David

Gold futures trade to $1993.40 and recover back above $2000 As of 4:25 PM EST, gold futures basis the most active June 2023 contract is trading down $8.50 or 0.42% and fixed at $2007.20. In earlier trading market participants actively moved gold below the key psychological level of $2000, taking June gold to its intraday low of $1993.40. Today’s price decline in gold can be 100% attributed to dollar strength. Currently, the dollar is up 0.54%, however, when compared to…

Gold prices remains under pressure as U.S. retail sales drop 1% in March Recession fears could start to pick up again as U.S. consumers cut back on their spending, with retail sales numbers dropping more than expected last month. U.S. retail sales dropped 1.0% in March, following a revised 0.2% decline in February, according to the latest data from the U.S. Commerce Department. Economists expected a decrease of 0.4%% in last month's headline number. Core sales, which strip out vehicle…

Wild daily swings define gold price action on its path to record highs, focus on Fed speak and bank earnings next week The gold market is ending the week with another massive move. After rising to a 13-month high Thursday, gold gave up all weekly gains Friday, falling $40 on the day. On the macro level, the gold market is reacting to positive economic news and some hawkish Federal Reserve speak. "It wasn't just the data today, you had the…

Gold prices slide lower as UofM consumer sentiment rises to 63.5 Stronger-than-expected U.S. consumer sentiment is adding further selling pressure to gold and is solidifying expectations that the Federal Reserve will raise interest rates by 25 basis points next month. Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index rose to 63.5, down up from 62.0 in March. The data beat expectations as consensus forecasts called for a roughly unchanged reading in consumer sentiment. "Sentiment…

Gold, silver hit 13-mo. highs on tame U.S. PPI, slumping USDX Gold and silver prices are sharply higher in midday U.S. trading Thursday and scored 13-month highs. The metals bulls are being fueled by a tame U.S. inflation report, a slumping U.S. dollar index and rising crude oil prices. Gold bulls are now confident they can breach the all-time record high of $2,078.80, basis nearby Comex futures, sooner rather than later. June gold was last up $28.40 at $2,053.20 and…

Gold solidly down on profit taking, rebound in USDX Gold prices are sharply lower in midday U.S. trading Monday, on some profit-taking pressure from the shorter-term futures traders and as the U.S. dollar index is solidly up today, on a rebound after last week hitting a two-month low. Silver prices are just modestly down. Still, both metals are in firmly bullish technical postures to suggest more upside for prices in the near term. April gold was last down $22.70 at…

Gold/Silver: The critical indicator every silver trader is watching Happy Easter to all of you, and with Good Friday here, the markets enjoy an early close after the release of the monthly Nonfarm payroll report. The number narrowly beat expectations showing an increase of 236,000 jobs, and the initial reaction gave a favorable boost to the U.S. Dollar and Treasury Yields. Unfortunately, the Precious Metals markets are closed today, leaving Sunday night as a possible "volatility event" as the markets…