Gold price recovers, ASX tumbles Australian markets opened lower after Friday's sell off due to new pandemic concerns. The Australian Stock Exchange is down as of 10:30 a.m. Sydney time with the S&P/ASX200 off 57.60 points or 0.79% to 7,221.70. The exchange set a new 20-day low, according to an update on the ASX homepage. Spot gold dropped $10 at open to trade as low as $1,783 a ounces before recovering. Comex February gold futures are up +0.53% to $1,797.5…
Gold is still the safe-haven to own A few weeks ago, we noted that when gold shines the brightest when the chips are down, and once again, the precious metal proved its mettle as a safe-haven asset. It is interesting to compare gold’s reaction to the latest COVID-19 news as the price bounced off a nearly three-week low, to Bitcoin, which is down more than 7% Friday, falling below $55,000 per token. Fear of a new COVID-19 variant is prompting…
Gold price surges as new Covid strain surfaces Gold prices are solidly higher in early U.S. trading Friday, on safe-haven demand and short covering by the futures traders, amid a potentially ominous development on the pandemic front. December gold was last up $20.50 at $1,804.30 and December Comex silver was last down $0.02 at $23.47 an ounce. There is keen risk aversion in the marketplace Friday, on what typically is a very quiet post-U.S.-Thanksgiving-holiday trading day that sees many U.S.…
Gold price remains well supported above $1,800 an ounce in 2022 – Scotiabank Gold prices continue to languish below $1,800 an ounce as investors interpret the re-nomination of Jerome Powell to remain the head of the Federal Reserve as a hawkish development for monetary policy. However, commodity analysts at Scotiabank said in a report Wednesday that the selloff in gold could be overdone and the precious metal price looks well supported in 2022. The Canadian bank looks for gold prices…
Gold near steady, shows little initial reaction to FOMC minutes Gold and silver prices are trading not far from unchanged in afternoon U.S. trading Wednesday, after huge day for U.S. economic data that produced not much markets reaction. December gold was last up $0.50 at $1,784.30 and December Comex silver was last up $0.04 at $23.475 an ounce. The just-released FOMC minutes from the last meeting of the Fed's monetary policy-setting committee showed FOMC members getting more concerned about rising…
Gold's advantage over bitcoin Before gold went on a run earlier this month, company financings in the precious metal space picked up, said CEO of Oreninc Kai Hoffmann. Hoffmann spoke to Kitco in mid-November at the Deutsche Goldmesse show in Frankfurt, Germany. Oreninc tracks financings for juniors and miners. Early this month, two pieces of news propelled gold higher: headline inflation rose to 6.2%, and the $1 trillion U.S. infrastructure bill was signed into law. Gold had a solid breakout…
Gold hit hard by profit taking as Fed Chair Powell stays Gold and silver futures are sharply down in midday U.S. trading Monday, with gold notching a two-week low. The metals’ prices were under pressure overnight and then selling pressure accelerated when it reported early this morning that President Biden plans to keep Federal Reserve Chairman Jerome Powell for another term. December gold was last down $41.10 at $1,810.40 and December Comex silver was last down $0.421 at $24.36 an…
Gold price is consolidating, when is a breakout happening? – Gary Wagner gives price targets This upcoming Thanksgiving will be the most expensive ever, and inflation will continue to be a serious concern for investors, said Gary Wagner, editor of TheGoldForecast.com who advocates that gold is still the ultimate store of wealth. On a technical basis, gold is still in its consolidating phase, Wagner told David Lin, anchor for Kitco News. "A break above $1,880 [gold price] would really signal…
Gold closes under pressure following a statement by Fed Governor Waller Gold is trading under pressure, which will certainly result in gold closing lower on the week. As of 5 PM EST gold futures basis, the most active December 2021 Comex contract is down $13.80 (0.74%) and fixed at $1847. What sparked today’s selling pressure came out of multiple components, but the majority stems directly from a speech by Federal Reserve Governor Christopher Waller. He spoke to the Center for…
Is Fed making a mistake? Big market risk ahead as gold looks to $1,900 – analysts ccording to analysts, with all eyes on the U.S. President Joe Biden's Federal Reserve Chair pick, gold is waiting for its next catalyst to take it to $1,900 an ounce, with markets eyeing year-end volatility. Gold is wrapping up this trading week down 1%, with December Comex gold futures last trading at $1,848.60, down 0.69% on the day. One of the main events the…