DAILY COMMENTARY
August 12, 2010
Gold pushed well above $1,200 an ounce on the New York Spot Market as of 9:00 a.m. PST after a report showed jobless claims rose in the latest week, reigniting investor concerns about the health of the global economy. Looking ahead, Richcomm Global analyst Pradeep Unni sees gold rounding out the year higher. "Gold has climbed 9.3% this year and is set for its tenth straight
... » Read the rest.
August 11, 2010
Gold prices are rallying as investors digest the Federal Reserve’s comments on the U.S. economy and its decision to buy U.S. bonds. Gold is often seen as a safe haven asset in times of economic uncertainty. The Fed left key interest rates at 0% to 0.25%, which was expected, but downgraded its view on future economic growth saying, "the pace of economic recovery is likely
... » Read the rest.
August 10, 2010
Gold prices are easing on the New York Spot Market as investors await an announcement from the U.S. Federal Reserve on interest rates and any hints on further quantitative easing to combat the slowing economy. If the Fed downgrades expectations of U.S. growth, many investors believe it could push gold prices higher as traders sell stocks and buy the metal as a safe-haven. "I
... » Read the rest.
August 09, 2010
Gold prices are consolidating on the New York Spot Market as risk appetite improved ahead of the Federal Reserve's FOMC meeting. Many analysts believe last Friday’s disappointing jobs number will pressure the Federal Reserve to take additional steps to jump start the economy when they meet on Tuesday. Interest rates are expected to stay between 0% and 0.25%, but the growin
... » Read the rest.
August 06, 2010
Gold is extending gains on the New York Spot Market after a disappointing jobs report from the Labor Department, pushing the yellow metal to a three-week high. “If the Fed has to do something more accommodative to spur the economy, you’re going to see an explosive rally in gold,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago.
... » Read the rest.
August 05, 2010
Gold prices are consolidating on the New York Spot Market as of 11:05 a.m. EST as investors digest disappointing weekly jobless claims ahead of Friday's U.S. unemployment number. The metal has climbed this week as China unveiled plans to relax trading rules for bullion and the dollar on Aug. 3 slipped to a three-month low against the euro.
... » Read the rest.
August 04, 2010
Gold prices are scoring solid gains, pushing above $1,200 an ounce as of 11:13 a.m. EST on the New York Spot Market. Investors bought gold as a safety net as worries surfaced about a weak U.S. unemployment report Friday. Traders are also anticipating some move by the Federal Reserve when it releases it rate decision next week.
... » Read the rest.
August 03, 2010
Gold prices are rising on the New York Spot Market after China’s central bank announced it will allow its banks to import and export more gold as part of a program to push forward the development of the country's market in the precious metal. "This is largely positive news for gold," said UBS analyst Edel Tully. "It looks like an effort to further liberalize the gold marke
... » Read the rest.
August 02, 2010
Gold prices have been seesawing on the New York Spot Market as investors buy riskier stocks in the face of encouraging news on the strength of the economic recovery. According to The Street, “Although panic buying seems to have subsided for now, investors' long-term love for gold as a safe place to put their wealth is helping to support four-digit gold prices. Some analyst
... » Read the rest.
July 30, 2010
Gold is up on the New York Spot Market after the Commerce Department said that GDP growth has slowed to 2.4%, slightly below the Wall Street consensus view of a slowdown to 2.5%. Concerns of economic slowdowns have typically spurred gold demand. Out of the four recessionary periods since the U.S. abolished the gold standard, three have led to stronger gold prices.
... » Read the rest.
July 29, 2010
Gold is up on the New York Spot Market as the U.S. dollar slumps and bargain hunters pick up the yellow metal after recent price consolidation. “Gold is trading off the dollar,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “The dollar’s getting whacked pretty good, and that’s helping gold.”
... » Read the rest.
July 28, 2010
Gold is little changed on the New York Spot Market, but may gain as the lowest prices in nearly three months spur demand. “From a risk-reward perspective, this level presents a buying opportunity,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. Investors are also expecting there may be increased demand from India. “The current decl
... » Read the rest.
July 27, 2010
Gold prices are consolidating on the New York Spot Market as of 1:16 p.m. EST. Despite a weak consumer confidence index report, which could generally be bullish for gold, investor risk appetite appears to be on the upswing.
Stocks are treading water on the New York Stock Exchange as the decline in consumer confidence offset positive earnings data and Monday’s bette
... » Read the rest.
July 26, 2010
Gold prices are consolidating on the New York Spot Market on the release of a better-than-expected housing report, which has renewed optimism that the U.S. economy is strengthening. "There's a feeling that for now things are pretty stable," said Stephen Platt, a commodity analyst with Archer Financial Services in Chicago. Risk appetite is back in play as investors sell gold
... » Read the rest.
July 23, 2010
Gold prices are down slightly on the New York Spot Market as traders await the results of the bank stress tests from the European Union. Gold prices were up in early trading, but a stronger dollar and increased risk appetite on positive U.S. earnings reversed those gains. (The
... » Read the rest.
July 22, 2010
Gold prices erased early losses on the New York Spot Market Thursday and headed higher. Bargain-buyers bought gold on the dip and traders digested the last day of Federal Reserve Chairman Ben Bernanke’s comments to Congress on the state of the economy. Bernanke’s statements hinted at the possibility of deflation which, some believe, will give gold prices a strong boost o
... » Read the rest.
July 21, 2010
Gold prices are near unchanged on the New York Spot Market as of 2:04 p.m. EST as traders look towards Federal Reserve Chief Ben Bernanke’s scheduled testimony to congress on the state of the U.S. economic recovery. Mr. Bernanke is expected to testify that the economy is not improving as quickly as previously thought, which may lead to further easing of monetary policy to
... » Read the rest.
July 20, 2010
Gold prices are up on the New York Spot Market Tuesday after a disappointing earnings miss from IBM and weak revenue, which plagued corporate second-quarter results. Gold is also seeing support from bargain buyers today. "Dips continue to draw bargain-hunting interest, however, the real test will be if gold can hold the May 21 low of $1,166,” said analyst James Moore.
... » Read the rest.
July 19, 2010
Gold prices edged lower Monday morning on the New York Spot Market as investors digested information from the Fed’s June 22 to 23 meeting, which suggested the possibility of deflationary pressures. While the Fed’s minutes show that several participants noted lower-than-expected inflation, participants also noted that the possibility of a potentially unsustainable fiscal
... » Read the rest.
July 16, 2010
Gold prices have consolidated below $1,200 per ounce on the New York Spot Market as of 1:10 p.m. EST as inflation risk waned following the release of the latest Consumer Price Index Report. While the core CPI was higher than expected, the overall report suggested to traders that deflation is very likely in the coming months.
Stocks continued their decline Friday as t
... » Read the rest.
