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Gold futures move higher
April 24th, 2013
Gold futures rose for the fourth time in five sessions as investor demand for coins surged amid a slump in exchange-traded products backed by the metal.
Britain’s Royal Mint sold more than three times the amount of coins this month than a year earlier after prices dropped the most in three decades, while the U.S. Mint ran out of its smallest American Eagle coin. Last week, futures plunged 7 percent, the most since September 2011, and ETP holdings headed for a record monthly plunge.
“Support for gold prices is coming from the cash market,” Jeffrey Friedman, a senior commodity broker at RJO Futures in Chicago, said in a telephone interview. “There’s still a bearish tone to things, but a lot of the weak longs have been flushed out. People who take physical delivery of gold tend to hold onto it for a while.”
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April 11th, 2013
Gold futures gained for the second time in three days as a weaker dollar increased demand for the precious metal as an alternative investment.
The dollar slipped as much as 0.6 percent against a basket of six currencies. Cyprus denied that it plans to sell bullion to ease its debt crisis. Gold tumbled 1.8 percent yesterday, the most since November, after a draft of a European Commission report obtained by Bloomberg News showed that Cypriot authorities would sell metal reserves.
“A weaker dollar is supporting gold,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “The Cyprus denial is helpful, and we are definitely seeing some demand as prices have fallen sharply.”
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gold poised for gain
March 14th,2013
Gold was set for the first back-to- back weekly advance since January as investors weighed prospects for more stimulus against improving U.S. economic data. Silver, platinum and palladium headed for weekly losses.
Spot gold traded at $1,591.70 an ounce at 9:37 a.m. in Singapore from $1,590.20 yesterday. The metal climbed to a two- week high of $1,599.85 an ounce on March 13 and is 0.8 percent higher this week. Assets in gold-backed exchange-traded products rose for the first time in five weeks, climbing from the lowest level since September, according to data compiled by Bloomberg.
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Gold futures climb
March 11th, 2013
Gold futures swung between gains and losses as investors weighed data showing an improving U.S. economy against signs that Europe’s debt crisis is continuing.
The Dow Jones Industrial Average reached an all-time high last week and the dollar traded near a seven-month high against six counterparts on signs that the U.S. economy is strengthening. Fitch Ratings cut Italy’s credit rating by one level on March 8. Gold exchange-traded holdings fell for a fourth straight week.
“The positive data out of the U.S. is very negative for gold, and at the same time the Fitch downgrading of Italy is providing some support,” Fain Shaffer, the president of Infinity Trading Corp. in Medford, Oregon, said in a telephone interview. “Gold has been getting slaughtered because of equities this year.”
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March 5th, 2013
Gold futures climbed for the first time in five days on speculation central banks will maintain stimulus measures. Silver, platinum and palladium advanced.
Federal Reserve Vice Chairman Janet Yellen said the U.S. central bank should press on with $85 billion in monthly bond buying, while Haruhiko Kuroda, the nominee to be Bank of Japan (8301) governor, said he would do whatever is needed to end 15 years of deflation. European Central Bank policy makers meet on March 7, after data last week showed manufacturing in the region contracted and unemployment climbed to a record in February.
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Gold extends longest streak
December 31st, 2012
Gold futures rose, poised for a 12th consecutive annual gain, as central banks from Europe to China pledge more steps to spur economic growth and U.S. lawmakers near a deadline for budget talks.
Gold for immediate delivery added 0.3 percent to $1,661.38 an ounce by 12:44 p.m. in London, extending this year’s climb to 6.2 percent. Prices rebounded from a five-week slump as the deadline for the so-called U.S. fiscal cliff of automatic tax increases and spending cuts due to take effect tomorrow loomed with no accord in sight among lawmakers.
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Gold futures decline
December 20th, 2012
Gold futures fell to the lowest since August after a report showed the U.S. economy grew more than forecast last quarter, damping expectations that the Federal Reserve will expand monetary stimulus.
The U.S. grew at a 3.1 percent annual rate in the third quarter, more than previously reported and exceeding all projections in a Bloomberg survey, Commerce Department figures showed. The Fed said Dec. 12 it will boost its main stimulus tool by adding $45 billion of monthly Treasury purchases to an existing pledge of $40 billion in mortgage debt a month. The program is its third round of debt buying, known as quantitative easing, aimed at spurring growth.
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Gold futures drop
December 12, 2012
Gold futures declined to a one-week low as a rally to the highest level this month prompted some investors to sell the metal amid concern about the U.S. budget deadlock. Silver, platinum and palladium retreated.
Spot gold slumped as much as 1 percent to $1,694.35 an ounce, the lowest price since Dec. 7, and traded at $1,700.90 at 10:49 a.m. in Singapore. The metal climbed to $1,723.40 yesterday, the most expensive since Nov. 30, after the Federal Reserve said it will expand asset purchases. The rally was “modest” as additional Fed balance sheet expansion was already “priced in,” according to Goldman Sachs Group Inc.
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Gold futures move higher
November 29th, 2012
Gold futures rose for the first time in four days on speculation that the Federal Reserve will buy more debt to boost the U.S. economy. Silver climbed to a seven-week high.
“I will be assessing the employment and inflation outlook in order to determine whether we should continue Treasury purchases into 2013,” Federal Reserve Bank of New York President William C. Dudley said in a speech in New York. Treasury Secretary Timothy F. Geithner began talks with congressional leaders on a budget accord.
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November 8th, 2012
Gold futures may climb for the third time this week on signs that increasing global stimulus measures will boost investor demand for a hedge against inflation.
The European Central Bank stands ready to activate its bond-purchase program if governments fulfill necessary conditions, ECB President Mario Draghi said today. President Barack Obama, elected for a second term this week, faces a so- called fiscal cliff of $600 billion in tax increases and spending cuts to start in January unless Congress acts.
“I’m still bullish on gold, because we’re most likely going to have quantitative easing for a while,” Fred Schoenstein, a trader at Heraeus Precious Metals Management in New York, said in a telephone interview. “That’s on the minds of traders with Obama coming back in.”
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