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Blog posts of '2023' 'May'

Gold steadies after Fed-driven run to near-all-time peak
Thursday, May 4, 2023

May 4 (Reuters) - Gold prices steadied on Thursday after accelerating to a near-record high as the U.S. Federal Reserve signalled its rate hiking run might finally have hit a pause, with elevated economic risks seen fuelling robust demand for safe-haven bullion.

Spot gold ticked up 0.2% to $2,042.43 per ounce by 1145 GMT after climbing earlier to $2,072.19, just shy of a record high of $2,072.49 touched in 2020...[LINK]

Morning Call
Thursday, May 4, 2023
Good morning. The precious metals are mostly higher in early U.S. trading.
 
 
U.S. calendar features Challenger Layoffs, Q1 Productivity, ULC, Goods & Services Imports & Exports, Initial Jobless Claims.
Zaner Daily Precious Metals Commentary
Wednesday, May 3, 2023

With the dollar forging a 3-day low early today the gold trade looks to have a modest cushion against the prospects of selling from official confirmation of a US rate hike later today.

At times yesterday, gold and silver prices diverged, with gold remaining consistently in favor in a possible sign of the entrenched flight to quality interest from both economic and political uncertainty.

In fact, news that Iran has seized an oil tanker in the Straits of Hormuz adds an additional measure of political uncertainty to the gold trade today...[MORE]

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Economic risks buoy gold above $2,000 as Fed verdict nears
Wednesday, May 3, 2023

May 3 (Reuters) - Gold firmed well above the $2,000 level on Wednesday, buoyed by uncertainty surrounding the U.S. debt ceiling and other economic headwinds, while investors braced themselves for the Federal Reserve's monetary policy decision.

Spot gold was little changed fell 0.06 % to $2,014.97 per ounce by 1135 GMT, after rising more than 1% on Tuesday...[LINK]

Morning Call
Wednesday, May 3, 2023

Good 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).

 

Zaner Daily Precious Metals Commentary
Tuesday, May 2, 2023

The 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, 2023

Good 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, 2023
Seeing 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, 2023

Good morning. The precious metals are mixed in early U.S. trading.

Quote Board

U.S. calendar features Manufacturing PMI & ISM, Construction Spending.