Gold price hits new all-time high; more upside likely
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Gold prices hit another record high overnight, with June Comex gold reaching $2,384.50. Silver prices also hit a two-year high overnight, with May Comex futures hitting $28.29. Traders are increasingly bullish on gold and silver, suggesting more upside potential. Gold is outperforming the S&P 500 this year. Asian and European stock indexes were mostly higher, and U.S. stock indexes are expected to open steady to higher. U.S. economic data due for release includes the consumer price index and the minutes of the last FOMC meeting. The key outside markets see the U.S. dollar index slightly lower, crude oil prices slightly up, and the yield on the 10-year U.S. Treasury note at 4.4%. The gold futures bulls have the strong overall near-term technical advantage, with a six-week-old uptrend in place. The next upside price objective for gold is to close above solid resistance at $2,400.00. The silver bulls also have the strong overall near-term technical advantage, with prices in an accelerating seven-week-old uptrend. The next upside price objective for silver is to close above solid resistance at $30.00. The author of the article believes that the gold rally has legs to run higher, as Western investors are no longer actively getting in the way of higher prices. China's central bank added gold to its reserves for the 17th straight month in March. Hedge funds continue to pile into gold and silver, and some analysts believe that the precious metals still have room to move higher. However, gold appears overbought and due for a correction, while silver is seeing support from both the investment community and industrial demand. The article concludes by stating that gold and silver prices are higher on safe-haven demand and bullish charts.

#Gold #Silver #Commodities #StockMarkets #Trading #Investing

https://www.kitco.com/news/article/2024-04-09/gold-price-hits-new-all-time-high-more-upside-likely


S&P 500, Nasdaq choppy as higher bond yields weigh
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The benchmark S&P 500 and Nasdaq struggled for direction in early trading on Monday as Treasury yields gained on rising bets that the U.S. Federal Reserve could delay interest-rate cuts this year. Last week, hawkish commentary from central bank officials and stronger-than-expected manufacturing and jobs reports pointed to a resilient U.S. economy, easing the pressure on the Fed to cut interest rates quickly. U.S. stocks recorded weekly losses on Friday as traders scaled back expectations on the timing of rate cuts. The market now sees a 51% chance of the Fed announcing its first rate cut in June, down from about 58% at the beginning of last week. The yield on 10-year Treasury notes rose to its highest level since last November, pressuring equities. Market focus now shifts to the March reading of the U.S. Consumer Price Index (CPI) and the release of minutes from the Fed's latest meeting. Wells Fargo raised its year-end target for the S&P 500 index to 5,535. Tesla rose 4.6% after CEO Elon Musk said the company would unveil the Robotaxi on Aug. 8. At 9:49 a.m. ET, the Dow Jones Industrial Average was up 72.78 points, the S&P 500 was up 0.83 points, and the Nasdaq Composite was up 14.24 points. Eight of the 11 S&P 500 sectors advanced, with consumer discretionary leading gains, while information technology led declines. Cryptocurrency-related stocks advanced. Advancing issues outnumbered decliners on the NYSE and Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 46 new highs and 33 new lows.

#S&p500 #Nasdaq #BondYields #InterestRates #FederalReserve #TreasuryYields #RateCuts #EconomicData #StockMarket #ConsumerPriceIndex #FedMeeting #WellsFargo #Tesla #DowJonesIndustrialAverage #Cryptocurrency #Nyse #NasdaqComposite

https://www.kitco.com/news/off-the-wire/2024-04-08/sp-500-nasdaq-choppy-higher-bond-yields-weigh


Canadian dollar edges higher ahead of domestic GDP data
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The Canadian dollar strengthened against the U.S. dollar as investors awaited domestic gross domestic product (GDP) data. The loonie was trading 0.1% higher at 1.3575 to the U.S. dollar. Canadian GDP data, due on Thursday, is expected to show the economy growing 0.4% in January from December. Money markets expect the Bank of Canada to leave its benchmark interest rate on hold at 5% at a policy decision on April 10 but to then begin a rate cutting campaign in June.

#CanadianDollar #GdpData #BankOfCanada

https://www.kitco.com/news/off-the-wire/2024-03-27/canadian-dollar-edges-higher-ahead-domestic-gdp-data


Dollar dips, yen steady as BOJ policy shift beckons
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The dollar edged lower as traders looked ahead to central bank meetings this week, with the Bank of Japan potentially ending negative rates. The dollar index was last down 0.12% at 103.35. Markets are now pricing in 73 basis points of cuts this year, with a 60% chance of the first rate cut coming by June. The yen has rebounded to a one-month high of 146.48 against the dollar on the back of stronger than expected economic data and rising bets that the BOJ is preparing to end negative interest rates. The euro last bought $1.0904, up 0.15%, while sterling was unchanged at $1.2738. Australia's central bank is expected to hold rates steady. The dollar was down 0.14% against the Swiss franc at 0.8825 francs.

