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.
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Blog posts tagged with 'platinum'
Zaner Daily Precious Metals Commentary
Monday, July 3, 2023While global equity markets were higher overnight and produced a measure of risk on sentiment, economic news overnight was generally discouraging with European and factory activity contracting last month while Chinese June PMI readings marginally improved but were heavily offset by a survey predicting "gloom to spread from weak Chinese growth".
Fortunately for the bull camp, the dollar is showing only minimal strength as a 10th straight daily outflow from gold ETF holdings highlights a market still out of favor with investors. Gold holdings year-to-date are now down 1.2%!
Silver ETF holdings also declined last week by 1.86 million ounces and are fractionally lower year-to-date...[MORE]
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Gold slips as stronger dollar, rate hike expectations dent appeal
Monday, July 3, 2023July 3 (Reuters) - Gold fell on Monday as a stronger dollar dented the metal’s appeal, with investors awaiting U.S. non-farm payrolls data and minutes of the latest Federal Reserve meeting due later this week for clues on U.S. monetary policy.
Spot gold was down 0.3% at $1,913.88 per ounce by 1222 GMT, while U.S. gold futures fell 0.4% to $1,921.80. Bullion lost 2.5% in the April to June quarter...[LINK]
Morning Metals Call
Monday, July 3, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Manufacturing PMI & ISM, Construction Spending.
Zaner Daily Precious Metals Commentary
Friday, June 30, 2023While 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, 2023June 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]
Morning Call
Friday, June 30, 2023Good morning. The precious metals are mostly higher in early U.S. trading.
U.S. calendar features Personal Income, PCE, Chicago PMI, Michigan Sentiment, Ag Prices.
Zaner Daily Precious Metals Commentary
Thursday, June 29, 2023With 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, 2023June 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]
Morning Call
Thursday, June 29, 2023Good morning. The #preciousmetals are mixed in early U.S. trading.
U.S. calendar features Q1 GDP Final (1.4% exp), Initial Jobless Claims, Pending Home Sales Index.