Gold prices slip after hitting more-than-6-year high - MarketWatch

Gold prices slip after hitting more-than-6-year high - MarketWatch

Gold edged lower Friday, pulling back from a more-than-six-year high but on track for its strongest monthly performance since August.

Gold for April delivery GCJ20, -0.06%  on Comex was off $5, or 0.3%, at $1,584.20 an ounce, while March silver SIH20, -0.34%  was off 17.7 cents, or 1%, to $17.815 an ounce. Gold was on track for a 4.1% monthly rise, based on the most-active contract, which would be its strongest performance since a 6.4% August rise, according to FactSet.

Gold’s rally was boosted this week as worries mounted over the potential global economic impact of the spread of the coronavirus. Those concerns helped burnish gold’s appeal as a haven as investors shunned risky assets, including stocks.

Gold “has been in a strong uptrend since early December, largely due to the significant monetary stimulus from central banks around the world,” said Harry G. Katica, analyst at Saut Strategy, in a note. “With a greater possibility of economic slowdown, further rate cuts may be needed as the year progresses. This would be good for gold.”

Global equity markets were under pressure Friday, but U.S. stocks had rebound on Thursday afternoon after the World Health Organization declared the outbreak a global emergency, with analysts tying the bounce to relief over the lack of a recommendation by the body to restrict travel to or trade with China. Beijing has reported nearly 9,700 cases of coronavirus, while the death toll has climbed to 213. The U.S. State Department on Friday urged Americans not to travel to China.

In other metals trade, April platinum PLJ20, -1.82%  was off 2% at $960.80 an ounce, while March palladium PAH20, +0.77%  rose 0.7% to $2,232.30 an ounce.

March copper HGH20, -0.18%  edged up 0.1% to $2.526 a pound.

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2020-01-31 14:12:00Z
https://www.marketwatch.com/story/gold-prices-slip-after-hitting-more-than-6-year-high-2020-01-31
CAIiEJZ8fyz76uHYvGFcW3cpttcqGAgEKg8IACoHCAowjujJATDXzBUwiJS0AQ

Global gold demand fell 1% in 2019 despite record investor buying - Kitco NEWS

Global gold demand fell 1% in 2019 despite record investor buying - Kitco NEWS

(Kitco News) - It was a Tale of Two Cities for the gold market in 2019: it was the best of times and it was the worst of times, according to year-end data published by the World Gold Council (WGC)

The WGC’s fourth-quarter and full-year demands trend report showed that gold demand in 2019 declined by 1% to 4,335 tons. While investment demand rose to record levels last year, physical demand sharply declined to a nearly 10-year low due to the yellow metal’s biggest price rise in 10 years.

“The gold price rallied to a six-year high in US dollar terms and hit record levels in a range of other currencies – euro, Indian rupee, Turkish lira and South African rand among them. This price strength had clear implications for gold demand across all sectors,” the WGC said in its report.

Although overall gold demand declined last year, in a telephone interview with Kitco News, Juan Carlos Artigas, director of investment research at the WGC, said that it is clear that gold is top of mind for investors as uncertainty continues to dominate financial markets.

Physical gold demand was led by insatiable investor interest as gold holdings in exchange-traded products hit record highs last year. While holding peaked in the third quarter, the WGC said that holding for the year increased by 400 tons to 2885.5 tons.

“2019 marked a year that showed how gold can benefit investors during times of uncertainty,” he said.

But it wasn’t just retail investors taking renewed interest in gold. Central Banks continued to be net buyers of gold. The final results of the year showed that 15 central banks bought 650.30 tons of gold in 2019, just missing 2018’s record of 656.2 tons.

The WGC noted that 2019 marked the tenth year central banks were net buyers a gold, fully reversing the previous decade of net selling.

“The fundamental change in mindset towards gold has resulted in significant and, importantly, sustained levels of demand. During this time, central banks have added 5,019t back to global official gold reserves, with an annual average of around 500t, compared with average annual net sales of 443t in the preceding decade,” the WGC said.

However, despite strong investment and central bank interest in gold last year, it wasn’t enough to compensate for significant declines in gold jewelry and coin and bar sales last year.