#Dollar #Yen #Boj #CentralBanks #InterestRates

https://www.kitco.com/news/off-the-wire/2024-03-18/dollar-dips-yen-steady-boj-policy-shift-beckons


Fed's Powell sees US cuts in 2024 but inflation progress a risk
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U.S. Federal Reserve Chair Jerome Powell stated that the central bank still expects to reduce its benchmark interest rate later this year, but progress on inflation is not assured. Powell's remarks came as U.S. lawmakers prepare to face inflation-weary voters in a charged presidential election year. The market reacted with S&P 500 e-mini futures adding to gains, the yield on benchmark U.S. 10-year notes falling, and the dollar index extending a loss. Analysts believe that Powell's comments are good news for the markets and that the first rate cut is more likely in the fall rather than sooner. However, Powell warned against expecting an imminent pivot to rate cuts and emphasized the need for greater confidence in sustainable inflation progress. In a separate survey, the U.S. Federal Reserve found an uptick in economic activity from early January through late February, but conflicting signals on inflation and the jobs market complicate the picture for central bankers. Wall Street's major indexes rose after Powell's remarks, and gold rallied to a record high driven by bets for U.S. monetary easing.

#FederalReserve #JeromePowell #InterestRates #Inflation #U.s.Economy

https://www.kitco.com/news/off-the-wire/2024-03-06/feds-powell-sees-us-cuts-2024-inflation-progress-risk


Gold, silver rally as Fed’s Powell leans a bit dovish
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Gold and silver prices are higher and near their daily highs in late-morning U.S. trading Wednesday. Nearby gold futures prices hit another record high today, at $2,157.50. Federal Reserve Chairman Jerome Powell spoke to the U.S. House of Representatives committee on U.S. monetary policy today. Powell said interest rate cuts will likely be appropriate this year and that interest rates are at their peak for the current cycle. The U.S. stock indexes also rallied after Powell’s comments. The U.S. dollar index sold off and U.S. bond yields down-ticked a bit. Today’s February ADP national employment report came out and showed jobs growth of 140,000, which compares to expectations for a rise of 150,000. Technically, April gold futures bulls have the solid overall near-term technical advantage. May silver futures prices were poised to close at a two-month high close today. May N.Y. copper closed up 460 points at 389.30 cents today. Gold and silver prices are higher and near their daily highs in late-morning U.S. trading Wednesday. Nearby gold futures prices hit another record high today, at $2,157.50.

#Gold #Silver #FederalReserve #MonetaryPolicy #InterestRates #StockMarket #EmploymentReport

https://www.kitco.com/news/article/2024-03-06/gold-silver-rally-feds-powell-leans-bit-dovish


Strong U.S. economy sends dollar bears into hibernation
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The strong U.S. economy is buoying the dollar, frustrating investors who had bet the currency would weaken. The dollar index is up 2.4% year-to-date. The U.S. economy's resilience and the lack of evidence of economic improvement in Europe and China have caused investors to change their outlook on the dollar. The dollar's strength will be tested this week as investors await Fed Chairman Jerome Powell's testimony and U.S. employment data. While some investors believe the dollar's strength is temporary, others see more reasons for dollar strength, including potential tariff increases by former U.S. President Donald Trump. The dollar's strength could weigh on U.S. multinationals and complicate other central banks' efforts to fight inflation. Overall, strategists are still broadly bearish on the dollar, but the dollar's persistent strength is testing their outlook.

#U.s.Economy #DollarStrength #InterestRates #Inflation #Fed #GlobalFinance

https://www.kitco.com/news/off-the-wire/2024-03-05/strong-us-economy-sends-dollar-bears-hibernation


Gold price firmer as key U.S. inflation report on deck
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Gold and silver prices are moderately higher in early U.S. trading Tuesday. April gold was last up $9.00 at $2,042.00. March silver was last up $0.188 at $22.955. The U.S. economic data point of the day Tuesday is the consumer price index report for January, seen coming in at up 2.9%, year-on-year, compared to a rise of 3.4% in the December report. Asian and European stock markets were mixed to weaker in overnight trading. U.S. stock index futures are set to open lower today on profit taking after hitting record highs Monday. The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are higher and trading around $77.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.166%. Technically, the gold futures bulls have the slight overall near-term technical advantage. The silver bears have the overall near-term technical advantage.

