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Gold $2,587.10 $(0.47) -0.02% Silver $30.80 $(0.01) -0.03% Platinum $991.16 $4.61 0.47% Palladium $1,087.92 $5.62 0.52%
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Zaner Daily Precious Metals Commentary
Monday, July 17, 2023
While the initial trade is not definitive, we give the edge to the bear camp as dollar declines are insignificant, treasury prices are up minimally, and many commodities are tracking higher.
 
Fortunately for the bull camp last Friday gold ETF holdings increased by 11,620 ounces breaking a 19-day pattern of outflows. Nonetheless, gold ETF holdings last week still fell by 131,350 ounces and silver ETF holdings declined by 5.4 million ounces.
 
While the Chinese data on its face was not particularly discouraging, the growth rate in China was significantly softer than in the prior quarter with Chinese retail sales posted a gain of 3.1% versus the 12.7% gain in May...[MORE]
 
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Gold steadies on dollar weakness, traders assess Fed rate stance
Monday, July 17, 2023

July 17 (Reuters) - Gold prices held steady on Monday, buoyed by a softer dollar, as investors awaited for more cues on the U.S. Federal Reserve’s monetary policy tightening amid signs of cooling inflation.

Spot gold was little changed at $1,954.13 per ounce by 0924 GMT. U.S. gold futures fell 0.3% to $1,958.10...[LINK]

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Morning Call
Monday, July 17, 2023
Good morning. The #preciousmetals are mixed in early U.S. trading.
 
Quote Board
 
U.S. calendar features Empire State Index.
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Gold hits 4-week peak as Fed seen nearing end of rate hikes
Thursday, July 13, 2023

July 13 (Reuters) - Gold prices climbed to their highest in about a month on Thursday on a weaker dollar after U.S. inflation data raised investor hopes that the Federal Reserve would soon stop tightening its monetary policy.

Spot gold was up 0.1% at $1,958.99 per ounce by 1040 GMT, its highest since June 16. U.S. gold futures also rose 0.1% to $1,962.90...[LINK]

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Morning Call
Thursday, July 13, 2023

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

Quote Board

U.S. calendar features PPI (+0.2% expected), Initial Jobless Claims, Treasury Budget, FedSpeak from Waller.

 

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Zaner Daily Precious Metals Commentary
Wednesday, July 12, 2023
With a gap lower range down trade in the dollar the bias in gold and silver is up in today's early action.
 
Not surprisingly, gold has forged a higher high trade with the highest price since June 23rd in a sign that dollar action is once again the primary focus of the gold trade.
 
However, gold and silver are likely benefiting to a lesser degree from firmer treasury prices (lower yields) and from ideas that the Russians will continue to boost gold reserves through repatriation of foreign holdings or simple internal buying by their central bank.
 
In a very bullish longer-term development, the World Gold Council overnight suggested the Indian government expand its Gold Monetization Scheme by stepping up efforts to buy local retail coin and bar deposits and by offering further bank programs like gold bonds for the country to reduce its gold imports and help its current account balance...[MORE]
 
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Morning Call
Wednesday, July 12, 2023

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

Quote Board

U.S. calendar features CPI, EIA Data.

FedSpeak due from Kashkari, Bostic, & Mester.

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Zaner Daily Precious Metals Commentary
Monday, July 10, 2023
While overnight outside market action is not definitively bearish for gold and silver, the bear camp has help from a stronger dollar, an uptick in US interest rates, and signs of deflation in China with their CPI declining 0.2%.
 
Given the pulse-up in US interest rate expectations last week and the slide in gold and silver prices, the presence of positive US data and/or a return to risk-on in equities will likely pressure both markets back toward recent consolidation low support levels.
 
However, given the tighter relationship between the dollar and precious metal prices (relative to interest rate influences), the action in the dollar is likely to control over the interest rate influences...[MORE]

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Gold awaits fresh cues as focus turns to US inflation print
Monday, July 10, 2023

July 10 (Reuters) - Gold prices were flat on Monday as investors traded cautiously ahead of U.S. inflation data expected later this week to gauge the impact of interest rate hikes and if more policy tightening was on the cards.

Spot gold was little changed at $1,923.69 per ounce by 1144 GMT. U.S. gold futures were down 0.2% to $1,929.10...[LINK]

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Morning Call
Monday, July 10, 2023
Good morning. The precious metals are lower in early U.S. trading.
 
Tornado Quote Board
 
U.S. calendar features Wholesale Sales, & Consumer Credit.
 
FedSpeak due from Barr, Daly, & Mester.
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