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Gold $2,695.43 $24.81 0.93% Silver $31.27 $0.49 1.59% Platinum $969.39 $5.34 0.55% Palladium $1,022.10 $(8.36) -0.81%
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Morning Call
Thursday, July 6, 2023
Good morning. The #preciousmetals are higher in early U.S. trading.
 
Quote Board
 
U.S. calendar features Challenger Layoffs, ADP Employment Survey, Trade:, Initial Jobless Claims, Services PMI & ISM, JOLTS Job Openings, EIA Data, #FedSpeak from Logan.
 
Zaner Daily Precious Metals Commentary
Wednesday, July 5, 2023
A forecast from HSBC suggesting gold will trade in a range bound by $1850 and $1970 for the rest of this year highlights our view that the gold trade currently lacks a definitive trend because of static supply and demand conditions.
 
Therefore, it is not surprising that the action in the US dollar is likely to remain the most dominating influence on gold until there is a discernible shift in the market's landscape.
 
However, at present we think the bear camp has the edge with a pattern of outflows from gold ETF holdings extending to twelve straight days (down 1.4% year-to-date), fears of slowing in the largest gold-consuming nation (China), and the unending overhang of rate hike fears...[MORE]
 
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Gold rangebound in cautious trading ahead of Fed meet minutes
Wednesday, July 5, 2023

July 5 (Reuters) - Gold prices were rangebound on Wednesday in cautious trading ahead of the Federal Reserve’s June policy meeting minutes due later in the day.

Spot gold little changed at $1,927.39 per ounce by 1104 GMT, trading in a $8 range, while U.S. gold futures were up 0.3% to $1,934.70...[LINK]

Morning Call
Wednesday, July 5, 2023
Good morning. The precious metals are mostly lower in early U.S. trading.
 
Quote Board
 
U.S. calendar features Factory ORders, IBD/TIPP Economic Optimism Index, Auto Sales, FOMC Minutes, FedSpeak from Williams.
 
 
Zaner Daily Precious Metals Commentary
Monday, July 3, 2023
While global equity markets were higher overnight and produced a measure of risk on sentiment, economic news overnight was generally discouraging with European and factory activity contracting last month while Chinese June PMI readings marginally improved but were heavily offset by a survey predicting "gloom to spread from weak Chinese growth".
 
Fortunately for the bull camp, the dollar is showing only minimal strength as a 10th straight daily outflow from gold ETF holdings highlights a market still out of favor with investors. Gold holdings year-to-date are now down 1.2%!
 
Silver ETF holdings also declined last week by 1.86 million ounces and are fractionally lower year-to-date...[MORE]
 
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Gold slips as stronger dollar, rate hike expectations dent appeal
Monday, July 3, 2023

July 3 (Reuters) - Gold fell on Monday as a stronger dollar dented the metal’s appeal, with investors awaiting U.S. non-farm payrolls data and minutes of the latest Federal Reserve meeting due later this week for clues on U.S. monetary policy.

Spot gold was down 0.3% at $1,913.88 per ounce by 1222 GMT, while U.S. gold futures fell 0.4% to $1,921.80. Bullion lost 2.5% in the April to June quarter...[LINK]

Morning Metals Call
Monday, July 3, 2023

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

Quote Board

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

Zaner Daily Precious Metals Commentary
Friday, June 30, 2023
While the upside breakout in the dollar this morning is not large in scope, the negative impact on gold and silver prices has been extended into another session.
 
However, we suspect a large portion of yesterday's aggressive washout in gold and silver came from the significant jump in US treasury yields and further gains in US yields are possible today.
 
Not surprisingly, the jump in US rates and strengthening in the dollar was sparked by another round of solid US economic data...[MORE]
 
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Gold faces quarterly decline as rate hike bets grow
Friday, June 30, 2023

June 30 (Reuters) - Gold prices are set for their first quarterly decline in three on Friday as expectations of more interest rate hikes by the U.S. Federal Reserve and its global peers dimmed the outlook for bullion.

Spot gold fell 0.2% to $1,904.94 per ounce by 1203 GMT, down 3.2% for the quarter ending June 30...[LINK]

Morning Call
Friday, June 30, 2023
Good morning. The precious metals are mostly higher in early U.S. trading.
 
Quote Board
 
U.S. calendar features Personal Income, PCE, Chicago PMI, Michigan Sentiment, Ag Prices.