Blog posts tagged with 'gold'

Predicting the reaction in gold and silver to today's US payroll report is difficult as the precious metal trade this week has periodically delinking with key outside market drivers in place over the prior two months.

Recently, the focus of gold and silver has shifted primarily to the dollar with US treasury rates a secondary and inconsistent influence.

Pushed into the market, we favor the bear track with the aggressive blowoff reversal and a follow-through slide in gold and silver prices this week threatening the bull camp...[MORE]

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Dec 8 (Reuters) - Gold prices were flat on Friday, as markets looked forward to the crucial U.S. jobs data for more clues on the Federal Reserve's monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four.

Spot gold was up 0.1% at $2,029.49 per ounce by 1203 GMT. Bullion, however, has fallen nearly 1.9% for the week so far. U.S. gold futures were flat at $2,046.00...[LINK]

In retrospect, gold and silver bulls should be disappointed/discouraged by the lack of bullish response to what has been a consistently falling implied US treasury yields but that support has been aggressively countered by residual signs of strength in the dollar.

Yesterday the laser focus on the prospect of a US rate cut early next year was lost again as cumulatively this week's jobs reports have signaled slowing.

Perhaps the trade is waiting for ultimate confirmation of slowing from the most important jobs report of the cycle, the nonfarm payroll report on Friday...[MORE]

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Dec 7 (Reuters) - Gold prices climbed on Thursday, buoyed by a weakness in the dollar and Treasury yields, with investors awaiting crucial U.S. payrolls data that could help ascertain the Federal Reserve's interest rate trajectory.

Spot gold rose 0.4% to $2,032.90 per ounce by 1155 GMT. U.S. gold futures gained 0.1% to $2,050.20...[LINK]

Gold prices rallied overnight as bulls took advantage of the lull in the dollar. Although interest rates were up marginally overnight the bull camp was spurred on by continued hopes of a rate cut.

Bulls will be watching this morning's ADP data for evidence of further weakness in the US economy that might warrant Fed dovishness.

The Perth Mint reported that gold sales jumped 26.52%, to 53,520oz this month, as the demand for physical bullion surged...[MORE]

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Dec 6 (Reuters) - Gold buyers in China are getting younger, as a property market downturn, weakening stocks and currency and low bank deposit interest rates have left them with dwindling options to save for rainy days in a sputtering economy.

The trend underscores heightening uncertainty about growth prospects in the world's second-largest economy, which has not recovered from COVID-19 lockdowns as fast as consumers and job hunters had expected...[LINK]

Dec 6 (Reuters) - Gold prices inched higher on Wednesday buoyed by lower bond yields, while investors awaited for a crucial U.S. employment report that could set the tone for Federal Reserve's policy meeting next week.

Spot gold rose 0.2% to $2,023.62 per ounce by 1247 GMT. U.S. gold futures gained 0.3% to $2,041.60...[LINK]

Volatility is likely to continue in gold and silver as the trade continues to waffle back and forth from the ebb and flow of potential central bank policy bias changes.

In fact, today's US scheduled data window will likely add or subtract to the first quarter rate cut assumption (generally held by the trade), but we give the edge to the dollar bears/gold bulls from the potential for a softening US economy take away through this morning's US reports.

We must note the lack of a flight to quality surge in gold overnight following Moody's downgrade of Chinese credit especially with a lack of gold buying following a noted uptick in Chinese credit default swap rates...[MORE]

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