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POPULAR NEWS
Gold Futures Settle at a More Than 7-Year High

Gold futures climbed on Monday to settle at their highest in more than seven years. "Fiscal and monetary stimulus will provide a nice backdrop for gold, but safe-haven demand will be high due to upcoming financial stress that will persist over the coming months as the U.S. economy enters a very dangerous place," said Edward Moya, senior market analyst at Oanda, in a market update. June gold rose $48.20, or 2.9%, to settle at $1,693.90 an ounce. That was the highest finish for a most-active...

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 slips 1% as small signs of progress against coronavirus boost stocks

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism after there were tentative signs of progress against coronavirus outbreaks in some countries. Spot gold was down 0.5% at $1,653.25 per ounce by 1024 GMT after rising to a one-month high of $1,671.40. The metal had risen as much as 2.8% on Monday. Palladium was 2.3% higher at $2,203.36 per ounce after rising more than 3% in early trading. Platinum...

Gold slips from 4-week high as dollar, equities firm on coronavirus slowdown

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related death. Spot gold was down 0.2% at $1,657.67 per ounce, as of 01:10 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. U.S. gold futures rose 1.7% to $1,723. The dollar was holding close to a near two-week high scaled in the previous session. Source : Reuters

Gold scales more than 3-week peak as coronavirus hits global economies

Gold jumped 1.5% to a more than three-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal. Spot gold was up 1.5% at $1,640.40 per ounce, after hitting its highest since March 12 earlier in the session. U.S. gold futures were up 1.7% at $1,673.30. Among other precious metals, autocatalyst palladium was down 1.7% at $2,150.87 per ounce after slipping more than 3% in early trade. Platinum gained 1% to $727.50...

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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 Settle at a More Than 7-Year High

Gold futures climbed on Monday to settle at their highest in more than seven years. "Fiscal and monetary stimulus will provide a nice backdrop for gold, but safe-haven demand will be high due to upcoming financial stress that will persist over the coming months as the U.S. economy enters a very dangerous place," said Edward Moya, senior market analyst at Oanda, in a market update. June gold rose $48.20, or 2.9%, to settle at $1,693.90 an ounce. That was the highest finish for a most-active...

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 slips 1% as small signs of progress against coronavirus boost stocks

Gold prices fell 1% on Tuesday, retreating from a one-month high hit earlier in the session as risk sentiment improved on wider market optimism after there were tentative signs of progress against coronavirus outbreaks in some countries. Spot gold was down 0.5% at $1,653.25 per ounce by 1024 GMT after rising to a one-month high of $1,671.40. The metal had risen as much as 2.8% on Monday. Palladium was 2.3% higher at $2,203.36 per ounce after rising more than 3% in early trading. Platinum...

Gold slips from 4-week high as dollar, equities firm on coronavirus slowdown

Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related death. Spot gold was down 0.2% at $1,657.67 per ounce, as of 01:10 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. U.S. gold futures rose 1.7% to $1,723. The dollar was holding close to a near two-week high scaled in the previous session. Source : Reuters

Gold scales more than 3-week peak as coronavirus hits global economies

Gold jumped 1.5% to a more than three-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal. Spot gold was up 1.5% at $1,640.40 per ounce, after hitting its highest since March 12 earlier in the session. U.S. gold futures were up 1.7% at $1,673.30. Among other precious metals, autocatalyst palladium was down 1.7% at $2,150.87 per ounce after slipping more than 3% in early trade. Platinum gained 1% to $727.50...

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