The WGC said that global gold jewelry demand fell by 6% last year to 2,107 tons. The fourth quarter alone saw a 10% declined compared to the fourth quarter of 2018.

However, the WGC also noted that price was the biggest factor in jewelry demand as the value spent in the sector rose 3% to a five-year high.

Physical demand for bullion coins and bars told a similar story as demand fell to its lowest levels in 10 years.

“The drop off in investment was mostly a reaction to the price rally and higher price volatility with added pressure coming from a slowdown in the domestic economies of both countries,” the WGC said.

Although consumer demand was soft through 2019, Artigas said that it wouldn’t take much to bring buyers back to the marketplace.

“We will see stronger consumer demand if there is a little more confidence in global economic growth and a consistency in the gold price,” he said. “Consumers are comfortable paying higher prices for gold if they expect that prices will continue to rise.”

Although investment demand is pumping much-needed momentum into the gold market, Artigas said that physical consumer demand has the largest impact on long-term prices.

Gold supply increases in 2019

While consumers weren’t actively buying gold last year, they were certainly selling it. The WGC said that global gold supply increased by 2% in 2019 mostly because of a sharp increase in recycling. The total gold supply last year rose to 4,776.1 tons.

The report said that recycled gold supply increased 11% for the year to 1,304.1 tons.

Meanwhile, mine production declined by 1% 3,463.7 tons. The fourth quarter was a particularly slow period for gold producers. The WGC said that fourth quarter gold production dropped 2% to 889.5 tons, compared to the fourth quarter of 2018.

“This was the lowest level of Q4 mine output since Q4’16,” the report said.

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2020-01-30 11:04:16Z
https://www.kitco.com/news/2020-01-30/Global-gold-demand-fell-1-in-2019-despite-record-investor-buying-World-Gold-Council.html
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Global gold demand fell 1% in 2019 despite record investor buying - Kitco NEWS

Global gold demand fell 1% in 2019 despite record investor buying - Kitco NEWS

(Kitco News) - It was a Tale of Two Cities for the gold market in 2019: it was the best of times and it was the worst of times, according to year-end data published by the World Gold Council (WGC)

The WGC’s fourth-quarter and full-year demands trend report showed that gold demand in 2019 declined by 1% to 4,335 tons. While investment demand rose to record levels last year, physical demand sharply declined to a nearly 10-year low due to the yellow metal’s biggest price rise in 10 years.

“The gold price rallied to a six-year high in US dollar terms and hit record levels in a range of other currencies – euro, Indian rupee, Turkish lira and South African rand among them. This price strength had clear implications for gold demand across all sectors,” the WGC said in its report.

Although overall gold demand declined last year, in a telephone interview with Kitco News, Juan Carlos Artigas, director of investment research at the WGC, said that it is clear that gold is top of mind for investors as uncertainty continues to dominate financial markets.

Physical gold demand was led by insatiable investor interest as gold holdings in exchange-traded products hit record highs last year. While holding peaked in the third quarter, the WGC said that holding for the year increased by 400 tons to 2885.5 tons.

“2019 marked a year that showed how gold can benefit investors during times of uncertainty,” he said.

But it wasn’t just retail investors taking renewed interest in gold. Central Banks continued to be net buyers of gold. The final results of the year showed that 15 central banks bought 650.30 tons of gold in 2019, just missing 2018’s record of 656.2 tons.

The WGC noted that 2019 marked the tenth year central banks were net buyers a gold, fully reversing the previous decade of net selling.

“The fundamental change in mindset towards gold has resulted in significant and, importantly, sustained levels of demand. During this time, central banks have added 5,019t back to global official gold reserves, with an annual average of around 500t, compared with average annual net sales of 443t in the preceding decade,” the WGC said.

However, despite strong investment and central bank interest in gold last year, it wasn’t enough to compensate for significant declines in gold jewelry and coin and bar sales last year.

The WGC said that global gold jewelry demand fell by 6% last year to 2,107 tons. The fourth quarter alone saw a 10% declined compared to the fourth quarter of 2018.

However, the WGC also noted that price was the biggest factor in jewelry demand as the value spent in the sector rose 3% to a five-year high.

