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Gold Firmer As Trading Turns Choppy; Focus on U.S. Jobs Report Friday
Gold prices ended the U.S. day session modestly higher Wednesday. Prices saw a corrective bounce from selling pressure Tuesday. Backing and filling on the charts has been featured recently, to produce choppy price action. Gold bulls were impressed Wednesday that their metal is posted gains despite “outside markets” that were in a bearish posture—a higher U.S. dollar index and sharply lower crude oil prices. April Comex gold was last up $4.90 at $1,265.20 an ounce. March Comex silver last traded up $0.084 at $17.405 an ounce.
Deflation Can Be A Good Environment For Gold – Capital Economics
Central Banks around the globe are doing whatever they can to fight the problem of weaker growth and lower price pressures, which could be a positive for the gold market, according to the latest report from Capital Economics.
Read moreGold Could Suffer Friday As Economists Expect Jobs Report To Support Fed Hike
(Kitco News) – It’s a traders’ market in gold as investors continually adjust to data that supports or disproves a Federal Reserve rate hike in the second half of the year. January’s nonfarm payrolls data is the next key market event and prove to be negative for gold, according to some analysts.
Lundin Gold To Begin Feasibility Study At Fruta Del Norte
Lundin Gold Inc. (TSX:LUG)(ST:LUG) announced it has assembled an engineering team to begin the feasibility study for its Fruta del Norte project, located in Ecuador.
Read moreGreece Finance Minster And ECB President Have ‘Fruitful’ Conversation
(Kitco News) – Global financial markets continued to see further stabilization Wednesday as Greece’s finance minister and the European Union’s top banker sat down to talk about a potential renegotiation agreement.
Gold Firmer on Corrective Bounce; Trading Choppy This Week
Gold prices are moderately higher in early U.S. trading Wednesday.
Read moreADP Shows 213K Private Sector Jobs Created In January
(Kitco News) – U.S. companies slowed the pace of hiring in December, according to a report released by payrolls processor ADP Wednesday.
Greek Finance Minister’s Comments Seen As “All-Clear”
In its Tuesday report, Mitsubishi says that recent comments made by Greek Finance Minister, Yanis Varoufakis, regarding the country needing a “bridge agreement” on its debt situation is interpreted to be, “the financial all-clear for which the markets were so desperately waiting.” “The euro bounced, world stock indices rallied, and the bids disappeared from the gold market,” explains John Howlett of Mitsubishi International Corporation. “The already overloaded on the long side gold market couldn’t handle all this temporary euphoria, but the white metals, copper, and oil all got a decent jolt,” he writes. Howlett explains that whether or not this happy deviation from the “lugubrious script” can be sustained will be better known when January’s Purchasing Managers Index (PMI) numbers from both China and Japan are released. “The spending habit of over a billion Chinese citizens trumps the possible fiscal responsibility of 11 million Greeks,” he says. “Technically for gold there is the confluence of the 200-day moving average (around 1252.50) and the round 1250 number that has to hold to keep the bulls from all-out panicking,” Howlett explains. Greece’s Finance Minister is set to meet European Central Bank President Mario Draghi on Wednesday.
Gold Sells Off Amid Increased Investor Risk Appetite
Gold prices ended the U.S. day session moderately lower Tuesday, but up from the daily lows. Better trader and investor risk appetite Tuesday that boosted the world stock markets was a negative for safe-haven gold. However, fully bullish “outside markets”—sharply higher crude oil and a sharply lower U.S. dollar index—did help to lift gold prices up from their daily lows. April Comex gold was last down $12.90 at $1,264.10 an ounce. March Comex silver last traded up $0.144 at $17.395 an ounce.