Is $2k or $5k gold price still possible? Even a big miss in the U.S. September job numbers couldn't trigger a much-needed rally in gold. And unless the precious metal can find a way to close above $1,780 an ounce, analysts say they will remain neutral on the metal. Here's a look at Kitco's top three stories of the week: 3. Bitcoin breaches $55,000 as bullish momentum grows in the crypto space 2. September U.S. job growth was the slowest…
'Bad news is good news for gold,' but why is the price stuck? With gold unable to deliver a rally despite a disappointing U.S. September employment report, analysts weigh in on gold's sticky price levels. The U.S. September jobs report surprised on the downside with just 194,000 positions added versus the expected 500,000. This is a big miss considering that Federal Reserve Chair Jerome Powell needed "a reasonably good report" to begin tapering as soon as November. "We had a…
Gold has fractional gains even with moderate dollar strength both gold and silver gained fractional ground with gold as of 6:10 PM Eastern Standard Time fixed at $1763.90, after factoring in today’s gain of $1.90, or 0.11%. Silver gained $0.12 in trading today and basis the December futures contract is currently fixed at $22.65 which amounts to a percentage gain of 0.52%. The prices quoted our based upon the opening in Australia as the financial markets begin to trade overseas…
Gold price headed to $5,500 in the long term as central banks won't be able to exit unorthodox monetary policies The Federal Reserve's potential plan to reduce its monthly bond purchase by the end of the year continues to weigh on the gold market as prices remain tethered to support around $1,750 an ounce. However, one investment firm continues to see gold prices pushing thousands of dollars higher in the long-term. In a report published Tuesday, investment bank Jefferies Group…
Have you given up on gold? Surprising comeback after volatile week It has been a very volatile week for gold. After dropping $30, the precious metal surged back to its very familiar territory of $1,750-$1,760 an ounce. Soaring U.S. Treasury yields and a higher U.S. dollar were the main obstacles for gold. And despite avoiding a government shutdown in the U.S. this week, there is still the threat of default as the heated debt ceiling debate continues. Here's a look…
Gold is a green hedge – it can improve a portfolio's carbon profile – World Gold Council Gold can play many different roles in an investment portfolio; it is an important diversification tool and hedge against inflation. According to the latest research from the World Gold Council (WGC), gold can improve a portfolio's carbon footprint, too. In an interview with Kitco News, John Mulligan, climate change lead and market relations at the WGC, said that the latest report on gold's environmental…
Dollar strength today is equal to gold weakness in terms of percentage gain and decline A surging U.S. dollar continues to pressure gold resulting in a further price decline. Yesterday the dollar index closed at the highest level this year, and today the dollar rally continued and resulted in a new record high for the year. As of 4:30 PM EDT, the U.S. dollar index is up by+0.68% and gold futures are down by -0.68%. This means that the percentage…
Gold price sees double-digit drop as Yellen says failure to raise debt ceiling will trigger financial crisis, undermine U.S. dollar If the debt ceiling is not raised in time, the U.S. will default, which would trigger a financial crisis and undermine the U.S. dollar, U.S. Treasury Secretary Janet Yellen told the U.S. Senate on Tuesday. "If the debt ceiling is not raised, there would be a financial crisis, a calamity. It would undermine confidence in the dollar as a reserve…
Gold has multiple factors and events to glean insight into the future direction The gold market will continue to keep its focus on the Federal Reserve. The recent FOMC meeting statement and updated monetary policy in regards to interest rates have contained any large moves in gold. The net result of a more hawkish Fed has resulted in a major uptick in the yields of 10-year Treasury notes, which is also supportive of the U.S. dollar. This week the Federal…
Gold and silver trade higher heading into the European open Gold and silver are both heading into the European session in positive territory. Gold is up 0.42% while silver has risen 0.89% respectively. In the rest of the commodities complex, copper is trading just above flat while spot WTI pushed 1.30% in the black. In terms of risk sentiment, the Nikkei 225 (-0.03%), ASX (0.57%), and the Shanghai Composite (-0.94%) were mixed overnight. Futures in Europe are pointing towards a…