Blog posts tagged with 'silver'

May 5 (Reuters) - Gold prices fell from near-record highs on Friday as investors waited for more economic cues, but banking woes and hopes for a pause in U.S. rate hikes kept safe-haven bullion on course for its best week in nearly two months.

Spot gold fell 0.7% to $2,036.74 per ounce by 1138 GMT, which some analysts termed a "consolidation", but was up 2.3% for the week. U.S. gold futures shed 0.5% to $2,045.90...[LINK]

In our opinion, the gold market has probably forged an intermediate top with a major blowoff range-up reversal overnight. In other words, optimism about the potential for an end to the US rate hike cycle has been embraced and perhaps overdone.

From a fundamental perspective, Indian gold prices posted a record high overnight and in the past Indians have been very price conscious which in turn could result in a near-term demand void.

However, the gold market should be supported by another inflow to gold ETF holdings of 24,688 ounces yesterday as that narrows the year-to-date decline in holdings to only 0.2%...[MORE]

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With the dollar forging a 3-day low early today the gold trade looks to have a modest cushion against the prospects of selling from official confirmation of a US rate hike later today.

At times yesterday, gold and silver prices diverged, with gold remaining consistently in favor in a possible sign of the entrenched flight to quality interest from both economic and political uncertainty.

In fact, news that Iran has seized an oil tanker in the Straits of Hormuz adds an additional measure of political uncertainty to the gold trade today...[MORE]

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Good morning. The #preciousmetals are mostly higher in early U.S. trading.

U.S. calendar features ADP Employment Survey, Services PMI & ISM, EIA Data, #FOMC Policy Statement (+25bps exp).

The gold market is showing very little direction this morning and is also exhibiting very little in the way of volatility. That is likely to change within the next 36 hours with the Fed decision tomorrow expected to set a near-term trend for prices.

However, we think the silver market will diverge from gold with classic physical commodity market fundamentals driving silver prices.

Unfortunately for the bull camp in gold, the dollar index appears to be poised to break out to the upside of a 3-week sideways consolidation pattern today perhaps because of signs of negotiating in Washington to avoid a government shutdown...[MORE]

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

U.S. calendar features Factory Orders (+1.3% exp), JOLTS Job Openings, Auto Sales.

2-day FOMC meeting begins.

(Reuters) - Gold prices eased on Monday as the U.S. dollar held firm, with cautious traders awaiting the Federal Reserve’s interest rate hike decision later this week.

Spot gold fell 0.5% to $1,980.78 per ounce by 0759 GMT. U.S. gold futures shed 0.5% to $1,989.20...[LINK]

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

U.S. calendar features Manufacturing PMI & ISM, Construction Spending.