Morning Call
Friday, July 7, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Nonfarm Payrolls (+225k exp).
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Blog posts tagged with 'gold'
Zaner Daily Precious Metals Commentary
Thursday, July 6, 2023The path of least resistance is pointing down in gold and silver to start today with the dollar overnight initially posting a 4-day high and potentially poised to receive further lift from today's active US scheduled report slate.
In retrospect, the release of the Fed meeting minutes yesterday afternoon revealed some Fed members were in favor of a 25-basis point rate hike last month despite the Fed's ultimate decision to leave rates unchanged.
Given numerous indications from the Fed, they are data dependent, US jobs-related data over the coming 2 sessions will be quite important and likely to set the trend in gold...[MORE]
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Gold rises on softer dollar, focus on US jobs data
Thursday, July 6, 2023July 6 (Reuters) - Gold prices gained on Thursday, helped by a weaker dollar, while investors braced for U.S. jobs data that could influence the Federal Reserve’s policy trajectory.
Spot gold rose by 0.4% to $1,924.62 per ounce by 1134 GMT, while U.S. gold futures gained 0.2% to $1,931.20...[LINK]
Zaner Daily Precious Metals Commentary
Wednesday, July 5, 2023A forecast from HSBC suggesting gold will trade in a range bound by $1850 and $1970 for the rest of this year highlights our view that the gold trade currently lacks a definitive trend because of static supply and demand conditions.
Therefore, it is not surprising that the action in the US dollar is likely to remain the most dominating influence on gold until there is a discernible shift in the market's landscape.
However, at present we think the bear camp has the edge with a pattern of outflows from gold ETF holdings extending to twelve straight days (down 1.4% year-to-date), fears of slowing in the largest gold-consuming nation (China), and the unending overhang of rate hike fears...[MORE]
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Gold rangebound in cautious trading ahead of Fed meet minutes
Wednesday, July 5, 2023July 5 (Reuters) - Gold prices were rangebound on Wednesday in cautious trading ahead of the Federal Reserve’s June policy meeting minutes due later in the day.
Spot gold little changed at $1,927.39 per ounce by 1104 GMT, trading in a $8 range, while U.S. gold futures were up 0.3% to $1,934.70...[LINK]
Morning Call
Wednesday, July 5, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Factory ORders, IBD/TIPP Economic Optimism Index, Auto Sales, FOMC Minutes, FedSpeak from Williams.
Zaner Daily Precious Metals Commentary
Monday, July 3, 2023While global equity markets were higher overnight and produced a measure of risk on sentiment, economic news overnight was generally discouraging with European and factory activity contracting last month while Chinese June PMI readings marginally improved but were heavily offset by a survey predicting "gloom to spread from weak Chinese growth".
Fortunately for the bull camp, the dollar is showing only minimal strength as a 10th straight daily outflow from gold ETF holdings highlights a market still out of favor with investors. Gold holdings year-to-date are now down 1.2%!
Silver ETF holdings also declined last week by 1.86 million ounces and are fractionally lower year-to-date...[MORE]
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Gold slips as stronger dollar, rate hike expectations dent appeal
Monday, July 3, 2023July 3 (Reuters) - Gold fell on Monday as a stronger dollar dented the metal’s appeal, with investors awaiting U.S. non-farm payrolls data and minutes of the latest Federal Reserve meeting due later this week for clues on U.S. monetary policy.
Spot gold was down 0.3% at $1,913.88 per ounce by 1222 GMT, while U.S. gold futures fell 0.4% to $1,921.80. Bullion lost 2.5% in the April to June quarter...[LINK]
Morning Metals Call
Monday, July 3, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Manufacturing PMI & ISM, Construction Spending.
Zaner Daily Precious Metals Commentary
Friday, June 30, 2023While the upside breakout in the dollar this morning is not large in scope, the negative impact on gold and silver prices has been extended into another session.
However, we suspect a large portion of yesterday's aggressive washout in gold and silver came from the significant jump in US treasury yields and further gains in US yields are possible today.
Not surprisingly, the jump in US rates and strengthening in the dollar was sparked by another round of solid US economic data...[MORE]
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