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Blog posts tagged with 'silver'

Zaner Daily Precious Metals Commentary
Tuesday, February 20, 2024
Fortunately for the bull camp in gold and silver, the dollar has remained near five-day lows as the US economic outlook has deteriorated which has kept some measure of rate-cut hopes alive for the first half of 2024.
 
Indirectly the gold market should see minimal support from the very aggressive cut in the Chinese mortgage reference rate overnight as that tamps down fear of a Chinese collapse and global deflation.
 
Unfortunately for the bull camp, gold ETF holdings continue to decline with an outflow last week of 550,951 ounces bringing the year-to-date outflow to 3.1% in less than two months...[MORE]
 
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Gold at one-week high as soft dollar, Middle East turmoil lift demand
Monday, February 19, 2024

Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion’s safe-haven appeal.

Spot gold was up 0.3% at $2,019.99 per ounce, as of 0530 GMT, hitting its highest since Feb. 13...[LINK]

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Morning Call
Monday, February 19, 2024
Good morning. The precious metals were mostly lower in afternoon trading in Europe.
 
Quote Board
 
U.S. markets are closed in observance of Presidents' Day.
 
Canadian markets are closed for Family Day.
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Zaner Daily Precious Metals Commentary
Friday, February 16, 2024

With the gold market sitting at levels that would create the first weekly loss of this year, the dollar minimally higher, treasury yields minimally higher and US producer price index report for January scheduled for release this morning, gold is likely to experience a flare of volatility which will likely dissipate quickly.

While we see the current fundamental and technical trend pointing down, as expected or softer than expected PPI readings (expectations of +0.1%) could dramatically increase respect for the $2000 level and prompt a short covering wave capable of sending April gold up to $2026.

However, the trade will be presented with a second wave of US inflation information in the form of the University of Michigan five-year consumer inflation expectations report for the month of February...[MORE]

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Gold heads for second weekly loss as early rate cut bets cool
Friday, February 16, 2024
Feb 16 (Reuters) - Gold held steady on Friday but was on track for a second consecutive weekly fall as traders lowered expectations of rapid U.S. rate cuts, while markets sought more data for further clarity on the Federal Reserve's next move.
 
Spot gold rose 0.1% to $2,006.98 per ounce, as of 1248 GMT, and has lost nearly 1% for the week so far. U.S. gold futures gained 0.2% at $2,019.00 per ounce...[LINK]
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Morning Call
Friday, February 16, 2024
Good morning. The precious metals are mixed in early U.S. trading.
 
Quote Board
 
U.S. calendar features PPI (+0.1% expected), Housing Starts, Michigan Sentiment Prelim, FedSpeak from Barr.
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Zaner Daily Precious Metals Commentary
Thursday, February 15, 2024

While April gold is tracking in positive territory early today and has established a key pivot point around $2005, the onus is on the bull camp to prove the market can respect even number consolidation support at $2000.

Unfortunately for the bull camp, gold ETF holdings continue to slide with year-to-date outflows of 2.8% taking place in less than 50 days.

While Indian gold imports in January increased to $1.9 billion that is probably a function of the recovery in gold prices and not necessarily from increased volume...[MORE]

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Gold near two-month low, investors eye US data for rate cut cues
Thursday, February 15, 2024
Feb 15 (Reuters) - Gold prices languished near a two-month trough on Thursday as traders lowered expectations of sooner and deeper rate cuts by the Federal Reserve this year, while markets await a slew of U.S. economic data for further clarity.
 
Spot gold was up 0.3% at $1,997.10 per ounce, as of 1158 GMT, but hovered near its lowest since Dec. 13 hit on Wednesday. U.S. gold futures rose 0.3% to $2,009.20...[LINK]
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Morning Call
Thursday, February 15, 2024
Good morning. The precious metals are higher in early U.S. trading.
 
Quote Board
 
U.S. calendar features Retail Sales (-0.1% expected), Philly Fed Index, Empire State Index, Import/Export Price Index, Initial Jobless Claims, Industrial Production, NAHB Housing Mkt Index, TIC Data.
 
FedSpeak due from Waller and Bostic.
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Zaner Daily Precious Metals Commentary
Wednesday, February 14, 2024

While the magnitude of yesterday's US CPI upside surprise was not significant, the markets were clearly undermined by another US data point which appears to push back US rate cut timing.

Today the markets will have a pause from US inflation news with several Fed speeches potentially providing some fireworks.

However, the US dollar is sitting right on the spike-up highs from yesterday early today leaving the currency influence on gold and silver bearish...[MORE]

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