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Short-covering in gold silver; bulls have more heavy lifting ahead Gold and silver prices are higher, with silver sharply up, in midday U.S. trading Monday. Gold hit a nearly four-month low overnight. Short covering by the shorter-term futures traders was featured on this first day of the trading week. A weaker U.S. dollar index, higher crude oil prices and lower bond yields on this day also worked in favor of the metals markets bulls. However, the bulls need to put…

Gold price in 5 years: $1,300 or $4,000? A massive selloff in U.S. stocks, extreme panic in the crypto space, and the worst week for gold in almost a year are just a few headlines that describe the volatility seen all across the board. Here's a look at Kitco's top three stories of the week: 3. 'Extreme panic' in crypto: How risky is Bitcoin price below $30k? 2. Gold price is in a 'danger zone' 1. Gold price's 5-year outlook:…

Gold price sees worst week in 11 months, but is the market oversold? The gold market is looking to close the week down around 4%, its worst weekly close since mid-June 2021. But its current price level of around $1,800 an ounce could put gold at risk of a bigger selloff, according to analysts. Gold was hurt by technical selling pressure after dropping below the $1,830 an ounce Thursday, which served as support. The precious metals also suffered from higher…

Gold lost 3.82% this week, resulting in a fourth consecutive weekly decline Gold opened at $1977 on Monday, April 18, and this would mark the beginning of four consecutive weekly declines. As of 5:10 PM EDT gold futures basis, the most active June 2022 Comex contract is fixed at $1810.30 after factoring in today’s decline of $14.30 or 0.78%. Today’s decline in gold occurred without the benefit of dollar strength. The dollar index declined by 0.36% and is currently fixed…

Gold, silver punished by strong USDX that hits 20-year high Gold and silver prices are sharply lower in midday U.S. trading Thursday, pressured in part by a very strong U.S. dollar index that today scored a 20-year high. Bearish charts are also keeping the technically based bears active on the sell side in the futures markets. June gold futures were last down $19.20 at $1,834.50. July Comex silver futures hit a 22-month low today and were last down $0.70 at…

Gold price on 'cusp' of $2k rally, here's how not to miss it – Bloomberg Intelligence After a disappointing May start, gold could be on a cusp of a major breakout above $2,000 an ounce, according to Bloomberg Intelligence. After falling 6.5% in the last month, gold is now near a bottom, with the $1,800 an ounce serving as a floor for prices, Bloomberg Intelligence senior commodity strategist Mike McGlone told Kitco News. Investors have been reevaluating their risk-on positions…

Investors wait for tomorrow’s CPI inflation report for April Traders and investors are waiting for the release tomorrow of the Consumer Price Index inflation report that will be released right before New York markets open. The CPI will probably be one of the most important economic reports to be released by the government this month. Not only will the CPI be an integral component that will shape and influence market sentiment of individual investors, but it will also help to…

Cash is the king as financial market melt-down continues taking gold lower The selling pressure continued as U.S. equities continued in their dramatic decline. On March 28, the S&P 500 hit an intra-week high of 4635. What followed was five consecutive weeks of dramatically lower values. If today’s selling pressure indicates the week ahead, we could certainly witness U.S. equities declining over the last six consecutive weeks. In this short period, the S&P 500 has lost almost 14% in value…

Here's why gold is 'the most confusing' commodity right now The latest comments from the Federal Reserve triggered a massive selloff across all risk assets. But why is gold still below the $1,900 level? Here's a look at Kitco's top three stories of the week: 3. Gold and bitcoin jump as Fed's Powell takes 75bps hike off the table in June 2. Bitcoin price plummets, gold gives up gains and stocks plunge in post-Fed trading 1. Gold is 'the most…

Is the Fed facing a credibility problem and why is gold price the 'punching bag'? Extreme volatility in the marketplace in reaction to the latest policy shift by the Federal Reserve has many risk-on assets in a downward spiral, but why is gold — a safe-haven asset — once again 'the punching bag'? Gold failed to hold above the $1,900 an ounce level this week as markets had a very erratic reaction to the Fed raising rate by half-a-point Wednesday…