GOLD PRICES popped $15 higher Wednesday lunchtime in London, rallying from near the cheapest since mid-June as US Federal Reserve chairman Jerome Powell signaled his team will cut interest rates at their end-July meeting in his semi-annual testimony to Congress.
With gold prices touching $1410 per ounce, global stock markets also rose after struggling to hold flat, snapping a 3-day losing streak from last week's new 18-month highs in the MSCI World Index.
Bond prices also rallied on the release of Powell's opening...Read more
07/05/2019 | Gold Price Snaps 6-Week Surge, Below $1400 on Strong US Jobs and Shock India Import Duty Hike
GOLD PRICES sank 1.6% in London trade lunchtime Friday, snapping a 6-week surge to drop below $1400 per ounce as US jobs growth came in way ahead of Wall Street forecasts and India raised its rate of gold import duty, stunning the No.2 consumer nation's domestic jewelry industry.
Non-farm US payrolls expanded by 224,000 net of job losses in June, the Bureau of Labor Statistics said just as New York trading re-opened after the 4th July Independence Day holiday.
With the unemployment rate edging higher to 3.7% –...Read more
As we wrote on Tuesday, it looked like the final blow-off for gold in the recent move. Not only did gold rally big and make over six-year highs but finished with the worst pattern of all -- a key reversal. It made new highs and closed on the low of the day.
The key reversal usually indicates a market is getting ready to turn, in this case lower. We are not hitting the panic button or suggesting that the rally is over and gold is going way down. This is a pattern we are happy with; it should help gold trade down to $1,380-$1,390, which is...Read more
Gold prices are soaring in all currencies, breaching $1,400 an ounce in U.S. dollar terms and setting an all-time record of $2,010 in Australian dollars during the early Asian trading on Friday.
The yellow metal soared after the Federal Reserve kept rates steady on Wednesday but opened the door to rate cuts as soon as July by removing the word “patient” from its latest monetary policy statement.
Spot gold in USD surged to $1,411.83 early Friday, touching nearly a six-year high and rising more than 1.3%, according to...Read more
What a way to wrap the week with a bang – as of newsletter time, the gold price this Friday was on a tear, hitting a fresh 52-week high.
Gold prices scored a 13-month high in early U.S. trading Friday. Silver prices are on the march north, too. August gold futures were last up $12.90 an ounce at $1,356.30 while July Comex silver prices were last up $0.198 at $15.09 an ounce.
The move caught many traders by surprise. But as our friend Todd 'Bubba' Horwitz of bubbatrading.com said, these moves never announce...Read more