#Gold #Silver #U.s.Inflation #StockMarkets #CrudeOil #TreasuryNote

https://www.kitco.com/news/article/2024-02-13/gold-price-firmer-key-us-inflation-report-deck


Gold price lower following downbeat China data
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Gold prices are down and silver prices near steady in early U.S. trading Thursday, following a deflationary report from China. April gold was last down $10.40 at $2,041.30. March silver was last up $0.015 at $22.375. China reported its consumer price index fell 0.8% YoY in January, the fourth consecutive month of declines and the biggest contraction since 2009. Nigel Green, CEO of deVere Group, said prolonged deflation in China poses a threat to its manufacturing and export sectors. Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are set to open modestly down today. The U.S. dollar index is firmer, Nymex crude oil prices are higher, and the yield on the 10-year U.S. Treasury note is 4.125%. U.S. economic data due for release includes the weekly jobless claims report, monthly wholesale trade, and monthly retail chain store sales. Gold futures bulls have the slight overall near-term technical advantage, with resistance at $2,100.00 and support at $2,000.00. Silver bears have the overall near-term technical advantage, with resistance at $23.72 and support at $21.17.

#Gold #Silver #China #Deflation #StockMarkets #EconomicData

https://www.kitco.com/news/article/2024-02-08/gold-price-lower-following-downbeat-china-data


Investors yearn for insight into the Fed's upcoming monetary pivot
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The Federal Reserve is expected to pivot from its restrictive monetary policy to an accommodating stance based on rate cuts. However, no concrete timeline has been provided. Recent data shows that the Fed's restrictive policy has impacted inflation, which has moved from above 9% in June 2022. Multiple Federal Reserve officials are scheduled to speak this week, but they are known for speaking articulately without providing definitive information. Chairman Powell has indicated that a rate cut in March is unlikely. The lack of clarity has paused any rally in gold. Gold futures are trading slightly lower. Gold has been trading within a pennant pattern and could break above the upper-level resistance trend line, with a potential upside target of $2080. The author, Gary S. Wagner, is a technical market analyst and the executive producer of "The Gold Forecast."

#FederalReserve #MonetaryPolicy #RateCuts #Inflation #Gold #PennantPattern

https://www.kitco.com/opinion/2024-02-07/investors-yearn-insight-feds-upcoming-monetary-pivot


Gold never fails to impress and surprise investors
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Gold continues to defy the odds and hold critical support levels despite a restrictive monetary policy by the Federal Reserve. The U.S. economy created 353,000 jobs last month, beating expectations, and wages increased by 0.6%. Despite these positive economic indicators, gold futures are ending the week with a nearly 1% gain. The World Gold Council's year-end report shows that gold demand in 2023 reached a record high of 4,899 tonnes, driven by central bank purchases and activity in over-the-counter markets. Central banks purchased 1,037 tonnes of gold last year, nearly doubling the average of the last ten years. Leading market analysts predict that gold prices will hit new record highs this year, with an average price of $2,059 per ounce. Despite the potential for a banking crisis, gold is expected to continue its rally. The long-term outlook for gold remains positive, and analysts believe that gold's price chart still looks beautiful. The LBMA annual price forecast predicts that gold and silver will lead 2024, with average prices expected to rise more than 6%. Young investors are also pivoting towards gold as an alternative asset, and the surprising shift is gaining momentum. Overall, gold continues to impress and surprise investors with its resilience and potential for growth.

#Gold #Investors #FederalReserve #Economy #Jobs #Wages #CentralBanks #MarketAnalysis

https://www.kitco.com/news/article/2024-02-02/gold-never-fails-impress-and-surprise-investors


Gold survives robust growth in US labor market and a hawkish Fed, a banking crisis could spark the next rally
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Gold prices dropped roughly $20 after the US Bureau of Labor Statistics reported that 353,000 jobs were created in January, beating expectations. However, the growing turmoil in the US banking sector could continue to provide support for gold. Despite the selloff, gold managed to hold critical support levels and closed the week in positive territory. Some analysts see potential for gold to rally, while others expect lower prices in the near term. Gold will be sensitive to the threat of another banking crisis. Jim Rogers, Chairman of Rogers Holdings, predicts the worst crash of our lifetimes is coming. Donald Trump said he will not reappoint Jerome Powell as Chair of the Federal Reserve if he is re-elected as President.

#Gold #UsLaborMarket #FederalReserve #BankingCrisis

https://www.kitco.com/news/article/2024-02-02/gold-survives-robust-growth-us-labor-market-and-hawkish-fed-banking-crisis