Physical demand for bullion coins and bars told a similar story as demand fell to its lowest levels in 10 years.

“The drop off in investment was mostly a reaction to the price rally and higher price volatility with added pressure coming from a slowdown in the domestic economies of both countries,” the WGC said.

Although consumer demand was soft through 2019, Artigas said that it wouldn’t take much to bring buyers back to the marketplace.

“We will see stronger consumer demand if there is a little more confidence in global economic growth and a consistency in the gold price,” he said. “Consumers are comfortable paying higher prices for gold if they expect that prices will continue to rise.”

Although investment demand is pumping much-needed momentum into the gold market, Artigas said that physical consumer demand has the largest impact on long-term prices.

Gold supply increases in 2019

While consumers weren’t actively buying gold last year, they were certainly selling it. The WGC said that global gold supply increased by 2% in 2019 mostly because of a sharp increase in recycling. The total gold supply last year rose to 4,776.1 tons.

The report said that recycled gold supply increased 11% for the year to 1,304.1 tons.

Meanwhile, mine production declined by 1% 3,463.7 tons. The fourth quarter was a particularly slow period for gold producers. The WGC said that fourth quarter gold production dropped 2% to 889.5 tons, compared to the fourth quarter of 2018.

“This was the lowest level of Q4 mine output since Q4’16,” the report said.

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2020-01-30 05:48:39Z
https://www.kitco.com/news/2020-01-30/Global-gold-demand-fell-1-in-2019-despite-record-investor-buying-World-Gold-Council.html
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Gold Price Analysis: On its way to $1,582/83 resistance confluence - FXStreet

Gold Price Analysis: On its way to $1,582/83 resistance confluence - FXStreet

• The three-week-old falling trend line, 61.8% of Fibonacci retracement will question the latest recovery.
• A 12-day long ascending support line keeps the buyers hopeful.

Gold prices are up 0.16% to $1,579.50 during early Thursday. The bullion recently took a U-turn from 38.2% Fibonacci retracement of its fall from January 08 to 14. However, a descending trend line stretched from the monthly top and 61.8% Fibonacci retracement could keep buyers in check.

While the MACD’s latest pattern suggests its recovery, buyers can target $1,600 on the sustained break of $1,582/83 confluence. It should also be noted that the monthly top near $1,612 holds the key to the precious metal’s additional rise.

Meanwhile, 50% and 38.2% Fibonacci retracements, near $1,574 and $1,565 respectively, could entertain sellers during the pullback.

Though, an upward sloping trend line since January 14, at $1,558 now, keeps the buyers hopeful.

Gold four-hour chart

Trend: Pullback expected

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2020-01-30 03:33:00Z
https://www.fxstreet.com/news/gold-price-analysis-on-its-way-to-1-582-83-resistance-confluence-202001300333
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Gold holds support as silver searches for bottom - Kitco NEWS

Gold holds support as silver searches for bottom - Kitco NEWS

Gold and silver are working in opposite directions. After Tuesday’s sell-off, gold is finding support. At the same time, silver is desperately searching for a bottom. Both metals appear to be in a little trouble here, but silver is very weak and, in our opinion, has become a short.

As of this morning, we are long gold, short silver and looking for the current patterns to continue. The patterns are clear for now as there appears to be no interest in silver as it continues to break support levels. Gold has held the major levels and looks to be in position to test the recent highs.

There is always a possible issue that can arise that could disrupt these patterns. Today at 2 p.m. EST, the Fed reports a decision on interest rates, which should be a big nothing. However, the Street will be dissecting every word looking for clues. For now, we expect the status quo.

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2020-01-29 12:50:00Z
https://www.kitco.com/commentaries/2020-01-29/Gold-holds-support-as-silver-searches-for-bottom.html
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Gold prices pull back as U.S. stock indexes rebound - Kitco NEWS

Gold prices pull back as U.S. stock indexes rebound - Kitco NEWS

(Kitco News) - Gold prices are moderately lower in early U.S. futures trading Tuesday, on a corrective pullback from recent gains and as the U.S. stock market is staging a moderate recovery from Monday’s sharp losses. February gold futures were last down $5.00 an ounce at 1,572.10. March Comex silver prices were last down $0.221 at $17.835 an ounce.

