Archive

Gold, silver hit hard by hawkish Fed, surge in greenback Gold and silver prices are sharply lower in midday U.S. trading Thursday. The precious metals bulls were running for cover today amid sharp gains in the U.S. dollar index and in the aftermath the FOMC meeting that sees the Federal Reserve still leaning hawkish on U.S. monetary policy. February gold was last down $32.00 at $1,786.00 and March silver was down $0.836 at $23.305. A still-hawkish Federal Reserve had traders…

Tough talk by Chairman Powell signaling more rate hikes over a longer time span As expected, the Fed announced its decision to raise its benchmark rate by 50-bps. This takes the central bank’s “Fed funds” rate to between 425 – 450 bps (4 ¼% – 4 ½%). However, it was Chairman Powell’s comments regarding his policy outlook during the press conference that garnered the most attention. Market participants and analysts were looking for insight into the forward guidance of the…

Slightly cooler U.S. inflation report boosts gold, silver Gold and silver prices are solidly higher in midday U.S. trading Tuesday, but down from daily highs, following a slightly tamer-than-expected U.S. inflation report. Gold surged to a five-month high and silver a seven-month high right after the report’s release. February gold was last up $26.70 at $1,818.90 and March silver was up $0.407 at $23.81. The U.S. consumer price index report for November showed a rise of 0.1% from October and…

Gold, silver see routine profit taking Gold and silver prices are solidly lower in midday U.S. trading Monday. Normal corrective pullbacks and some profit taking by the shorter-term futures traders were featured to start the trading week, following recent good price gains for both metals. A firmer U.S. dollar index on this day also worked against the metals market bulls. February gold was last down $17.70 at $1,792.90 and March silver was down $0.287 at $23.435. Traders await a major…

Gold trades sideways as investors wait for next week’s FOMC and CPI report Unlike yesterday’s double-digit gain in gold prices, today we see gold once again consolidating as it did on Tuesday. Tuesday’s price consolidation in gold indicated that the dramatic decline that occurred on Monday was more akin to a one-and-done scenario than the beginning of a correction. It was the equal or slightly higher low on Tuesday that was just as important as the fractional gains. It indicated…

Gold breaks above its 200-day moving average then moves back below it Gold futures basis the most active February 2023 contract opened in New York at $1783.30 and traded to a high of $1803.20 just above its 200-day moving average which is currently fixed at $1800.70. The price point of this long-term moving average at least for the short term became a technical level of resistance moving gold back below it. As of 4:19 PM EST, the February contract of…