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Blog posts of '2023' 'June'

Zaner Daily Precious Metals Commentary
Friday, June 30, 2023
While 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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Gold faces quarterly decline as rate hike bets grow
Friday, June 30, 2023

June 30 (Reuters) - Gold prices are set for their first quarterly decline in three on Friday as expectations of more interest rate hikes by the U.S. Federal Reserve and its global peers dimmed the outlook for bullion.

Spot gold fell 0.2% to $1,904.94 per ounce by 1203 GMT, down 3.2% for the quarter ending June 30...[LINK]

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Morning Call
Friday, June 30, 2023
Good morning. The precious metals are mostly higher in early U.S. trading.
 
Quote Board
 
U.S. calendar features Personal Income, PCE, Chicago PMI, Michigan Sentiment, Ag Prices.
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Zaner Daily Precious Metals Commentary
Thursday, June 29, 2023
With a 10-day high in the dollar early today and a fresh new low for the move in August gold, the market briefly entered a gap left from early March starting at $1910.50 and ending at $1908.90.
 
Apparently, the gold and silver trade saw the hawkish dialogue from the US Federal Reserve chairman yesterday as more convincing than the hawkish dialogue from other major central bank leaders as money flowed toward the dollar after the conference ended for the day.
 
Nonetheless, the consensus among world central bankers was two or "more" interest rate hikes were likely ahead. With the word "more" included the US Fed President opened the door for something more than 2 minor interest rate hikes this year as previously indicated...[MORE]
 
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Gold edges higher ahead of key US economic data
Thursday, June 29, 2023

June 29 (Reuters) - Gold firmed into a tight range on Thursday, trading near a major support level of $1,900 as Federal Reserve officials reaffirmed their hawkish policy message ahead of key U.S. economic data.

Spot gold edged up 0.2% to $1,910.34 per ounce by 12:05 GMT, after hitting a fresh low since mid-March. U.S. gold futures fell 0.2% to $1,918.40...[LINK]

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Morning Call
Thursday, June 29, 2023

Good morning. The #preciousmetals are mixed in early U.S. trading.

Quote Board

U.S. calendar features Q1 GDP Final (1.4% exp), Initial Jobless Claims, Pending Home Sales Index.

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Zaner Daily Precious Metals Commentary
Wednesday, June 28, 2023

In addition to a lack of classic bullish fundamental themes, gold, and silver have seen sellers emerge off a rekindling of US rate hike prospects given yesterday's very positive sweep of US scheduled data in the form of durable goods and new-home sales.

Adding to the bearish tilt this morning is a wave of hawkish commentary from a European Central Bank forum in Portugal where a long list of central bank leaders have echoed the need to "fight inflation" with further rate hikes...[MORE]

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Gold drops to more than 3-month low as traders await Powell
Wednesday, June 28, 2023

June 28 (Reuters) - Gold prices slipped to a more than three-month low on Wednesday after upbeat U.S. economic data cemented expectations of more rate hikes this year as investors positioned for a speech by Federal Reserve Chair Jerome Powell’s later in the day.

Spot gold fell 0.4% to $1,906.49 per ounce by 1148 GMT, hitting its lowest since mid-March earlier in the session. U.S. gold futures shed 0.4% to $1,915.50...[LINK]

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Morning Call
Wednesday, June 28, 2023

Good morning. The #preciousmetals are lower in early U.S. trading.

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U.S. calendar features Advance Economic Indicators, EIA Data, & FedSpeak from Powell.

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Zaner Daily Precious Metals Commentary
Tuesday, June 27, 2023

With promises of Chinese stimulus from the Chinese premier overnight gold and silver prices are showing little in the way of positive action.

While gold, silver, platinum, and palladium appeared to see flight to quality lift yesterday from the uncertainty of the military turmoil in Russia, that potential has dissipated quickly.

Certainly, if the coup attempt had gained traction and not ended so quickly, there might have been destabilization in Russia...[MORE]


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