak of a serious virus in China. Gold for February delivery on Comex lost $1.20, or 0.08%, to settle at $1,556.70 an ounce, while March silver added 2 cents, or 0.1%, to $17.828 an ounce following a 1.5% loss Tuesday. In other metals trading, March palladium rose 4.6% to $2,335.60 an ounce,...

Gold Eases Off 2-Week Peak, Virus Scare Stems Declines

Gold fell on Tuesday, easing off a two-week peak, as the dollar steadied near a one-month high, although fears of the economic fallout from the coronavirus in China dulled risk sentiment and kept prices supported above the $1,500 an ounce level. Spot gold was down 0.4% to $1,555.59 per ounce, after hitting its highest since Jan. 8 at $1,568.35 earlier in the session. U.S. gold futures fell 0.3% to $1,555.70 per ounce. The dollar held near the highest level in nearly a month, making gold...

Gold Steady Amid Virus Concerns; Palladium Decline

Gold was steady in Asia as markets assessed the likely impact of the spread of China™s coronavirus. Palladium extended its decline. Spot gold -0.1% to $1,556.81/oz at 7:41am in Singapore; -0.2% Tuesday. Bloomberg Dollar Spot Index steady after +0.1% Tuesday. Other precious metals: Silver little changed at $17.7762/oz, Platinum -0.1% to $999.92/oz, Palladium -0.3% to $2,394.35/oz; prices fell 5.6% Tuesday, biggest loss since Aug. 1. Source: Bloomberg

Gold Gains on IMF Growth Cut, Virus Curbs Risk Demand

Gold rose for a third day after the International Monetary Fund trimmed its global growth outlook for this year and as a virus outbreak in China weighed on risk appetite across markets. Palladium dropped more than 3% after hitting a record on Monday. Spot gold as much as +0.5% to $1,568.67/oz and was at $1,562.53 at 7:35am in London. Bloomberg Dollar Spot Index +0.1%. The IMF predicted the world economy will strengthen in 2020, albeit at a slightly weaker pace...

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