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Gold Continues to Extend Losses amid Rallying Investors Risk Appetite

Sunday, November 10, 2019 2:22:05 AM Europe/Tallinn

Gold continued to extend losses on Friday amid news of a potential deal between the United States and China that would see tariffs lifted, something that increased the investors’ risk appetite.

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Posted By Silver Coins

Gold Prices Edge Up After Hitting Biggest Weekly Decline in Two Years

Friday, November 8, 2019 1:46:24 PM Europe/Tallinn

Gold prices inched up on Friday amid the Uncertainty surrounding the US-China trade talks. This uncertainty has put a damper on the investors' risk appetite, Reuters reported. Still, the precious metal is poised for its biggest weekly decline in two years.

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Posted By Silver Coins

Gold Prices Slightly Rise Amid Brexit, Trade Talks Uncertainties

Wednesday, October 23, 2019 4:07:45 PM Europe/Tallinn

Gold prices slightly rose on Wednesday amid the uncertainties surrounding Brexit and US-China trade talks. The slight rise in the prices on Wednesday was attributed to some technical buying according to analysts.

Spot gold traded at $1,489.31 per ounce, 0.1% up from the previous session. US gold futures were up 0.3%, trading at 1,492.40 per ounce.

Gold has been rising modestly on technical buying since it fell to the $1,470 level,” Reuters quoted the assistant vice-president of commodity research at SMC Comtrade Vandana Bharti as saying. “What we see today is a continuation of that but uncertainty over Brexit is also providing some support.”

On Tuesday, the House of Commons backed for the first time in three years a piece of legislation for Brexit. However, the House of Commons rejected the timetable for the Brexit legislation. The UK Prime Minister sought to ram the legislation through Parliament in three days. The defeat for the UK Premier made it unlikely for Mr. Johnson to be able to take Britain out of the European Union on October 31st.

The US and China have also achieved some progress in their trade talks, according to remarks made by the Chinese Vice Foreign Minister Le Yucheng.

Gold is usually used as a safe haven in times of political and economic uncertainties.

Source: Reuters

Posted By Silver Coins
Gold prices dropped for the third consecutive session on Tuesday as the United States and China are set to resume trade talks in Washington later this week. Strong US dollar and equities had an impact on the gold prices, according to Reuters.Read More
Posted By Silver Coins

Gold Prices Climb to Fresh 2019 High as US and China Boost Tariffs

Monday, August 26, 2019 11:31:39 AM Europe/Tallinn

The price of gold climbs to a fresh yearly high ($1555) amid growing tensions between the US and China, and current market conditions are likely to keep bullion afloat as there appears to be a flight to safety.Read More
Posted By SilverCoinsEstonia

Gold Prices Volatile After Federal Reserve Cuts Rates

Friday, August 2, 2019 9:57:33 AM Europe/Tallinn

Resilance in the gold market is starting to fade after Fed Chair Jeremome Powell signaled that the central bank is in no major hurry to cut interest rate.Read More
Posted By SilverCoinsEstonia

Gold Prices Back Above $1,400

Wednesday, July 3, 2019 12:17:01 PM Europe/Tallinn

Gold is looking ready to re-start its bull run after five years of “caged trading,” which means the yellow metal could be looking at retracing its path to 2013’s peak of $1,700 an ounce, according to Bloomberg Intelligence (BI).

“Gold has worthy catalysts for price gains after five years of caged trading. It stands to be the primary beneficiary, absent a definitive U.S.-China trade accord that reverses accelerating global declines in sovereign-debt yields, rate-cut expectations and increasing stock-market volatility,” BI senior commodity strategist Mike McGlone said in the July outlook.

Gold’s breach of $1,400 an ounce and a surge to six-year highs has lit a fire under the bull run, which is looking strong at this point, McGlone noted.

“Gold's 2Q top-performer status is set to carry into 2H, in our view,” he wrote. “Seemingly unstoppable trends in increasing sovereign debt-to-GDP levels and declining bond yields are gold-price supportive. These macro trends need to reverse for the price of gold to not advance.”

Sustained trading above $1,410 is a sign of a renewed bull run and an indication that 2013’s peak of $1,700 an ounce will guide the metal’s price target resistance, McGlone pointed out.

“Gold needs a good reason to not fully retrace the big plunge year of 2013, which peaked at about $1,700 an ounce … Significant for ending 12 successive years of gains with the worst plunge in two decades, 2013's 28% decline broke the back of the gold bull. The midpoint of the 2013 range near $1,440 enhances the resistance zone gold has re-entered,” he said.

Higher gold prices are the most likely outcome for the second half of the year, with the peak U.S. dollar theory and the Federal Reserve rate cut expectations driving the rally.

“The foundation for higher gold prices has rarely been stronger. Five years of consolidation, with elevated risk of downside in a dollar that's near multi-decade highs coincident with similar upside potential in stock-market volatility, supports gold prices. Additional backing comes from anticipated Fed easing,” McGlone explained.

