Monthly Archives: September 2017

  • With Dollar Rebounding, Gold Loses Ground

    Today saw gold losing ground, falling to $1,278.51 per ounce, a loss of 0.4 percent. Today was generally marked with losses, as the dollar continued to post gains.

    Overall, precious metals lost between 0.3 percent and 0.5 percent today, signalling a second consecutive day of losses. Base metals are down around 0.4 percent today. Volume has been decidedly average today - 6,139 lots were traded in today's session.

    As for international markets, U.S. ten-year treasuries jumped significantly today, up to 2.35 percent. The German ten-year bund is looking better at 0.47 percent. Spot Brent crude oil prices are at $57.71 per barrel, up 0.12 percent from yesterday. The U.S. dollar is looking much better on its index, up to 93.56, with market participants feeling very confident in a December interest rate increase from the Federal Reserve.

  • With Dollar Rebound, Gold Feels Pressure

    Gold prices are up only 0.1 percent today - to $1,295.13 per ounce - after the U.S. dollar has made minor recoveries today thanks to recent comments by Janet Yellen in favor of an interest rate increase.

    In other metals, average gains for precious metals were 0.4 percent today, thanks in large part to platinum's 0.7 percent leap. Palladium is unchanged. Base metals are also looking better today, with average gains of 0.6 percent. Today saw average trading, with 6,713 lots traded.

    Spot Brent crude oil rose 0.3 percent today, to $58.73 a barrel, near to a high last seen in July of 2015. The yield for U.S. ten-year treasuries is looking decidedly better at 2.26 percent, though the German ten-year bund if worse off at 0.42 percent. The U.S. dollar is up today, coming in at 93.38 on the currency's index. The euro is feeling pressure at 1.1746.

  • Gold Continues Gains In Geopolitical Climate

    Spot gold spent today continuing its recent upwards trajectory amidst growing geopolitical drama. The precious metal is currently up $3.75 from yesterday's close, up to $1,312.05 per ounce. Silver is up $0.09 to $17.22 per ounce. Platinum rose $7 today, to $947 per ounce, and palladium is also up by $7 per ounce, to $1,312.10.

    Growing anxieties over Iran, coupled with the recent referendum for the Kurdish people is fueling recent safe haven buying in international markets. North Korea's accusations of Donald Trump declaring war against their country is also fueling tensions globally.

    Pricing on spot Brent crude oil is up 0.63 percent to $59.46 per barrel, having earlier today reached highs not seen since July 2015, over growing OPEC supply concerns. The dollar index fell by 0.03 percent to 92.57.

  • Fresh Geopolitical Tensions Boost Gold

    Following a poor day in trading yesterday, which showed average losses of around 0.6 percent, gold is looking much better in Friday's trading session, up to $1,297.77 per ounce, or 0.5 percent.

    As fears over North Korea rise with their most recent threat to test a hydrogen bomb in the Pacific, other precious metals are seeing a boost as well. Silver rose by 0.4 percent today. Platinum is up 0.7 percent. However, base metals slipped somewhat today for the most part, with three-month copper down 0.9 percent to $6,397 per ton. Only tin posted gains today, up 0.2 percent in today's session.

    Prices for spot Brent crude oil are essentially unchanged at $56.42 per barrel. The yield on U.S. ten year treasuries weakened to 2.25 percent. The German ten-year bund is holding at 0.45 percent. The U.S. dollar index is fallen yet again, slipping from Wednesday's high of 92.70 to today's lackluster 91.95.

  • With FOMC Meeting Looming, Precious Metals Down

    As the latest FOMC meeting approaches, precious metals lost an average of 0.3 percent today, with gold slipping by 0.1 percent to $1,306.71 per ounce.

    Platinum prices are essentially unchanged today, but silver lost 0.4 percent in today's session. Palladium is down a hefty 0.5 percent. In base metals, zinc is down 0.3 percent and nickel fell 0.9 percent today. However, aluminum gained 0.6 percent today, and copper is up 0.1 percent, to $6,537 per ton.

    In international markets, the U.S. ten-year treasuries is stronger at 2.22 percent, and the German ten-year bund is up to 0.45 percent. Spot Brent crude oil prices slipped to $55.28 per barrel, a loss of 0.19 percent. The U.S. dollar index is staying close to Monday's close at 91.88. The euro is looking good at 1.1983.

