Gold Ends Steady-Weak as Bull Run in Equities Continues to Limit Buying Interest
Gold prices ended the U.S. day session steady to modestly lower Monday. The yellow metal did move up from its daily lows by the close, as the U.S. dollar index moved below unchanged to its daily low. February Comex gold was last down $0.70 at $1,197.7…
Read moreRefile: Gold, Silver Jewelry To See Biggest Discounts On Black Friday – WalletHub.com
(Kitco News) – According to one retail sector survey, jewelry could be the hot-ticket item on Black Friday as this category will see the biggest discounts on average.
Read moreNichols: Surprise ‘Yes’ Vote On Swiss Referendum Would Underpin Gold
Gold should benefit if Swiss voters surprised market participants and voted in favor of a Nov. 30 gold referendum, says Jeffrey Nichols, managing director of American Precious Metals Advisors and senior economic advisor to Rosland Capital. The main focus of the gold market is a provision that would require 20% of the country’s central bank reserves to be in gold, which Nichols says would require purchases of 1,500 metric tons likely spread out over five years. He says this is “an amount that could be fulfilled by the world gold market without any difficulty but would nevertheless provide considerable support to the price.” The central bank and Swiss Finance Ministry have opposed the referendum. Recent polls show the referendum likely will not pass, therefore the market is not expecting any change in Swiss central bank gold policies, Nichols says. “However, major bullion dealers and a number of leading analysts are of a mixed mind,” Nichols says. “A ‘no’ vote against raising Swiss gold reserves would likely have no lasting influence on the metal’s price…but a surprise ‘yes’ vote would likely prompt a short-term rally followed by a higher long-term average gold price.”
Gold Still Has Plenty Of Upside – Capital Economics
(Kitco News) – With gold hovering around $1,200 an ounce, commodity analysts at Capital Economics see plenty of long-term potential for the yellow metal as they stick with their call that prices will hit $1,400 an ounce by year-end 2016.
Read moreJohnson Matthey: Platinum, Supply Deficits Topping 1 Million Ounces In 2014
Platinum and palladium will both post annual supply deficits of more than 1 million ounces in 2014 largely due to a five-month strike in South Africa, but also improving auto-catalyst demand, Johnson Matthey reported Monday.
Read moreHigher Prices Encourage Large Speculators To Boost Gold Holdings – CFTC
Higher gold prices encouraged large speculators to add to their bullish Comex gold futures and options holdings, reversing some of their recent reductions in net-long positioning, as seen in the latest Commodity Futures Trading Commission weekly data….
Read moreTechnical Trading: Gold Traders Eye Swiss Vote, Downside Limited For Now
February Comex gold futures are consolidating quietly in early Monday action, following two consecutive weeks of gains. In the short-term, uncertainty ahead of the Swiss gold initiative vote on November 30 will limit downside in gold. Technically, a s…
Read moreGold Prices Weaker as U.S. Dollar Index Hits 4-Year High Overnight
Gold prices are modestly lower in early U.S. trading Monday. The yellow metal bulls continue to find it very difficult to shake off the negative impact of a stronger U.S. dollar against the other major world currencies. The U.S. dollar index notched a…
Read moreGold Prices Starts Week Hovering Around Support At $1,200
(Kitco News) – Gold prices are starting the week holding on to recent gains, hovering around initial support at $1,200 an ounce.
Read moreNext Week’s OPEC Meeting, Eurozone Data Gives Gold Much To Consider
The gold market has a full plate next week: there’s a major meeting of the Organization of Petroleum Exporting Countries, inflation data out of the eurozone, and a major holiday in the U.S. to keep volatility high.