Morning Call
Monday, June 5, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Services PMI & ISM, Factory Orders, FedSpeak from Mester.
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Zaner Daily Precious Metals Commentary
Friday, June 2, 2023With the dollar adding to yesterday's significant decline again this morning there is talk that the currency index has made a major trend reversal and that should be a major bullish force for gold and silver ahead.
In addition to gains from strength in the dollar, gold, and silver both appear to be embracing the idea the Ferd will pause in their June 16th FOMC meeting.
Therefore, today's monthly jobs data will be a major data point in the Fed's calculus, with stronger-than-expected numbers likely to be negative for precious metals...[MORE]
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Gold heads for best week since April on Fed pause bets
Friday, June 2, 2023June 2 (Reuters) - Gold prices were on track on Friday for their biggest weekly rise since early April, buoyed by hopes the U.S. Federal Reserve would not raise interest rates at its policy meeting this month, which also weighed on the dollar and bond yields.
Spot gold was up 0.1% to $1,980.49 per ounce at 1005 GMT. U.S. gold futures were up 0.1% to $1,997.40...[LINK]
Morning Call
Friday, June 2, 2023Good morning. The #preciousmetals are mostly higher in early U.S. trading.
U.S. calendar features Nonfarm Payrolls (+193k expected).
Zaner Daily Precious Metals Commentary
Thursday, June 1, 2023While the dollar action overnight is not patently negative to gold and silver, the charts in the dollar show no signs of vulnerability thereby leaving gold and silver under currency-related pressure.
In retrospect, gold and silver have seen some flight to quality liquidation following the quick House passage of its debt ceiling bill and further but even less significant flight to quality liquidation might be seen when the bill passes the Senate.
A limiting force for the markets going forward are several Fed comments yesterday favoring a rate hike in the next meeting but there were two Fed members who indicated they could favor a pause to give the Fed additional data before acting...[MORE]
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Gold subdued as risk assets gain on U.S. debt bill passage
Thursday, June 1, 2023June 1 (Reuters) - Gold prices edged lower on Thursday as risky assets got a boost from the passage of a U.S. debt ceiling bill ahead of the Federal Reserve’s key policy setting meeting.
Spot gold slipped 0.11 % to $1,960.09 per ounce by 1014 GMT. It fell 1.4% over the month of May. U.S. gold futures were down 0.2% on the day at $1,977.30...[LINK]
Morning Call
Thursday, June 1, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Challenger Layoffs, Initial Jobless Claims, Q1 Productivity & ULC revised, EIA Data, Manufacturing ISM & PMI, Construction Spending, Auto Sales.
FedSpeak due from Harker.
Zaner Daily Precious Metals Commentary
Wednesday, May 31, 2023With a fresh new high for the move in the dollar to the highest level since March 15th yesterday, the gold market is short-term overbought and is facing ongoing currency-related pressure.
Surprisingly, silver has avoided the pressure seen in the early gold trade thereby signaling its continued focus on physical commodity fundamentals instead of financial/currency-related factors.
However, gold and silver should see minimal support from a continued slide in US interest rates today...[MORE]
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Gold heading for first monthly loss in three as dollar dominates
Wednesday, May 31, 2023May 31 (Reuters) - Gold prices steadied on Wednesday yet was headed for its first monthly decline in three as the U.S. dollar climbed on expectations the Federal Reserve would keep interest rates higher for longer than previously thought.
Spot gold was largely unchanged at $1,958.69 per ounce by 1123 GMT. It has lost nearly 1.6% so far this month and $120 from its near-record highs earlier in May...[LINK]
Morning Call
Wednesday, May 31, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Chicago PMI, JOLTS Job Openings, Beige Book, Ag Prices.
FedSpeak due from Collins, Barker, Harkin, & Jefferson.