Morning Call
Wednesday, May 3, 2023Good morning. The #preciousmetals are mostly higher in early U.S. trading.
U.S. calendar features ADP Employment Survey, Services PMI & ISM, EIA Data, #FOMC Policy Statement (+25bps exp).
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Zaner Daily Precious Metals Commentary
Tuesday, May 2, 2023The gold market is showing very little direction this morning and is also exhibiting very little in the way of volatility. That is likely to change within the next 36 hours with the Fed decision tomorrow expected to set a near-term trend for prices.
However, we think the silver market will diverge from gold with classic physical commodity market fundamentals driving silver prices.
Unfortunately for the bull camp in gold, the dollar index appears to be poised to break out to the upside of a 3-week sideways consolidation pattern today perhaps because of signs of negotiating in Washington to avoid a government shutdown...[MORE]
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Morning Call
Tuesday, May 2, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Factory Orders (+1.3% exp), JOLTS Job Openings, Auto Sales.
2-day FOMC meeting begins.
Zaner Daily Precious Metals Commentary
Monday, May 1, 2023Seeing the #gold market track lower in the face of the official First Republic Bank failure highlights the market's lack of sensitivity to flight to quality events.
Furthermore, seeing gold and #silver diverge suggests flight to quality sentiment is really moderating and the trade is possibly looking at silver as an undervalued commodity following the deficit projections from the Silver Institute.
Last week gold ETF holdings increased by 105,274 ounces while silver ETF holdings increased by 4.5 million ounces which shifted silver holdings into a net gain year-to-date of 0.4%...[MORE]
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Gold slips on firmer dollar, spotlight on Fed meeting
Monday, May 1, 2023(Reuters) - Gold prices eased on Monday as the U.S. dollar held firm, with cautious traders awaiting the Federal Reserve’s interest rate hike decision later this week.
Spot gold fell 0.5% to $1,980.78 per ounce by 0759 GMT. U.S. gold futures shed 0.5% to $1,989.20...[LINK]
Morning Call
Monday, May 1, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Manufacturing PMI & ISM, Construction Spending.
Economic risks put gold on course for monthly rise
Friday, April 28, 2023April 28 (Reuters) - Gold prices eased on Friday as the dollar firmed in the run-up to U.S. inflation data, but economic jitters kept safe-haven bullion on course for a second consecutive monthly rise.
Spot gold edged 0.2% lower to $1,983.86 per ounce by 1145 GMT, but was up 0.8% for the month. U.S. gold futures eased 0.4% to $1,992.00...[LINK]
Morning Call
Friday, April 28, 2023Good morning. The #preciousmetals are mostly lower in early U.S. trading.
U.S. calendar features ECI, Personal Income (+0.2% exp), PCE (-0.1% exp), Chicago PMI, MI Sentiment, Ag Prices.
Zaner Daily Precious Metals Commentary
Thursday, April 27, 2023While the #dollar posted a fresh lower-low move early today the #gold and #silver markets are not showing initial bullish sensitivity to that development.
The bull camp should also be disappointed with the failure to see flight to quality buying interest in gold this morning after market concerns flowing from First Republic Bank news that deposits fell 40% in the first quarter which rekindles bank crisis concerns.
Another bearish force facing the gold trade today is a sharp 106,831-ounce outflow from gold ETF holdings yesterday which now puts holdings down 0.4% year-to-date...[MORE]
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Safe-haven gold firms on economic woes
Thursday, April 27, 2023April 27 (Reuters) - Prices of safe-haven gold rose on Thursday as economic worries returned to the fore and traders awaited U.S. data for hints on the Federal Reserve's policy trajectory.
Spot gold was up 0.6% at $2,000.43 an ounce by 1024 GMT and U.S. gold futures rose 0.6% to $2,007.60...[LINK]