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Gold Weaker on Corrective Pullback, Strong U.S. Dollar
Gold prices ended the U.S. day session moderately lower Wednesday, on a profit-taking and technical pullback following gains that took prices to a three-week high on Tuesday. A sharply higher U.S. dollar index was also a negative outside market force …
Read moreDubai Claims New World Record With $6 Million 5.5km Gold Chain
(Kitco News) – As promised, Dubai has done it again! The Dubai Gold and Jewellery Group along with the Dubai Festivals and Retail Establishment have set a Guinness World Record for the longest hand-made gold chain.
Read moreBAML: Oil Prices Headed Lower In Q1
Oil prices appear to be finding some support Wednesday morning after dropping more than 9% since the start of the year; however, analysts at Bank of America Merrill Lynch expect prices to decline in the first quarter of 2015. “Investor index buying could provide some support in the next weeks, but physical oil supply is still outpacing demand. The term structure of oil continues to weaken and inventories keep piling up,” the analysts say. The bank adds that there are three scenarios that could shift the current down trend: decreased supply from non-OPEC nations, decreased output from OPEC or stronger global demand; however “at the moment, none of these seem to be materializing.” As of 10:35 a.m. EST, West Texas Intermediate crude oil was trading at $48.32 per barrel, up 39 cents or 0.81% on the day.
Gold Weaker On Downside Correction, Strong U.S. Dollar
(Kitco News) – Gold prices are moderately lower in early U.S. trading Wednesday, on a profit-taking and technical pullback following gains that took prices to a three-week high on Tuesday.
ADP Shows 241K Private Sector Jobs Created In December
(Kitco News) – U.S. companies significantly increased the pace of hiring in December, according to a report released by payrolls processor ADP Wednesday.
Fundamentals Out Of Focus
The precipitous drop in crude is being factored into the equities markets this afternoon, as we can see after prices in New York bounced off the day’s low.
CFTC: Gold, Silver Speculators End The Year Covering Shorts
(Kitco News) – Money managers boosted gold prices at the end of 2014 mostly by closing out their short positions according to data from the Commodity Futures Trading Commission.
Read moreGold Up, Hits 3-Week High, Amid Safe-Haven Demand
Gold prices ended the U.S. day session higher and scored a three-week high Tuesday. Keener risk aversion in the market place early this week has prompted safe-haven demand for gold. Short covering in the futures market and bargain hunting in the cash …
Read moreGold Makes Significant Gains Against Euro In Safe Haven Play
Gold’s negative correlation against the U.S. dollar appears to be breaking down as Europeans, in particular, search for safe haven investments, but analysts are mixed as to whether this demand can drive the global gold market higher.
TD Securities: Be Careful Of Gold New Year Euphoria
Steve Scacalossi, director, head of sales, global metals at TD Securities, warns investors to not jump to quickly into the gold market based on its recent performance. “Having been out the past few days, the one thing that gets me nervous is everyone seems to have the same view – sell euro, sell equities, buy gold. So often the first move of the New Year is the wrong move,” he says. He adds that he expects prices trade within a range between $1,180 and $1,230 an ounce and that investors should wait to determine gold true direction.