ICE’s One-Kilo Gold Contract Overshadowed By Singapore Exchange Delays
Intercontinental Exchange’s announcement of five new futures contracts, including a 1-kilogram gold contract, was overshadowed Wednesday morning after a three-and-half hour delay on the Singapore stock exchange.
U.S. Nonfarm Payrolls Expected To Remain Above 200,000 In November
Economists expect another strong U.S. employment report from the Labor Department Friday morning.
Read moreGold Extends Early Gains as Bulls Gain Momentum
Gold prices are trading at their daily high in late-morning dealings Wednesday. Short covering and bargain hunting are featured on the push higher. A modest rally in the crude oil market is also supportive to the gold bulls’ cause. The gold bulls are …
Read moreRandgold CEO Says Mining Companies Should Treat All Stakeholders Fairly
Randgold Resources Ltd.’s (LSE:RRS)(NASDAQ:GOLD) Mark Bristow, chief executive officer of the company, told attendees at the Mines and Money conference in London that stakeholders in gold mines located in emerging countries should be treated as partners.
ISM Non-Manufacturing Index Rises To 59.3 In November
(Kitco News) – The U.S. service sector found some strong momentum in November just ahead of the busy holiday shopping season, the Institute for Supply Management said Wednesday
Read moreLow Prices To Eventually Curtail Copper Supply Expansion And Support Prices – optionsXpress
Copper may not have put in its low yet, but eventually weaker prices should start to curtail expansion of mine supply and help establish a price floor, says optionsXpress. Comex copper this week hit a four-year low, with optionsXpress citing fears of slower global economic growth coupled with a rally in the U.S. dollar, which has hurt a number of commodities. The red metal also was hurt when the manufacturing Purchasing Managers Index for China, the world’s largest copper-consuming nation, posted its lowest reading in eight months. “While the current outlook for copper prices appears to be negative, current price levels may force producers to begin to limit the expansion of copper mines, which should help to prevent the potential for overproduction in the coming years,” optionsXpress says. “This should help to place an eventual floor for copper prices, but an eventual low may not be put into place for months in the future.” March copper this week bottomed at $2.7775 a pound. On a futures continuation chart, this was the lowest level since June 2010.
Gold Sees a Short-Covering, Bargain-Hunting Bounce
Gold prices are moderately higher in early U.S. trading Wednesday, on a short-covering rebound in the futures market and on some perceived bargain-basement buying in the cash market.
Read moreADP Shows 208K Private Sector Jobs Created In November
(Kitco News) – U.S. companies slowed their pace of hiring in November, according to a report released by payrolls processor ADP Wednesday.
About Face
Gold pulled back today in the face of stronger equities, a solid rise in the dollar and new weakness in oil.
Read moreAnalysts See Short-Term Boost For Gold, Euro Thursday With No New ECB QE
(Kitco News) – Gold and the euro could see short-term rallies Thursday as the European Central Bank holds off introducing new quantitative easing measures following its monetary policy meeting, some analysts say.
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