Morning Call
Thursday, July 13, 2023Good morning. The precious metals are higher in early U.S. trading.
U.S. calendar features PPI (+0.2% expected), Initial Jobless Claims, Treasury Budget, FedSpeak from Waller.
RSS
Blog
Zaner Daily Precious Metals Commentary
Wednesday, July 12, 2023With 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]
Please subscribe to receive the full report via email by clicking here.
Morning Call
Wednesday, July 12, 2023Good morning. The precious metals are higher in early U.S. trading.
U.S. calendar features CPI, EIA Data.
FedSpeak due from Kashkari, Bostic, & Mester.
Zaner Daily Precious Metals Commentary
Monday, July 10, 2023While 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]
Please subscribe to receive the full report via email by clicking here.
Gold awaits fresh cues as focus turns to US inflation print
Monday, July 10, 2023July 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]
Morning Call
Monday, July 10, 2023Good morning. The precious metals are lower in early U.S. trading.
U.S. calendar features Wholesale Sales, & Consumer Credit.
FedSpeak due from Barr, Daly, & Mester.
Zaner Daily Precious Metals Commentary
Friday, July 7, 2023The path of least resistance in gold and silver remains down with the fear of higher interest rates front and center and dominating over the influence of the dollar.
Fortunately for the bull camp, the dollar action has been nondescript if not somewhat weaker following yesterday's initial upside breakout, but with major monthly US jobs data directly ahead, the subject of higher US rates sits in the windshield.
However, the bull camp might have absorbed some of the increased rate hike prospects following the very strong ADP reading yesterday, and that in turn could set a somewhat higher bar for this morning's official nonfarm report gain...[MORE]
Please subscribe to receive the full report via email by clicking here.
Gold on track for fourth weekly loss on bets for hawkish Fed
Friday, July 7, 2023July 7 (Reuters) - Gold prices edged up on Friday but were on track for a fourth consecutive weekly loss as strong U.S. jobs data strengthened bets for higher-for-longer interest rates by the Federal Reserve.
Spot gold was up 0.3% to $1,915.79 per ounce by 0902 GMT, with analysts attributing the small uptick to bargain hunting. U.S. gold futures rose 0.3% to $1,921.80...[LINK]
Morning Call
Friday, July 7, 2023Good morning. The precious metals are mixed in early U.S. trading.
U.S. calendar features Nonfarm Payrolls (+225k exp).
Zaner Daily Precious Metals Commentary
Thursday, July 6, 2023The path of least resistance is pointing down in gold and silver to start today with the dollar overnight initially posting a 4-day high and potentially poised to receive further lift from today's active US scheduled report slate.
In retrospect, the release of the Fed meeting minutes yesterday afternoon revealed some Fed members were in favor of a 25-basis point rate hike last month despite the Fed's ultimate decision to leave rates unchanged.
Given numerous indications from the Fed, they are data dependent, US jobs-related data over the coming 2 sessions will be quite important and likely to set the trend in gold...[MORE]
Please subscribe to receive the full report via email by clicking here.