Morning Call
Monday, July 10, 2023Good morning. The precious metals are lower in early U.S. trading.
U.S. calendar features Wholesale Sales, & Consumer Credit.
FedSpeak due from Barr, Daly, & Mester.
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Blog posts of '2023' 'July'
Zaner Daily Precious Metals Commentary
Friday, July 7, 2023The path of least resistance in gold and silver remains down with the fear of higher interest rates front and center and dominating over the influence of the dollar.
Fortunately for the bull camp, the dollar action has been nondescript if not somewhat weaker following yesterday's initial upside breakout, but with major monthly US jobs data directly ahead, the subject of higher US rates sits in the windshield.
However, the bull camp might have absorbed some of the increased rate hike prospects following the very strong ADP reading yesterday, and that in turn could set a somewhat higher bar for this morning's official nonfarm report gain...[MORE]
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Gold on track for fourth weekly loss on bets for hawkish Fed
Friday, July 7, 2023July 7 (Reuters) - Gold prices edged up on Friday but were on track for a fourth consecutive weekly loss as strong U.S. jobs data strengthened bets for higher-for-longer interest rates by the Federal Reserve.
Spot gold was up 0.3% to $1,915.79 per ounce by 0902 GMT, with analysts attributing the small uptick to bargain hunting. U.S. gold futures rose 0.3% to $1,921.80...[LINK]
Morning Call
Friday, July 7, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Nonfarm Payrolls (+225k exp).
Zaner Daily Precious Metals Commentary
Thursday, July 6, 2023The path of least resistance is pointing down in gold and silver to start today with the dollar overnight initially posting a 4-day high and potentially poised to receive further lift from today's active US scheduled report slate.
In retrospect, the release of the Fed meeting minutes yesterday afternoon revealed some Fed members were in favor of a 25-basis point rate hike last month despite the Fed's ultimate decision to leave rates unchanged.
Given numerous indications from the Fed, they are data dependent, US jobs-related data over the coming 2 sessions will be quite important and likely to set the trend in gold...[MORE]
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Gold rises on softer dollar, focus on US jobs data
Thursday, July 6, 2023July 6 (Reuters) - Gold prices gained on Thursday, helped by a weaker dollar, while investors braced for U.S. jobs data that could influence the Federal Reserve’s policy trajectory.
Spot gold rose by 0.4% to $1,924.62 per ounce by 1134 GMT, while U.S. gold futures gained 0.2% to $1,931.20...[LINK]
Morning Call
Thursday, July 6, 2023Good morning. The #preciousmetals are higher in early U.S. trading.
U.S. calendar features Challenger Layoffs, ADP Employment Survey, Trade:, Initial Jobless Claims, Services PMI & ISM, JOLTS Job Openings, EIA Data, #FedSpeak from Logan.
Zaner Daily Precious Metals Commentary
Wednesday, July 5, 2023A forecast from HSBC suggesting gold will trade in a range bound by $1850 and $1970 for the rest of this year highlights our view that the gold trade currently lacks a definitive trend because of static supply and demand conditions.
Therefore, it is not surprising that the action in the US dollar is likely to remain the most dominating influence on gold until there is a discernible shift in the market's landscape.
However, at present we think the bear camp has the edge with a pattern of outflows from gold ETF holdings extending to twelve straight days (down 1.4% year-to-date), fears of slowing in the largest gold-consuming nation (China), and the unending overhang of rate hike fears...[MORE]
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Gold rangebound in cautious trading ahead of Fed meet minutes
Wednesday, July 5, 2023July 5 (Reuters) - Gold prices were rangebound on Wednesday in cautious trading ahead of the Federal Reserve’s June policy meeting minutes due later in the day.
Spot gold little changed at $1,927.39 per ounce by 1104 GMT, trading in a $8 range, while U.S. gold futures were up 0.3% to $1,934.70...[LINK]
Morning Call
Wednesday, July 5, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Factory ORders, IBD/TIPP Economic Optimism Index, Auto Sales, FOMC Minutes, FedSpeak from Williams.