Source: Kitco.com

Posted By SilverCoinsEstonia

Gold Prices Lower after FOMC meeting

Thursday, May 2, 2019 12:59:06 PM Europe/Tallinn

 Gold prices are solidly down in early-morning U.S. trading Thursday, in the aftermath of the Federal Reserve’s latest FOMC meeting that jerked around several markets, including the metals. June gold futures were last down $10.20 an ounce at $1,273.90. July Comex silver was last down $0.009 at $14.72 an ounce.

Traders and investors are still digesting Wednesday afternoon’s Federal Open Market Committee (FOMC) statement and press conference from Fed Chairman Jerome Powell. While the Fed made no changes in U.S. monetary policy, the statement and Powell’s comments did move markets. The FOMC statement said some members were worried that inflation is too low, which the marketplace initially read as dovish on monetary policy. However, at Powell’s press conference, when asked about worrisome low inflation, he said elements causing present lower inflation are “transitory.” While there is no clear consensus at all on the timing or direction of the next Fed interest rate move, it seems most of the marketplace now feels there is less of a chance the Fed will cut U.S. interest rates anytime soon. That’s because Powell not only said very low inflation was transitory, he was also very upbeat on assessing the U.S. economy’s prospects.

The gold market initially pushed higher but then dropped lower Wednesday afternoon following the Fed meeting, while the U.S. dollar index rallied off its lows to post modest gains. U.S. Treasury bond and note futures prices initially rallied on the FOMC statement but then lost all those gains after Powell’s remarks. U.S. stocks rallied modestly on the Fed news.

Technically, the gold bears have the overall near-term technical advantage and have gained some momentum late this week. A nine-week-old downtrend line is in still place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at the overnight high of $1,279.40 and then at last week’s high of $1,290.90. First support is seen at the overnight low of $1,271.30 and then at the April low of $1,267.90

July silver futures bears have the overall near-term technical advantage. Prices are in a nine-week-old downtrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.15 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at $14.775 and then at $15.00. Next support is seen at this week’s low of $14.62 and then at $14.50.

Posted By SilverCoinsEstonia

Falling Real Rates, Recession Fears Should Push Gold Prices Beyond $1,300

Friday, April 12, 2019 6:25:33 PM Europe/Tallinn

Gold prices continue to struggle to hold gains above the psychologically important $1,300-an-ounce level, but one market analyst remains optimistic that is only a matter of time before prices push materially higher.

In a recent research report, Maxwell Gold, director of investment strategy at Aberdeen Standard Investments, said that low real rates should continue to support gold prices through 2019.

Real U.S. 10-year interest rates are currently trading at 54 basis points, down sharply from around 1% at the start of the year.

“This drop is the largest since the first half of 2016, which proved a strong catalyst for gold prices,” Gold said.

Gold also said that growing concern about an economic slowdown is another factor supporting the yellow metal. Earlier this week, the International Monetary Fund cut its global growth forecast to 2.3%, down from its previous estimate of 2.5%.

“It may only be a matter of time as concerns about rising levels of negative-yielding debt, an inverted yield curve, and the risk of a recession grow,” the strategist said. “Gold’s role as a potential risk hedge could grow if the market experiences a bout of volatility in response to these concerns.”

For 2019, the investment firm says its base-case scenario is for gold prices to trade in a range between $1,275 and $1,325 an ounce. However, in previous interviews, Gold has said that there is a growing probability that the firm’s bullish scenario plays out with prices pushing trading between $1,375 and $1,425 within the next 12 months.

Currently the gold market is seeing some strong technical selling pressure after prices push to nearly a two-week high. June gold futures last traded at $1,298 an ounce, down 1.2% on the day.

Along with gold prices, Gold said that he also remains positive on silver.

“Silver is often caught in the shadow of gold in the headlines, but investors interested in gold may do well not to overlook its current attractiveness,” he said. “Overall, silver remains cheap relative to gold with an improved speculative sentiment among futures positioning in 2019. Given its 0.8 correlation to gold, silver may still surprise to the upside driven by a positive gold outlook.”

Source: Kitco News - Neils Christensen

Posted By Silvercoins Estonia

Gold Prices Down As Equities Continue Bull Run

Monday, March 4, 2019 10:19:13 AM Europe/Tallinn

The prospect of a full trade deal between the U.S. and China as early as this month helped shore up stocks around Asia but pushed down gold.

Gold futures for April delivery on the Comex division of the New York Mercantile Exchange fell 0.13% to $1,297.45a troy ounce by Monday morning.

Gold has lost some of its shine for investors over the past couple of weeks as risk appetites returned, in no small part due to progress in trade negotiations between the U.S. and China.

The Wall Street Journal reported that the U.S. could move to lift most or all of its tariffs on Chinese imports and a meeting between Chinese President Xi Jinping and U.S. President Donald Trump to sign a trade deal could happen as early as this month.

The news lifted stock markets throughout the region, particularly in China.

The appetite for riskier assets pushed down gold and the U.S. dollar, also a safe-haven asset.

The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was also down on Monday morning 0.12% at 96.41.

Sources: investing.com. Kitco News

Posted By Silvercoins Estonia