This is the next big catalyst for gold price Gold is looking at its third consecutive week of losses after January's rally, which saw its best start to the year in over a decade. And now all eyes shift to next week's U.S. inflation report, with analysts saying it could be the next big catalyst for the precious metal. After surging to $1,975 an ounce last week, April Comex gold futures are now trading at $1,870.70 an ounce, down 5.3%…
Investors wait for CPI numbers but the bearish sentiment remains on Fed’s narrative Gold investors had a wake-up call last Thursday when gold futures hit $1974, the highest value of 2023. But that same day also marked the beginning of a correction. Gold would lose approximately $90 per ounce over last Thursday and Friday. This week started with a whimper with gold trading to a higher high and higher low on Monday, Tuesday, and Wednesday. However, each day had fractional…
Uncertainty wanes as investors accept the resolve of the Fed For the most part, the uncertainty that defined market sentiment has pivoted to a sense of clarity about the future forward guidance of the Federal Reserve. It has become clear that the Federal Reserve will make good on its commitment to continue rate hikes and sustain those higher levels throughout this entire year. Any doubt in that the Fed would back off from its current strategy has diminished. Simply put,…
Considering dollar strength gold’s fractional gains were more than respectable After factoring in two days of dramatic price declines in gold resulting in a loss of just under $90 per ounce, the fractional gains were significant. The significance is in the fact that gold (futures and spot) pricing advanced at all with such a strong dollar. The dollar gained 0.71% and the dollar index is currently settled at 103.485. As of 5:48 PM EST, gold futures basis the most active…
Gold's massive $50 daily drop is just a 'speed bump' in the 2023 outlook but be aware of more profit-taking next week – analysts The gold market saw significant losses Friday as the precious metal dropped $50 on the day following a shockingly solid employment report out of the U.S. The U.S. economy added a staggering 517,000 jobs in January as the unemployment rate dropped to 3.4% — the lowest level since 1969. This took many by surprise as market…
Gold, silver pull back on profit taking and as USDX rebounds Gold prices are lower and silver well down from its daily high in midday U.S. trading Thursday. Profit taking from the shorter-term futures traders is featured in both metals after gold hit a nine-month high and silver a four-week high overnight. A rebound in the U.S. dollar index today after its pounding Wednesday is also a bearish daily outside market element for the precious metals. Still, both gold and…
Gold, silver tread water just ahead of FOMC meeting Gold prices are modestly down and silver slightly up in midday U.S. trading Monday. Gold is seeing a mild corrective pullback and a bit of profit taking from futures traders after prices last week hit a nine-month high, and just ahead of this week’s highly anticipated monetary policy meeting of the U.S. Federal Reserve. February gold was last down $6.00 at $1,923.40 and March silver was up $0.123 at $23.75. The…
Will the Fed stop gold's run? Gold price sees longest weekly winning streak since the summer of 2020 Gold is looking to close Friday with its sixth weekly gain — the longest winning streak since the summer of 2020 when gold hit new record highs above $2,000 an ounce. But the question is whether the precious metal can maintain its rally as analysts see inevitable profit-taking in the short term. One argument analysts raise for next week is why wouldn't…
Gold declines in light of the report that revealed inflation continues to decline As of 6:00 PM EST, the February contract of gold futures has fallen for the second time in the last seven trading days. Currently, gold futures are fixed at $1927.60, a decline of $2.40 or 0.12%. Gold traded to a high of $1935.40, and a low of $1916.50. The key takeaway from today’s PCE inflation index report was that the core PCA index declined in December by…
Gold consolidating gains above $1900 into Fed week The gold price is up over $100 in the first month of 2023, its best start to the year since 2012. After a false breakout to the downside during the final quarter of 2022, gold has zoomed $332 an ounce from its November low at $1618. This now 20% rally over the past three months has technically placed the safe-haven metal in a bull market, suggesting further gains ahead. Since a triple-bottom…