Gold has surged to a new one month high, underpinned by a new record high in oil, a weakening dollar and plunging global stocks. US stocks are under pressure again today after the DJIA lost 358.41 points on Thursday, or just over 3%. Stocks were sent reeling by a series of downgrades, particularly in the automotive and banking sectors, as well as new record high in oil. Full Story
SPOT GOLD PRICES jumped higher again in early London trade on Friday, breaking new one-month highs above $926 per ounce as crude oil reached all-time highs near $142 per barrel. Full Story
Next resistance for gold is at $934 and $953 and it looks increasingly like the recent consolidation may be over with very strong support now seen at $850. Given the confluence of so many bearish factors for bond and equity markets, we remain firm in our belief that gold will reach our 2008 prediction of $1,200 per ounce before the end of 2008. Full Story
Back to square one for metals and energies and for the US dollar. 2008 started with the search for alternate investments away from equities and finally we are catching up with the same. April till end June was a bit of a consolidation period for gold, silver and energies which seems to be seems to be over. Full Story
Gold retained its $5 post-fed gains in Asia and added another $5 or so in London before it spiked even higher in early New York trade and rose to find a nearly $35 gain at $914.50 by late morning. It next fell back near $910 in afternoon trade, but it then rallied back near its high of the session into the close and ended with a gain of 3.73%. Silver climbed roughly 2% to about $16.90 in Asia and London and then spiked to as high as $17.43 in early New York trade before it fell back off for most of the rest of trade, but it still ended with a gain of 3.81%. Full Story
Gold has surged back above the pivotal $900 level as the dollar comes under renewed pressure following Wednesday's Fed rate announcement. The Fed did indeed hold steady on rates, leaving the Fed funds target at 2.0% and signaling the end of the easing cycle. As we expected, the policy statement seemed to place a greater emphasis on inflation, but fell short of suggesting it was the dominant risk. Full Story
THE SPOT PRICE OF GOLD jumped ahead of the Wall Street opening on Thursday after the Federal Reserve left US interest rates some 2.0% below the rate of inflation. Full Story
Gold fell prior to and shortly after the Federal Reserve’s decision to keep interest rates on hold at 2%. However, with rates remaining extremely accommodative and inflation surging, gold soon recovered and rallied into the New York close and continued rallying in electronic trading. Gold has continued to rally in Asian and early European trading. Full Story
Interest rate differentials will result in a weaker US dollar in the short term after the Fed meeting yesterday. “Although downside risks to growth remain, they appear to have diminished somewhat, and the upside risks to inflation and inflation expectations have increased,'' the Federal Open Market Committee said in a statement. Full Story
Gold rose to $890.60 in Asia and fell to $873.50 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended $6.50 off its low with a loss of just 1.01%. Silver fell to $16.52 in Asia and rose to $16.82 in early New York trade, but it then fell back off for most of the rest of trade and ended near its low of $16.477 with a loss of 0.78%. At the time of writing (4PM EST), gold is trading over $5 higher and silver is trading over 20 cents higher in after hours trade in reaction to the fed’s statement. Full Story
Gold has adopted a consolidative tone below the $900 level as traders await this afternoon's (14:15ET) decision on interest rates. It is widely believed that the Fed will leave interest rates unchanged. Focus will be on the policy statement as the market attempts to discern the Fed's intentions down the road. Full Story
THE SPOT PRICE OF GOLD ticked lower in London on Wednesday, dropping $4 per ounce from last night's close as currency, bond and stock market traders awaited today's decision and statement on US interest rates from the Federal Reserve. Full Story
With oil prices remaining near record highs, near $137 a barrel this morning and the dollar slightly weaker (it breached and remains close to 1.56 against the euro again this morning), gold should remain well bid at these levels but in the short term anything can happen and support is at $880 and $860. Full Story
Consumer confidence in US, European and other parts of the world is falling. What does this signify for the US dollar? Unless energy prices fall the US dollar will be volatile against the major currencies. Central banks are being forced to raise interest rates to tackle inflation. Full Story
Gold rose roughly $5 to trade on either side of $890 in London before it dipped to $882.40 by midmorning in New York, but it quickly rose back to a new session high of $894.00 and closed $5 off that high with a gain of 0.48%. Silver rose over 1% to $16.95 by late trade in Asia, but it then fell back off for most of the rest of trade and ended near its low of $16.58 with a loss of 0.72%. Full Story
Gold is probably going to want to retrace to the point where the sell-off began, around 903.05. Nearly 61.8% of the decline has already been retraced, but the market is understandably being cautious. There seems to be some lingering doubts as to what caused yesterday's retreat. Full Story
SPOT GOLD PRICES ticked higher in Asian and early London trade on Tuesday, recovering one-third of Monday's 2.7% drop as crude oil pushed higher and European stock markets sank. Full Story
Gold rallied in Asia and in early European trading to recover some of yesterday’s sharp losses. Oil has risen to near record highs, above $138 a barrel again this morning and the dollar has given up much of yesterday’s gains (1.557 to the Euro) and this is likely leading to gold buying. Full Story
Lay offs continue in the US with United airways and Citi group announcing. UAL has announced that it will lay off 950 pilots. The layoffs are more in crude oil dependent industries and financials. Crude oil prices are directionless. Full Story
Gold and silver saw over 0.5% gains at as high as $907.40 and $17.51 in Asia and traded near unchanged in early London trade, but they then plummeted at the New York open and fell to as low as $875.55 and $16.542 by about 9AM EST. Both metals then bounced slightly higher into the close, but they still ended with losses of 1.88% and 3.42% as the dollar bounced higher on weak data out of Europe that suggests the ECB might not be as aggressive in raising interest rates. Full Story
Gold has retreated from above the $900 level in early trading, weighed by a firmer dollar. The euro fell against the greenback on news that the Eurozone manufacturing and services sector contracted more than the market was expecting in June. German Ifo also dropped more than the market was expecting. The weak data out of Europe lessens the potential for an ECB rate hike next month. Full Story
Gold remained strong in Asia and in early European trading but has since succumbed to profit taking after last week’s gains on a stronger dollar this morning. There appear to have been large long positions with stop losses at $900 and this contributed to the severity of the sell off this morning. Full Story
SPOT GOLD PRICES gave back an early 0.6% rally in London on Monday, trading just shy of last week's close at $902 per ounce as crude oil bounced and European equities held flat. Full Story
The Fed meeting should be a damn squib. Bernanke & Co will be hawkish like most central banks trying to say that both growth and managing inflation are important to them. The Federal Reserve will adopt a wait and watch policy on interest rates. Full Story
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