Oct 23 (Reuters) - Gold prices inched lower on Monday after hitting a five-month peak in the previous session as the benchmark U.S. 10-year Treasury yield topped 5% while investors kept a close watch on growing unrest in the Middle East.
Spot gold was down 0.2% at $1,978.07 per ounce by 1126 GMT, and U.S. gold futures eased 0.2% to $1,989.80...[LINK]
Clearly, with the upside breakout extension overnight headlines in the Middle East continue to fuel both speculative and flight-to-quality buying of gold and to a lesser degree silver.
Unfortunately for the bull camp gold and silver ETF instruments continue to see outflows, with the outflows from silver instruments this week significant with year-to-date sales of 34.5 million ounces and yesterday the seventh straight daily outflow of silver ETF holdings.
In retrospect, with gold rallying in the face of an upside breakout in US treasury yields yesterday, the flight-to-quality theme is clearly dominating the trade and that should continue to lift gold, especially with expectations of Israeli troops moving into Gaza for what the media labels as a "ground war"...[MORE]
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Oct 20 (Reuters) - Gold climbed to a three-month peak on Friday, en route to a second straight weekly rise, as fears of a further escalation in the Middle East conflict bolstered safe-haven demand.
Spot gold was up 0.4% at $1,980.80 per ounce by 1143 GMT, after hitting its highest since July 20. U.S. gold futures added 0.6% to $1,992.50...[LINK]
With a risk-off environment in equities and commodities overnight gold and silver overnight have paused/retrenched after significant gains.
However, the initial landscape today favors further corrective action as US treasury yields have broken out to the upside perhaps in anticipation of today's US Federal Reserve Chairman speech which many expect to reiterate the "higher for longer" mantra.
On the other hand, the Fed has recently expressed concern for the drag on the economy from surging long-term rates and the Chairman might address that situation today...[MORE]
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Oct 18 (Reuters) - Gold edged higher to near 2-1/2-month high on Thursday as fears of an escalation in the Israel-Hamas conflict kept demand for safe-haven assets intact, with focus also on U.S. Federal Reserve Chair Jerome Powell’s speech later in the day.
Spot gold rose 0.1% to $1,950.49 per ounce by 1141 GMT after hitting its highest since Aug. 1 in the previous session. U.S. gold futures eased 0.3% to $1,962.30...[LINK]
Good morning. The precious metals are mostly higher in early U.S. trading.
U.S. calendar features Philly Fed Index, Initial Jobless Claims, LEI, Existing Home Sales.
FedSpeak due from Powell, Jefferson, Goolsbee, Bostic Harker, Barr & Logan.
While we suspect the bombing of a hospital in Gaza has sparked the sharp upside extensions in gold and silver prices today, it is also possible that a measure of improved physical demand hope from stronger-than-expected Chinese data is adding to the bullish mix today.
While not a definitive supportive element in the early going, the dollar is poised just above a downside breakout point on the charts and could fail if estimates for US building permits match or come in below estimates.
However, with crude oil prices jumping by more than $2.00 overnight, fear of a broadening of the conflict in the Middle East creates the potential for a large flight to quality event and rekindles fear of inflation potential inspired by surging energy prices...[MORE]
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Oct 18 (Reuters) - Gold rose more than 1% on Wednesday after a deadly blast in Gaza raised fears of an escalation in the Middle East conflict and pushed investors towards safe-haven assets.
Spot gold rose 1.1% to $1,944.90 per ounce by 1131 GMT, its highest since Sept. 20. U.S. gold futures jumped 1.2% to $1,958.90...[LINK]