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Blog posts of '2023' 'August'

Gold steadies as weaker euro zone data offsets higher dollar, yields
Thursday, August 3, 2023

Aug 3 (Reuters) - Gold steadied on Thursday after data showing a deterioration in euro zone business activity triggered some safe-haven inflows, but bullion held near three-week lows on a stronger dollar and higher bond yields.

Spot gold was nearly flat at $1,934.29 per ounce by 1204 GMT, having hit its lowest since July 11. U.S. gold futures fell 0.3% to $1,969.80...[LINK]

Morning Call
Thursday, August 3, 2023

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

Quote Board

U.S. calendar features Challenger Layoffs, Q2 Productivity Prelim, ULC, Initial Jobless Claims, Services PMI & ISM, Factory Orders.

Zaner Daily Precious Metals Commentary
Wednesday, August 2, 2023

While the dollar did not post a higher high for the move in the overnight action it remains a headwind for the gold bull camp.

Given the lack of a recovery in gold and silver following the downgrade of US credit by the rating agency Fitch the market is not sensitive to flight to quality issues.

In a second negative story, the World Gold Council indicated that Indian gold demand in the 2nd quarter declined by 7% from last year and suggested the slumping demand was the result of persistent record-high Rupee gold prices which reduced affordability and turned off consumer interest...[MORE]

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Gold firms as bond yields slip after Fitch's US downgrade
Wednesday, August 2, 2023

August 2 (Reuters) - Gold prices gained on Wednesday, helped by some safe-haven bids after Fitch downgraded the United States’ top credit rating, but an uptick in the dollar capped bullion’s gains.

Spot gold was up 0.5% to $1,952.79 per ounce at 1133 GMT, while U.S. gold futures rose 0.6% to $1,989.90...[LINK]

 
Morning Call
Wednesday, August 2, 2023
Good morning. The precious metals are mixed in early U.S. trading.
 
Quote Board
 
U.S. calendar features ADP Employment Survey, EIA Data.
Gold slips on optimism for soft landing for US economy
Tuesday, August 1, 2023

August 1 (Reuters) - Gold retreated on Tuesday as the dollar firmed and hopes of a soft landing for the U.S. economy dented safe-haven demand for bullion.

Spot gold eased 0.5% to $1,954.49 per ounce by 1136 GMT, while U.S. gold futures dropped 0.9% to $1,953.70...[LINK]

 
Morning Call
Tuesday, August 1, 2023
Good morning. The precious metals are lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Manufacturing ISM, Construction Spending, JOLTS Jobs Opening, Auto Sales.