Morning Call
Friday, August 11, 2023Good morning. The precious metals are higher in early U.S. trading.
U.S. calendar features PPI (+0.2% exp.), Michigan Sentiment Prelim.
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Zaner Daily Precious Metals Commentary
Thursday, August 10, 2023With gold testing yesterday's low in the early going despite a weak track in the dollar, the path of least resistance remains down.
However, the trade is likely to mark time on the charts until the release of US CPI, with inflation capable of sparking a chain reaction of movement in treasury yields, the dollar, and eventually precious metal and commodity prices.
Not surprisingly, investors remain cool toward gold ETF holdings which were reduced for the 13th straight session yesterday...[MORE]
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Gold firms on softer dollar as U.S. inflation test looms
Thursday, August 10, 2023Aug 10 (Reuters) - Gold firmed on Thursday buoyed by a softer dollar but was hemmed into a relatively tight range as traders positioned for U.S. inflation readings that could steer the Federal Reserve’s monetary policy.
Spot gold rose 0.4% to $1,921.32 per ounce by 1125 GMT, bouncing up slightly after touching its lowest level since July 10 on Wednesday. U.S. gold futures edged up 0.2% to $1,954.60...[LINK]
Morning Call
Thursday, August 10, 2023Good morning. The precious metals are higher in early U.S. trading.
U.S. calendar features CPI (+0.2% exp.), Initial Jobless Claims, Treasury Budget.
FedSpeak due from Daly, Bostic, & Harker.
Zaner Daily Precious Metals Commentary
Wednesday, August 9, 2023While yesterday was a very discouraging day for gold and silver bulls, today does not look to be an improvement.
In fact, with the world largely accepting the likelihood of Chinese deflation and the Chinese economy capable of exporting deflation, (overnight Chinese producer prices declined by 4.4% following a 5.4% decline in the previous month) should leave physical commodities out of favor.
Not surprisingly gold ETF holdings fell again yesterday for the 12th straight session while silver ETF holdings dropped for a 5th straight session...[MORE]
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Gold steadies on weaker dollar before US inflation print
Wednesday, August 9, 2023Aug 9 (Reuters) - Gold steadied on Wednesday, buoyed by weakness in the dollar, although caution prevailed in the run-up to U.S. inflation readings that could set the tone for future monetary policy.
Spot gold was up 0.1% at $1,925.85 per ounce by 1145 GMT, having dropped to its lowest since July 10 at $1,922 on Tuesday. U.S. gold futures remained mostly unchanged at $1,959.80...[LINK]
Morning Call
Wednesday, August 9, 2023Good morning. The precious metals are lower in early U.S. trading.
U.S. calendar features MBA Mortgage Applications, EIA Data.
Zaner Daily Precious Metals Commentary
Tuesday, August 8, 2023Italy surprised the markets with a 40% windfall profits tax on banks, while Moody's downgraded several small to midsized US banks.
Other minimally bearish developments include Turkey placing a 20% levy on some forms of gold imports and news that gold ETF holdings yesterday fell for the 11th straight day!
Much weaker than expected Chinese import and export data undermines physical and investment demand hope for gold and silver which will also be facing slightly negative spillover from strength in the US dollar...[MORE]
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Gold hits 4-week low as dollar firms before US inflation test
Tuesday, August 8, 2023Aug 8 (Reuters) - Gold hit a four-week low on Tuesday as the dollar climbed after weaker-than-expected Chinese trade data, while caution in the run-up to U.S. inflation readings this week also kept appetite for zero-yield bullion subdued.
Spot gold was down 0.4% to $1,928.61 per ounce by 1200 GMT after hitting its lowest since July 11. U.S. gold futures fell 0.4% to $1,963.00...[LINK]
Morning Call
Tuesday, August 8, 2023Good morning. The precious metals are lower in early U.S. trading.
U.S. calendar features NFIB Small Business Optimism Index, Trade: Goods & Services, Wholesale Sales, Economic Optimism.