  • Gold Down as Other Metals Rise

    It's Monday, September 18th and precious metals are up overall, with only bullion prices falling somewhat. Spot gold is currently down about 0.2 percent today, to $1,317.30 per ounce.

    Other metals seem to be fairing much better, with silver and platinum gaining 0.1 percent today and palladium up a staggering 1.4 percent today to $935.90 per ounce. Overall, the base metals circuit it also looking strong, with average gains of 0.8 percent. Zinc is the winner at a 1.2 percent increase, and lead is tailing closely with a 1.1 percent gain today. Three-month copper prices are also up, rising by 1 percent to $6,553 per ton.

    On the international markets, spot Brent crude oil saw good gains today, rising to $55.69 per barrel, up 0.38 percent. The yield on U.S. ten-year treasuries is also stronger, up to 2.20 percent. The German ten-year bund is up to 0.43 percent. As for the U.S. dollar index, the currency's recent rebound is holding at 91.88, not quite reaching Thursday's 92.66 rebound.

  • Gold Dips, Despite N. Korea Launch

    Spot gold slipped on Friday, shrugging off North Korea's latest missile launch over Japan, with strong US inflation data raising the spectre of another interest rate hike.

    Spot gold was down 0.2 per cent at $1,326.70 an ounce by 0733 GMT. It was down over 1 per cent for the week, on track for its first weekly decline in four.

    US gold futures for December delivery gained 0.1 per cent to $1,331.

    "There are a couple of issues pushing and pulling at the market. The reaction to the missile launch this morning has been a bit negated by that better-than-expected (U.S) inflation number," said ANZ analyst Daniel Hynes.

    "We need to see a break above $1,340 to get any sort of sustainable upward trend."

    North Korea fired a missile on Friday that flew over Japan's northern island of Hokkaido far out into the Pacific Ocean, South Korean and Japanese officials said, further ratcheting up tensions after Pyongyang's recent test of a powerful nuclear bomb.

    Geopolitical risks can boost demand for safe-haven assets such as gold and the Japanese yen.

    The yen slipped against the dollar on Friday, after earlier having risen on the news, with the greenback supported by strong US consumer inflation data.

    "I think the market is increasingly focusing on the Federal Reserve and its probability of another rate hike this year," Hynes said.

    The Fed has a 2 per cent inflation target, and a series of subdued inflation readings have dampened expectations for further rate rises in the near term. Firming inflation could support the case for another rate hike.

    The Fed's next monetary policy meeting is due to begin on Sept. 19.

    Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold.

    "Traders will be closely watching this evening's retail sales numbers. Another better-than-expected number could lead to US dollar strength and continue to cap gold into the week's end," said Jeffrey Halley, senior market analyst at OANDA.

    Silver was unchanged at $17.75 an ounce and was set to mark its first weekly decline in four.

    Platinum edged down 0.2 per cent to $976.74 an ounce and was down over 2 per cent for the week, on track for its biggest weekly drop since early May.

    Palladium gained 0.2 per cent to $923.95, after marking a four-week low on Thursday. It was heading for a second weekly decline.

    Source: Reuters

  • Gold Prices Down on Stronger U.S. Dollar

    Precious metals in general took a turn for the worse today with positive data coming out of the U.S. strengthening the dollar. Spot gold prices slipped to $1,302.62 per ounce, in line with the overall 0.4 percent loss of gold, platinum, and silver. However, palladium bucked the trend and gained ground, recently rising by 0.2 percent to $932.30 per ounce.

    Base metals are looking better today, with nickel up 0.1 percent, aluminum up 0.2 percent, and copper prices up 0.3 percent to $6,794 per ton. Zinc saw the largest gains today, rising by 0.4 percent. Tin and lead both lost ground, slipping by 0.2 percent and 0.3 percent, respectively.

    Prices on spot Brent crude oil are looking better in international markets, recently rising by 0.2 percent to $50.70 per barrel. The yield on U.S. ten-year treasuries stayed relatively consistent today, at 2.15 percent. The dollar index is looking better at 92.93, a serious improvement on Tuesday's 91.62.