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Gold Price News: Gold Rallies To Two-Month High As US industry Slows
Gold prices powered up to their highest level in two months on Friday, after US economic data prompted increased bets on a US Fed interest rate cut within the first half of the year.
Prices made hefty gains for a second consecutive day, rising as high as $2,088 an ounce. That was the highest price since late December 2023.
US ISM manufacturing PMI figures released Friday showed a larger than expected decline in manufacturing activity in February. Separate US consumer sentiment figures were also downwardly revised for February, contributing to the bearish picture for the US economy.
The latest figures raised expectations that the US Fed will have to start lowering borrowing costs to stimulate the economy, a bullish driver for precious metals prices. Read More
Silver Market News: Silver Shines As Traders Bet on Rate Cuts
Silver prices pushed up to their highest since February 19 on Friday, taking a lead from gold prices, which hit a two-month-high.
Silver prices notched up a high of $23.28 an ounce, compared with around $22.68 an ounce in late deals Thursday.
The white metal got a boost from its companion precious metal, gold, which rallied as high as $2,088 an ounce on Friday – the highest price since late December 2023.
Both metals took support Friday from US data which showed a dip in both manufacturing activity and consumer sentiment in February, raising pressure on the central bank to take a more accommodative stance on monetary policy. Any cut in interest rates would be expected to boost the appeal of non-yield-bearing assets like precious metals.
The latest figures put downward pressure on US bond yields, contributing to the supportive environment for gold and silver prices. Read More
Gold advances to three-month high on rising rate cut bets
Gold prices hit a three-month peak on Monday, driven by increased bets for a June interest rate cut by the U.S. Federal Reserve.
Spot gold was up 1.4% at $2,113.28 per ounce as of 02:10 p.m ET (1910 GMT), its highest since Dec. 4, when prices hit an all-time high of $2,135.40.
U.S. gold futures settled about 1.5% higher at $2,126.3.
Gold surged about $50 over the course of last week, driven by tepid U.S. manufacturing and construction spending, and weaker price pressures.
Gold could easily push above the record highs, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. Read More
How can gold miners attract more investors? Be disciplined capital allocators says Gold Fields CEO
Going too big is inadvisable when adding gold reserves, says Gold Fields’ (NYSE:GFI) CEO Mike Fraser.
In February, Fraser spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.
“I think this is where our industry has been littered with failures in the past, in taking too many big, bold steps that haven't been disciplined and well-thought through,” he said.
Gold Fields failed to acquire Yamana Gold and its Canadian Malartic gold mine back in 2022. The South African miner was outbid by Agnico Eagle Mines (TSX:AEM) and Pan American Silver (TSX:PAAS), which offered USD$4.8 billion for Yamana.
Instead, Gold Fields entered into two partnerships. The first, with AngloGold Ashanti (NYSE:AU), created Africa’s biggest gold mine by combining Gold Fields’ Tarkwa mine in Ghana with AngloGold’s adjacent Iduapriem mine. Read More
Gold futures poised to finish at record-high close today
Gold and silver prices are solidly higher in midday U.S. trading Monday, with gold hitting a three-month intra-day high and silver a two-month peak. Nearby Comex gold futures are set to close at a record-high close today. The all-time intra-day high in nearby gold futures was set in December of last year, at $2,130.20. Technical buying is featured today, as the near-term charts have quickly turned bullish for both metals. There are also growing notions the Federal Reserve could begin to lower U.S. interest rates in June. April gold was last up $28.80 at $2,124.50. May silver was last up $0.606 at $23.97.
This week sees China’s National People’s Congress, including the Chinese People’s Political Consultative Conference. Broker SP Angel said in an email dispatch today: “We expect more rhetoric on transitioning the economy towards high-tech industries and pulling of economic levers. We do not expect to see any particular form of quantitative easing, but we do see policies to acquire and finish the construction of many property developments.” China’s economic growth target may be revised to a range of 4.5-5.0%, according to Oxford Economics.
