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Powell's testimony helps take gold futures to the lowest value since March 17th Chairman Powell testified before the House Financial Services Committee today. This is part of his semiannual report which will conclude tomorrow when he appears before the Senate Banking Committee. His opening statement was close to a word-for-word repeat of his opening statement at last week’s press conference. Most importantly, the chairman did little to convey any new information regarding upcoming rate hikes and inflation that was not…

Gold, silver sink as USDX rallies, crude dips; Powell on deck Gold and silver prices are solidly lower in midday U.S. trading Tuesday, feeling the pressure of a higher U.S. dollar index and lower crude oil prices on this day. August gold was last down $23.40 at $1,947.90 and July silver was down $0.891 at $23.235. The marketplace awaits Fed Chair Jerome Powell’s latest thoughts. He will provide his semi-annual monetary policy report to Congress on Wednesday and Thursday. Powell…

Gold price is stuck in neutral, but that is its strength now Although gold is struggling to attract bullish momentum, analysts note that its strength now relies on how much support is in the marketplace, even as speculative interest starts to drop. In its latest trade data, Commodity Futures Trading Commission noted that speculative interest in the gold market dropped to its lowest level in three months as investors ditched their bullish bets and increased their bearish positioning. The CFTC's…

Gold's new price base keeps record highs within reach, says VanEck Gold has formed a new base at the $1,900 an ounce level, and if that continues to hold, record highs  will be within reach, according to VanEck's latest analysis. Gold has just spent the most time above $1,900 an ounce than ever before, forming a new base and averaging $1,933 per ounce year to date, said VanEck's deputy portfolio manager Imaru Casanova. "Gold is showing resilience despite a strong stock…

A big move in gold price is coming after weeks of neutral stance – analysts The gold market has been steady so far in June, trading between $1,940 and just under $2,000 an ounce. But analysts warn that after weeks of sideways price action, gold is ready for a more significant move. The caveat is it could be in either direction, Gainesville Coins precious metals expert Everett Millman told Kitco News. "Gold has traded sideways long enough that we are…

Gold breaks below its 100-day moving average but recovers as the dollar tanks Commentaries & ViewsShare this article: Gold futures basis the most active August Comex contract traded below its 100-day simple moving average which is currently at $1950.70 after trading to an intraday low of $1936.10. However, as of 4:34 PM EDT, gold futures are trading just off the high of $1972.80 and are fixed at $1970.40. On May 17, gold prices broke below their 50-day moving average for…

Gold, silver sell off as FOMC conclusion looms Gold and silver prices are lower in midday dealings Tuesday, losing initial gains that were seen following a U.S. inflation report that came in very close to market expectations. Position evening ahead of Wednesday afternoon’s FOMC meeting conclusion is featured. Futures traders with weak long positions were also featured sellers. A lower U.S. dollar index and higher crude oil prices did limit the downside in gold and silver today. August gold was…

Gold, silver down amid bearish outside markets; FOMC looms Gold and silver prices are lower in midday U.S. trading Monday. A trio of bearish outside markets are pressuring the precious metals today: a firmer U.S. dollar index, solidly lower crude oil prices and a rise in U.S. Treasury yields. The marketplace is a bit quieter just ahead of the U.S. central bank monetary policy meeting and key U.S. inflation reports. August gold was last down $7.80 at $1,969.30 and July…

Gold price going into Fed decision: selloff or test of $2k? With Federal Reserve rate hike expectations see-sawing on mixed macro data, most analysts call for a pause in June but are not ruling out more rate hikes this summer. Here's what it means for gold. The gold market is ending the week 0.4% higher after August Comex futures found solid support at the $1,960 an ounce level. However, analysts are less bullish on gold in the short term, citing…

Slight price rises in gold, silver as FOMC meeting looms Gold and silver prices are slightly higher in quieter U.S. trading early Friday. It appears the precious metals are pausing ahead of a busy U.S. data week next week, including inflation reports and the FOMC meeting. August gold was last up $1.60 at $1,980.20 and July silver was up $0.097 at $24.445. The marketplace is looking ahead to next week’s FOMC meeting of the Federal Reserve, which begins Tuesday and…