Gold Pushes Moderately Higher on Short Covering, Bargain Hunting, Bullish Outside Markets
Gold prices rallied to their daily highs in late-morning trading Friday. The metal was lifted to moderate gains on some short covering and bargain hunting, much of which was likely prompted by the key “outside markets”
being in a bullish posture for t…
BAML: Gold Market Is Stabilizing
Despite downside risks to the gold market, analysts at Bank of America Merrill Lynch remain optimistic that prices will continue to stabilize this year.
Read moreAgnico Eagle Has A Strong Week
(Kitco News) – The precious metals earnings blitz has calmed, and it was a bit of a mixed bag. Analysts, and journalists alike, openly wondered whether having all results bunched together is a cruel joke. I’m convinced it is.
U.S. Pending Home Sales Rise 1.7% In January
(Kitco News) – The number of consumers who started the process of buying a home increased in January, reversing some of the weakness in December, according to the latest data from the National Association of Realtors (NAR).
Read moreCorrection: Chicago PMI Fall To 45.6 In February
(Kitco News) – The headline index for the Chicago Business Barometer, widely known as the Chicago Purchasing Managers Index, fell by 13.6 points in February to a reading of 45.8, according to a report released Friday.
Read moreGold Hovers Near Steady; U.S. GDP Data a Non-Event
Gold prices are not straying far from unchanged levels in early U.S. trading Friday.
Read morePreliminary U.S. GDP Rises 2.2% In The Fourth Quarter
(Kitco News) -In line with expectations, the U.S. economy lost more momentum in the final three months of 2014, according to the Department of Commerce’s preliminary gross domestic product data.
UBS Chinese Gold Demand Nothing Exceptional After Lunar New Year
Chinese markets reopened earlier this week, following a week-long Lunar New Year Celebration, and renewed interest in Asian is helping to support the gold market, said analysts at UBS in a research note published Thursday.
Read moreGold Ends Firmer Despite Bearish Outside Market Forces
Gold prices ended the U.S. day session with modest gains Thursday, but well down from highs seen early in the session. However, traders were still impressed by the yellow metal’s ability to hold any gains at all, given the very bearish outside market forces—a sharply higher U.S. dollar index and sharply lower crude oil prices. Short covering in the futures market and bargain hunting in the cash market were featured. Also, better demand for physical gold coming out of Asia this week, especially from China, was a bullish factor for gold. April Comex gold was last up $7.00 at $1,208.50 an ounce. May Comex silver was last up $0.116 at $16.59 an ounce.