Technically, April gold futures prices hit a three-month-high today. Nearby gold futures also closed at a record-high close today. The bulls now have the solid overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,130.20, basis nearby futures. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,050.00. First resistance is seen at $2,130.20 and then at $2,150.00. First support is seen at $2,100.00 and then at today’s low of $2,127.60. Wyckoff's Market Rating: 8.0.
Image Source: Kitco News
May silver futures prices hit a two-month high today. The silver bulls have the overall near-term technical advantage and have momentum. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $22.47. First resistance is seen at today’s high of $24.05 and then at $24.50. Next support is seen at $23.50 and then at today’s low of $23.23. Wyckoff's Market Rating: 6.5. Read More
Image Source: Kitco News
Gold trades nears all-time high as investors await Powell’s congressional testimony
Gold futures have advanced nearly $70 in the last two trading days. Beginning last Friday, gold opened at $2052.80, traded to a high of $2097.10 and settled at $2095.70 after factoring in a gain of $41. Today the strong advance and powerful upside rally continued. As of 4:32 PM ET gold futures basis, the most active April contract has gained $28.80 and is currently fixed at $2124.40, the highest closing value on record.
The tremendous spike higher, on Friday, occurred after data revealed a contraction in US manufacturing activity for the 16th consecutive month in February. Concurrently, the University of Michigan consumer survey showed weaker-than-expected moral last month.
Members of the Federal Reserve are still mixed as to their outlooks and timing for interest rate cuts to begin. New York Federal Reserve President John Williams said that he expects, “the central bank to cut interest rates later this year, although other policymakers expressed reservations before supporting a dovish pivot.” Read More
Can gold’s short squeeze through $2,100 hold ahead of Powell’s testimony and nonfarm payrolls?
The gold market is roughly $25 from December’s record highs, and although Monday’s rally, which has pushed prices above $2,100 an ounce, is shocking, it’s not entirely unexpected.
Many analysts have noted that gold’s rally came out of nowhere and was ignited following disappointing second-tier economic data in the U.S. At the same time, Analysts also pointed out that both gold and silver were ripe for a potential short squeeze as sentiment has been dismal since the start of the year.
Some analysts have likened gold’s consolidation to a coiling spring, with the market just waiting for a catalyst.
The drive to record closing prices came as the Commodity Futures Trading Commission’s disaggregated Commitments of Traders report for the week ending Feb. 27 showed relatively neutral positioning as bullish bets remained near a four-month low. At the same time, positioning in the silver market remained net bearish.
Analysts note that Friday’s rally has drastically changed sentiment in the marketplace, and the market still has plenty of upside potential. Read More
Gold price above $2,100, the market is just getting started - Jess Felder
The gold market is seeing solid follow-through buying activity following last week’s record closing price. The precious metal has pushed above $2,100 an ounce, and according to one market analyst, it has room to run.
In an interview with Kitco News, Jess Felder, founder of the Felder Report, said he has been looking for gold to break to the upside as the price action has generated some very bullish technical patterns.
“Gold is forming consistent bullish flag patterns. The price spikes higher, consolidates for a period, and then we see another price spike higher. Gold has been looking to break higher for a while now. From a purely technical standpoint, it looks to me like there's a projected target of a couple hundred dollars higher for gold in the short term, but longer term, we're looking at $2,700, $2800, perhaps over the next year or two. Technically, gold just looks very, very good.” Read More
Live From The Vault - Episode: 162
Sound Money Outside of the System Feat. Lynette Zang
In this week’s episode of Live from the Vault, Andrew Maguire is joined for the first time by renowned US-based banker, stockbroker, and economist Lynette Zang to talk about the growing sound money movement and ways to preserve wealth.
Lynette takes listeners through an American perspective on the failing dollar and recent developments in certain states, before offering a message of hope: people are waking up to the manipulation of the mainstream media.
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
