Randgold Urges DRC Government To Invest Further In The Country

Speaking at a media event in Kinshasa, Democratic Republic of Congo, Mark Bristow, chief executive of Randgold Resources Ltd. (LSE:RRS)(NASDAQ:GOLD), says that more investment is needed from the local government.

Large Speculators Add To Gold Bullish Positions For First Time Since Mid-August

After cutting bullish Comex gold futures and options holdings for eight straight weeks, large speculators added to their net-long holdings, according to data compiled by the Commodity Futures Trading Commission.

Monday’s Forex Analytical Charts

Monday’s Analytical Charts for Gold, Silver and Platinum and Palladium

Gold Bulls Run Into Sticky Fibonacci Resistance

(Kitco News) – December Comex gold futures charged into early morning action Monday with a firm bid. Action over the last two weeks has shown the bulls are in charge of the near term trend. A “V” type of bottom has formed on the daily chart in the wake of the strong October 6 “bullish reversal” day. Also, the gold market is trading above its 20-day and 40-day moving averages, which is a positive technical signal. See Figure 1 below.

Morgan Stanley: Gold Upward Momentum Could Intensify If Macro Worries Persist

Precious metals could rise some more if macroeconomic concerns continue, says Morgan Stanley. The gold market was bid during a volatile week in other markets last week, although the firm describes the move in gold as “not overly aggressive.” Morgan Stanley adds, “the gold price is not yet telling us we are entering into a global macro event, just a scare. At the same time, it’s clear the large short positions are unwinding, and should broader macro concerns persist, we think it’s likely upward price momentum could intensify.” Gold is bid again so far Monday morning. As of 8:53 a.m. EDT, the Comex December futures were up $7.10 to $1,246.10 an ounce and hit a high of $1,249.30 that stopped just shy of last week’s five-week high of $1,250.30.

Gold Up Amid Still-Shaky Market Place; Technical Momentum Building

(Kitco News) – Gold prices are moderately higher and hovering near a five-week high in early U.S. trading Monday, boosted by more safe-haven demand and bargain hunting.

Gold Eases Slightly As ‘Nervousness’ In Other Markets Abates At Start Of New Week

(Kitco News) -Gold futures have started the week modestly softer as some of the general nervousness in a broad range of markets last week lets up, at least in Sunday night electronic trading and the start of trading in the Asia-Pacific region.

Gold Market Will Watch Stocks, Positioning Ahead Of FOMC Next Week

As a volatile week draws to an end, gold market traders will keep an eye on the stock market and by the end of next week they will also start to position themselves ahead of the Federal Open Market Committee meeting at the end of October.

Barclays: Physical Gold Demand Returns, But Not Aggressively

Physical demand for gold has picked up during a seasonally strong period for consumption, says Barclays. “Demand had been rather lackluster in early September but prices falling below $1200/oz reinvigorated interest,” Barclays says. “Local premiums in India have risen to $12-15/oz from $7/oz, while premiums in China have almost doubled to $6/oz. China’s ministry of commerce reported that sales by some jewelry retailers doubled during the Golden Week holiday, buoyed by lower prices and local promotions. A broader indicator suggests interest has risen to levels last seen in spring last year — volume traded on the Shanghai Gold Exchange on a monthly rolling basis is at its highest since May 2013, while the 12-month rolling average is at its highest since April 2014. But, in India, local traders have said jewelry sales are mostly being driven by old pieces being traded in rather than incremental buying…Given that the Diwali holiday is next week, ahead of the wedding season, we expect demand to improve, potentially offsetting macro headwinds in the near term.”