Asian and European stock markets were mixed to weaker overnight. China markets are closed for the Lunar New Year holiday. U.S. stock indexes are pointed toward firmer openings when the New York day session begins, following solid losses Monday. There is still some risk aversion in the global marketplace as the coronavirus outbreak continues to spread in China, with over 100 dead and several thousand infected in that country, according to the latest reports. Other countries are also seeing its citizens contract the virus.

Veteran traders know that shock market events like the coronavirus outbreak tend to see the markets factor in worst-case scenarios in the early stages of the affair. Price action in several markets the past few days suggests this event will be factored into most market prices sooner rather than later—and may be already factored in altogether. Reason: Most shock events to markets do not have the worst-case scenario play out. Once traders realize the shock event is not as bad (for markets) as they first thought, the markets’ prices begin to move back toward where they were before the shock occurred. Of course, right now it’s still too early to tell if the markets have fully factored in the coronavirus and its impact on the global economy. By the end of this week, traders and investors should have a better idea whether the outbreak has mostly run its course, from a markets-impact perspective.

The coronavirus outbreak has overshadowed the meeting of the Federal Reserve’s Open Market Committee (FOMC) that begins Tuesday morning and ends Wednesday afternoon with a statement. No change in U.S. monetary policy is expected at this week’s meeting.

The key outside markets today see crude oil prices lower and trading around $52.75 a barrel. Meantime, the U.S. dollar index is slightly higher and hit a two-month high overnight.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, durable goods orders, the S&P/Core-Logic home price indexes, the Richmond Fed business survey, and the consumer confidence index.

Technically, the gold bulls have the firm overall near-term technical advantage, but the January spike high is still strong chart resistance to overcome. A price uptrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at the January high of $1,613.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,550.00. First resistance is seen at the overnight high of $1,582.20 and then at Monday’s high of $1,588.40. First support is seen at the overnight low of $1,570.50 and then at $1,565.00. Wyckoff's Market Rating: 7.0

March silver futures bulls have the slight overall near-term technical advantage but need to show fresh power soon to keep it. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the January high of $18.895 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the January low of $17.59. First resistance is seen at the overnight high of $18.115 and then at Monday’s high of $18.375. Next support is seen at $17.75 and then at the January low of $17.59. Wyckoff's Market Rating: 5.5.

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2020-01-28 13:10:00Z
https://www.kitco.com/news/2020-01-28/Gold-prices-pull-back-as-U-S-stock-indexes-rebound.html
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Gold price at 3-week high as coronavirus threatens global economic growth - Kitco NEWS

Gold price at 3-week high as coronavirus threatens global economic growth - Kitco NEWS

(Kitco News) - Gold prices are higher and hit a three-week high in early U.S. futures trading Monday. Safe-haven demand for gold and silver prices is featured as the weekend saw the coronavirus outbreak spread significantly. However, gains in the metals are being somewhat tempered by the steep drop in crude oil prices, which hit a 3.5-month low overnight. February gold futures were last up $11.70 an ounce at 1,583.60. March Comex silver prices were last up $0.162 at $18.275 an ounce.

Asian and European stock markets were solidly down overnight. U.S. stock indexes are pointed toward sharply lower openings when the New York day session begins. Over the weekend the coronavirus illness that apparently originated in China has rapidly spread, killing at least 80 of its citizens, with nearly 8,500 cases now reported in China. Several Chinese cities are under quarantine.

Several cases are now reported in the U.S. as doctors are now saying the illness is more easily contractable. There are increasing worries the outbreak could hurt world economic growth. Raw commodity prices, including crude oil, are slumping. Safe-haven gold prices are higher Monday. This week is the Chinese Lunar New Year holiday—the most important holiday in China. Chinese authorities have extended the week-long holiday by two days due to the coronavirus outbreak.

Reports of a Boeing jetliner crashing in Afghanistan are further unsettling the marketplace. Details on the purported crash are sketchy with Boeing officials currently denying one of their planes has crashed.

