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Economic Report Halts Gold’s Recent Increase

Fri, 24 May 2013 00:00:00 GMT

Gold prices trended slightly lower in early morning trading, coming off yesterday’s one-week high for the precious metal. Though the dollar is slightly weaker today, which would normally be a supportive factor for gold, a just-released durable goods orders report is tempering gold demand in the short term. Lower overall trading volume is expected in advance of the long holiday weekend.April’s durable goods orders report showed an increase of more than double the consensus expectations for or Read More

Gold Climbs on Safe-Haven Demand

Thu, 23 May 2013 00:00:00 GMT

Gold edged sharply higher in early trading Thursday, rebounding from losses accrued in the previous session. Spot prices for the yellow metal were lifted by weakness in the dollar, and amid an increase in safe-haven demand following substantial declines in commodities and global equities.“Gold is up today, so far, while everything else is down,” Mark O’Byrne, executive director of Gold Core Ltd., told Bloomberg. “It is possible that the stocks fall has led to nervous investors buying gold ag Read More

Gold Rallies Higher as Investors Await FOMC Minutes, Bernanke Testimony

Wed, 22 May 2013 00:00:00 GMT

Gold prices edged decisively higher in early trading Wednesday, as investors await congressional testimony by Federal Reserve Chairman Ben Bernanke later in the day on the outlook for the U.S. economy and labor market. Investors are also awaiting the release of the latest FOMC minutes, which investors will closely scrutinize for hints regarding any possible changes to current monetary policy.Gold prices have been particularly volatile this week, amid mixed opinions from analysts on whether t Read More

Gold Sharply Lower on Firm Dollar; Bernanke in Focus

Tue, 21 May 2013 00:00:00 GMT

Gold turned sharply lower in early U.S. trading, dropping more than two percent on the New York Spot Market, while silver dropped just under three-percent. Light profit taking is featured in precious metals markets Tuesday, but prices are also under pressure from a broadly stronger U.S. dollar. The precious metals are consolidating in the wake of strong gains in the previous session. Prices have been subject to volatile swings this week amid uncertainty over the future direction of U.S. mone Read More

Gold Prices Mixed; Silver at 32-Month Low

Mon, 20 May 2013 00:00:00 GMT

Gold fell for an eighth consecutive session Monday before staging a modest recovery, as a strong dollar and persistent worries over an earlier than expected end to quantitative easing dragged spot prices to a five-week low. Silver prices also declined, falling to their lowest level in 32-months.According to some analysts, silver’s plunge was triggered by a sudden move higher in the yen during early Asian trading hours. The yen found support after Japan’s Economy Minister Akira Amari indicate Read More

Viewpoint: All Quiet On The Metals Front? Not So Fast

Mon, 20 May 2013 00:00:00 GMT

Gold and silver continued downward this morning under monumental pressure from traders looking to capitalize on recent technical weakness, before physical buying propped them both back to levels near Friday’s closes. For the eighth session in a row, the metals have been hammered by large short positions aimed at forcing a re-test of last month’s lows. Though they have not succeeded yet in breaking through those support levels, the danger of a correction to the low $1300’s for gold and around $20 Read More

Fed Remarks, Rising Dollar Send Gold Lower

Fri, 17 May 2013 00:00:00 GMT

Gold prices fell sharply in early trading on Friday before recovering to near parity in what could be the seventh consecutive day of losses for the precious metal. Recent buoyance in the U.S. economy and strength in the dollar, which is close to a ten-month high, are putting heavy pressure on the price of gold.This week saw more comments from heads of Federal Reserve member banks suggesting that scaling back of the central bank’s quantitative easing program could come as early as this summer Read More

Gold Extends Losses After Prices Hit Four-Week Low; U.S. Unemployment Claims Rise

Thu, 16 May 2013 00:00:00 GMT

Gold prices extended losses in early trading Thursday, after sliding to a four-week low in the previous U.S. session. Traders continued to liquidate holdings of the precious metal amid a weak technical outlook, while a broadly stronger U.S. dollar also weighed. Gold pared losses, however, after a report from the U.S. Labor Department showed more Americans than previously projected filed for unemployment benefits last week, which raised some concern that a slowdown in economic growth is promp Read More

Gold Extends Losses on European Data, Strong Dollar

Wed, 15 May 2013 00:00:00 GMT

Gold prices fell to a three-week low on Wednesday, adding to losses from the previous session, as weak data out of Europe spurred the dollar to a fresh high against the euro. Continued outflows from gold ETFs also kept the yellow metal under pressure, dragging spot prices below $1,400 per ounce.Economic reports released early Wednesday showed a surprisingly large contraction of the Eurozone economy. Data showed the French economy slid into a recession, with its gross domestic product slippin Read More

Gold Prices Recover on Weaker U.S. Dollar; Worries of Fed Tightening Limit Gains

Tue, 14 May 2013 00:00:00 GMT

Gold prices edged moderately higher in mid-morning training Tuesday, gaining for the first time in three sessions, as a broadly weaker U.S. dollar lured traders back to the precious metals market. Gains were limited, however, as investors continued to speculate over an earlier-than-expected end to the Federal Reserve’s quantitative easing program.The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.3% to trade at 83.12. Do Read More