Gold Near Steady; Bullish Outside Markets Limit Selling Pressure
Gold prices are near unchanged in early U.S. trading Tuesday. Some mild short covering in the futures market and bargain hunting in the spot market are featured. Bullish outside markets on this day—a weaker U.S. dollar index and firmer crude oil prices—are temporarily keeping the sellers on the sidelines. December Comex gold was last up $0.90 at $1,090.30 an ounce. September Comex silver was last steady at $14.515 an ounce.
U.S. Mint Reports Whopping 469% YoY Increase In Gold Bullion Sales
(Kitco News) – The one bright spot for the precious metals market appears to be the physical market as the U.S. Mint reported a 469% increase in July coin sales, compared to last year.
Read moreGold Weaker on Bearish Charts, Outside Markets
(Kitco News) – Gold prices ended the U.S. day session moderately lower Monday. The key “outside markets” were in a bearish posture for gold and silver on this day, as the U.S. dollar index was firmer and crude oil prices were solidly lower
GLD Gold Reserves Fall To Near Seven-Year Lows In July
(Kitco News) – July was not a good month for the gold market as prices saw a monthly decline of 6.6%, the worst drop in two years, and as investors liquidated their positions in gold-backed exchange-traded products (ETPs).
Read moreMoney Managers Remain Negative On Gold As Record Net-Short Positioning Expands
Speculative positioning in the gold market among money managers remains a record levels; however, there was a considerable drop in long liquidations, according to the latest data from the Commodity Futures Trading Commission (CFTC).
Read moreThe Clock Is Ticking On Gold’s Bear Pennant
(Kitco News) – The gold trade has turned into a snooze in recent days as the yellow metal consolidates between short-term resistance at $1,110 per ounce and short-term support at $1,073.70, per ounce, basis Comex December gold futures. The daily chart…
Read moreU.S. ISM Manufacturing Index Fall To 52.7% In July
(Kitco News) – The U.S. manufacturing sector lost momentum in July, according to data, released ahead of schedule, from the Institute of Supply Management.
Read moreMitsubishi: U.S. Mint Coin Sales Robust In July
Changes in holdings of precious metals by global exchange-traded funds show those for silver have been resilient compared to gold, says UBS. Total gold ETF outflows last month reached 2.28 million ounces, the largest monthly liquidation since December…
Read moreGold Weaker as Raw Commodity Sector Under Pressure
Gold prices are modestly lower in early U.S. trading Monday. Recently, gold has acted more like a raw commodity than a safe-haven asset, as the raw commodity sector is slumping badly. The key “outside markets” are also in a bearish posture for gold and silver on this day, as the U.S. dollar index is higher and crude oil prices are lower. December Comex gold was last down $3.50 at $1,091.60 an ounce. September Comex silver was last down $0.07 at $14.67 an ounce.
Greece And China Prompt Some Anxiety In Marketplace
Kitco News – There is a bit of risk aversion in the world marketplace Monday, as there was more downbeat economic news coming out of China. Gold on this day is acting like a raw commodity instead of a safe-haven asset and is trading moderately lower …
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