The key outside markets today see crude oil prices sharply lower, at a 3.5-month low, and trading around $52.35 a barrel. Meantime, the U.S. dollar index is slightly higher and hit a seven-week high overnight, as the USDX is trending up.

Technically, the gold bulls have the firm overall near-term technical advantage, but the January spike high is still strong chart resistance to overcome. A price uptrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at the January high of $1,613.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,550.00. First resistance is seen at the overnight high of $1,588.40 and then at $1,600.00. First support is seen at the overnight low of $1,575.30 and then at $1,565.00. Wyckoff's Market Rating: 7.0.

March silver futures bulls have regained the slight overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the January high of $18.895 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the January low of $17.59. First resistance is seen at the overnight high of $18.375 and then at $18.50. Next support is seen at the overnight low of $18.145 and then at $18.00. Wyckoff's Market Rating: 5.5.

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2020-01-27 13:38:00Z
https://www.kitco.com/news/2020-01-27/Gold-price-at-3-week-high-as-coronavirus-threatens-global-economic-growth.html
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PRECIOUS-Gold gains 1% as virus fears fan growth worries - Reuters

PRECIOUS-Gold gains 1% as virus fears fan growth worries - Reuters

(Updates prices)

* Coronavirus death toll rises to 81 in China

* U.S. 10-year Treasury yields fall to over 3-month low

* Fed meeting on Jan. 28-29

By K. Sathya Narayanan

Jan 27 (Reuters) - Gold jumped 1% on Monday to a near three-week high as growing concerns that the coronavirus outbreak could impact the global economy pushed investors towards safe havens.

Spot gold was up 0.6% at $1,580.45 per ounce by 1221 GMT, having earlier touched its highest since Jan. 8 at $1,586.43.

U.S. gold futures rose 0.5% to $1,579.50 per ounce.

“Risk aversion is pushing up gold prices. Weekend news showed that (the coronavirus) is still spreading in many countries across the globe and this could impact economic activity and market sentiment,” Commerzbank analyst Carsten Fritsch said.

Safe-haven flows were such that a U.S. dollar holding near two-month highs scaled in the previous session was doing little to deter gold buying, despite it making dollar-denominated bullion costlier for investors holding other currencies.

The death toll from the coronavirus outbreak has risen to 81 in China, with 2,744 confirmed cases, and the virus has spread to more than 10 countries, including the U.S. and France.

World shares slipped to their lowest in two weeks, while U.S. 10-year Treasury yields fell to their lowest in more than three months.

“Despite the strength of the greenback, the bullion price is taking advantage of this uncertain situation,” ActivTrades Chief analyst Carlo Alberto De Casa said in a note.

“The main trend remains bullish, with the short-term correction seen in the last few weeks seemingly over, increasing the chance of the price achieving a new 7-year-high in the next few weeks.”

Gold had scaled a near 7-year high of $1,610.90 per ounce, earlier in the month, but the rally was short lived.

Investors will be watching the U.S. Federal Reserve’s first policy meeting of this year on Jan. 28-29, where it is widely expected to keep rates unchanged.

Elsewhere, silver rose 0.9% to $18.24 per ounce, having earlier touched its highest since Jan. 8 at $18.33.

Deficit hit palladium dropped 2.2% to $2,373.69 an ounce, having touched a record high of $2,582.19 last week, while platinum fell 1.1%, to $990.37.

Palladium prices fell on profit taking but the correction has not been considerable and long lasting, Commerzbank’s Fritsch said, adding, a stronger downward correction is overdue in the market. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Kirsten Donovan and David Evans)

Our Standards:The Thomson Reuters Trust Principles.

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2020-01-27 10:55:00Z
https://www.reuters.com/article/global-precious/precious-gold-gains-1-as-virus-fears-fan-growth-worries-idUSL4N29W188
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Gold price today: Yellow metal extends gains as coronavirus spreads - Business Today

Gold price today: Yellow metal extends gains as coronavirus spreads - Business Today

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2020-01-27 06:15:00Z
https://www.businesstoday.in/markets/commodities/gold-price-today-yellow-metal-extends-gains-as-coronavirus-spreads/story/394697.html
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