Gold rose significantly in overnight trading on threats of new global financial tensions after the US said it will end sanction exemptions for all countries that import Iranian oil. Brent Crude is currently up over 3% even with assurances from the Saudis and other oil producing countries that supply would not be affected. Gold has since retreated but is still up midday, currently trading at $1,274.00.
Gold is trading at $1,273.10, its lowest level of 2019, after a report put out by S&P Global Market Intelligence forecasting record level gold production in 2019, caused the price to plunge. Without adequate demand, the predicted increase in production will cause gold prices to fall as seen yesterday. Silver remained relatively flat as gold fell, dropping the gold to silver ratio to 85.
Gold is down $2.90, trading at $1,288.90 today as banks continue to post positive earnings with Citigroup and Goldman Sachs beating estimates today. Better earnings bode well for economic growth in the US and lessen the appeal of safe-haven investments such as gold and silver.
Gold is currently up $1.30, trading at $1,290.80, after falling over 1.6% yesterday—its largest single day drop of the month. Gold plunged after jobless claims data showed US citizens filing for unemployment benefits, fell to its lowest level since 1969. Stocks are up today led by positive bank earnings with J.P. Morgan Chase, Wells Fargo, and PNC beating estimates.
Gold is hovering just above $1,300.00 after rising earlier this week, as the US dollar slipped Tuesday. Equity futures remain relatively flat as investors look to key economic data due out Wednesday to give markets guidance. The European Central Bank is set to release its policy decision. FOMC minutes from the Fed’s March meeting will be released, and US consumer price index data will give insight into any inflation concerns. Look for market volatility to increase as investors analyze this slew of important financial data.
Gold is up slightly to begin the week, currently hovering around $1,293.00, after dipping Friday due to better than expected employment data. 196,000 jobs were created in March, beating estimates and strengthening confidence in the US economy after February’s lackluster job growth. Gold’s modest rise comes as the US dollar seems to have plateaued after rebounding late last week.
Gold declines slightly but holds its range bound level just below $1,300/oz. This is the 4th day in a row as the markets look for some direction. It appears that perhaps Friday’s release of non-farm payroll and unemployment data will be the day we see the markets make a significant move. Forecasts suggest 179,000 jobs created in March with the unemployment rate remaining unchanged at 3.8%.
Precious metals group remains relatively unchanged today following a bearish week. Hovering just below the resistance level of $1,300/oz., Gold found little help from today’s weakening US Dollar or lower than expected retail sales data. All eyes on this week’s array of economic data releases including Friday’s payroll and unemployment data. Following last month’s disappointing payroll numbers, the metals group may find upside direction should another lower than expected jobs report be released.
Gold plunged yesterday as the US dollar soared to a 3-week high after the Fed pushed back against those advocating for a rate cut in 2019, saying it is too early to consider slashing interest rates. The dollar has since retreated from yesterday’s high and is currently down 0.10%, leading to a boost in gold which is up $5.40 this morning.
Gold is down $4.90, trading at its lowest point for the week at $1310.50, as the US dollar gained some momentum and is currently at its highest level since March 12. Dovish statements from the Bank of Japan and European Central Bank paralleled those made by Fed Chair Jerome Powell and are cause for global growth concerns that could help gold rise in the near future.