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Gold futures remain above 1800 as spot gold still attempts to breach that key level

December J, 2022

Gold futures remain above $1800 as spot gold still attempts to breach that key level As of 4:55 PM EST gold futures basis, the most active February 2023 contract is fixed at $1805.90 after factoring in a net gain of $10.80. Spot gold gained $6.00 and is currently fixed at $1798.51. Silver gained 1.37% or $0.32 with the most active March 2023 futures contract currently fixed at $23.935. A golden cross was identified today with silver’s short-term 50-day moving average…

Gold silver pressured by upbeat US data

December J, 2022

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Gold, silver pressured by upbeat U.S. data Gld and silver prices are solidly lower in midday U.S. trading Thursday. The metals market bulls today are feeling the heat of a U.S. economy that does not seem like it wants to slide into a recession any time soon, following stronger-than-expected U.S. data released this morning. February gold was last down $21.10 at $1,804.30 and March silver was down $0.399 at $23.795. Weekly U.S. jobless claims did not rise as much economists…

Gold silver up a bit on mild safe-haven demand technical buying

December J, 2022

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Gold, silver up a bit on mild safe-haven demand, technical buying Gold and silver prices are slightly higher in midday U.S. trading Wednesday, with silver scoring an eight-month high. Both markets are pausing after posting solid gains Tuesday, amid wobbly global stock and financial markets that prompted some safe-haven demand for the metals, especially on Tuesday. Chart-based buying was also featured in the two precious metals market today. Rising bond yields this week are a bearish element for gold and…

Gold moves higher as the dollar falls on the news of a BOJ policy revision

December J, 2022

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Gold moves higher as the dollar falls on the news of a BOJ policy revision The Bank of Japan's surprise decision that they would raise their benchmark interest rate cap from 0.25% to 0.50% sent ripples through the global financial markets. Since 2016 the Japanese Central Bank has set its target range for the yield of 10-year Japanese government bonds near zero, with a cap of 0.25%. As other major central banks began to enact interest rate hikes this year…

Silver price to beat gold in 2023? Precious metal plays catch-up on strong demand ETFs remain missing puzzle piece

December J, 2022

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Silver price to beat gold in 2023? Precious metal plays catch-up on strong demand, ETFs remain missing puzzle piece sIver is gearing up to outperform gold in 2023 after a mixed year, according to analysts, who point to a more positive macro environment, strong physical demand, and a good technical set-up. Next year looks promising for both gold and silver, but many analysts expect silver to rally more than the yellow metal because of its volatility profile and the lack…

Can gold price finish strong as markets enter the last full week of the year?

December J, 2022

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Can gold price finish strong as markets enter the last full week of the year? hawkish Federal Reserve has knocked gold back below $1,800 an ounce, but the precious metal is starting to retrace its gains heading into the weekend. Analysts warn of additional volatility during the last full week of the year. The big news markets are still digesting is the aggressive Fed message, with rates peaking above 5% next year. The median forecast for next year shows that…

Hawkish central banks will test gold bulls’ resolve into year-end

December J, 2022

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Hawkish central banks will test gold bulls' resolve into year-end he gold market is holding its ground at around $1,800 an ounce despite growing hawkish rhetoric from central banks around the world; the bullish sentiment in the marketplace is pointing to a positive end for the precious metal for 2022. The latest Kitco News shows that retail investors are still significantly bullish on gold heading into the final full trading week of the year. At the same time, Wall Street…

The Fed’s made its move and now it’s gold’s turn

December J, 2022

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The Fed's made its move and now it's gold's turn The gold market appears to be taking the Federal Reserve’s hawkish stance in stride as the precious metal’s price continues to hold on to support around $1,800 an ounce. This week the Federal Reserve signaled it will continue to raise interest rates in 2023 even if the pace of its rate hikes slows. Last week we warned that an adjustment to the Fed’s interest rate expectations presented a risk to…

Gold silver hit hard by hawkish Fed surge in greenback

December J, 2022

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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

December J, 2022

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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…