David

Modest gains for gold on short covering, mild safe-haven demand Gold prices are slightly up at midday Monday, on some short covering in the futures market and some tepid safe-haven demand in cash and futures, after hitting a four-week low overnight. However, bearish elements that include negative charts, a strong U.S. dollar, rising U.S. Treasury bond yields and a hawkish Federal Reserve still have the bears firmly controlling the precious metals markets. October gold futures were last up $3.20 at…

Gold price tumbles after Powell, $1,600 a riskbuyers step in to buy the dip, according to analysts. Gold is ending the week down 0.8%, with December Comex gold futures last trading at $1,748, down 1.32% on the day. A pivot from the Federal Reserve is not coming, and interest rates will remain elevated for longer than markets expect, said Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. "Restoring price stability will likely require maintaining a restrictive policy stance…

Gold/Silver – Next week's probable ranges The day we have been waiting for has finally arrived and passed as markets put significant weight on each of Jerome Powell's words. He hit on all the "hawkish" bullet points and even discredited the softer July PCE data. The message was a blow to investors, triggering a rise in the U.S. Dollar and Treasury yields which weighed in on Precious Metals. As you can see from our correlation matrix below how it is…

Gold prices back near session lows as Powell strikes hawkish tone, saying the central bank will maintain restrictive policy stance for some time Gold prices have fallen to session lows as Federal Reserve Chair Jerome Powell strikes an expected hawkish tone in his much-anticipated speech at Jackson Hole, Wyoming. In his speech, Powell reiterated that inflation remains the biggest threat to the economy and the central bank is committed to bringing consumer prices back down to its target of 2%.…

The highly anticipated Jackson Hole Economic Symposium commences today Each year the Kansas City Federal Reserve hosts one of the most important economic symposiums in Jackson Hole, Wyoming. This major event is attended by the top central bankers in the United States and globally. This year’s event, the 2022 Economic Policy Symposium, "Reassessing Constraints on the Economy and Policy," will be held August 25-27. While the Federal Reserve Bank of Kansas City is attended by dozens of central bankers, policymakers,…

Gold sees modest short covering, bargain buying Gold prices are firmer in midday U.S. trading Wednesday, on a routine upside price correction from recent selling pressure. Short covering in the futures market and some perceived bargain buying in the cash market are featured. The U.S. dollar index is trading slightly down and near its daily low, which also gave the metals market bulls a bit of encouragement. However, rising U.S. Treasury bond yields at mid-week has limited buying interest in…

Gold, silver rebound as USDX backs off, crude oil rallies Gold and silver prices are higher in midday U.S. trading Tuesday, on short covering in the futures markets and bargain hunting in the cash markets, following recent selling pressure. The key "outside markets" are also in a bullish daily posture for the metals today, as the U.S. dollar index backed off a bit and crude oil prices were solidly higher. October gold futures were last up $13.80 at $1,752.40. September…

Commerzbank lowers gold price target to $1,800 and sees potential for higher prices by 2023 The third quarter has been disappointing for many gold investors as the precious metal has been in a sharp downtrend and recently has been unable to hold any gains above $1,800 an ounce. Although gold has struggled in the face of rising interest rates and surging momentum in the U.S. dollar, Carsten Fritsch, precious metals analyst at Commerzbank, said in a report Monday that the…

Gold is falling and can't get up The interesting thing about markets: just when you think you have figured them out, they do the opposite. Just six trading days ago, the precious metals looked ready to run; we reversed our silver position to long. Since the peak on Aug. 12, the metals have closed lower every day. Therefore, the price action is important. It gives you a better handle on markets and stops you from chasing the news cycle. There…