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Gold price down following rise in U.S. Consumer Confidence
Gold prices continue to struggle to find new bullish momentum, falling further below $1,800 an ounce as optimism among U.S. consumers rises higher than expected in October.
Tuesday, the U.S. Conference Board said that its Consumer Confidence Index rose to 113.8, down from September's reading of 109.8. The data beat expectations as economists were expecting a reading around 108.4. Read More
U.S. new home sales beat expectations in September, gold price at daily lows
Gold was trading down 1% on the day as the U.S. new home sales beat expectations in September with an advance of 14%. The prior month’s number was revised down.
On an annual basis, new home sales were down 17.6% from last year’s estimate of 971,000 units.
Gold dropped to fresh daily lows following the data, with December Comex gold futures last trading at $1,789.90, down 0.94% on the day.
Looking at home prices, the report said that the median sales price for homes sold last month was $408,800, while the average price was $451,700. Read More
Gold, silver see routine downside corrections in existing price uptrends
Gold and silver prices are lower at midday Tuesday, on some normal backing and filling on the charts following recent gains. Both metals’ bulls remain comfortable at present, as near-term price uptrends are in place and the overall path of least resistance is sideways to higher. December gold futures were last down $14.40 at $1,792.40. December Comex silver was last down $0.487 at $24.11 an ounce. Read More
Kinesis is pleased to announce a new partnership with Atlas Vaults and Atlas Brokers, expanding the global Kinesis Vaulting Network into Latin America.
By joining forces with the leading Panama-based vaulting provider, broker, and trading hub, Kinesis is introducing the Atlas Group’s considerable client base to the Kinesis Monetary system. The partnership is set to bring superior value and returns to Atlas Vaults and Kinesis clients, as well as citizens across South and Central America.
Central to the partnership, Kinesis is introducing the 13th storage facility into its global vaulting network, which now spans 9 countries. Read More
Gold prices to remain below $1,900 through 2022 - Haywood Securities
The gold market remains in a long-term uptrend. Still, it needs to get through its current consolidation period, according to one investment firm.
In a report published Tuesday, analysts at Haywood Securities said they are lowering their price targets for this year through 2022 but expect to see higher prices past 2023.
Looking at the updated forecast, Haywood analysts see gold prices averaging the year around $1,800 an ounce, down slightly from the previous estimate of $1,815. For next year, the firm sees an average gold price of around $1,850 an ounce, down from $1,900. However, by 2023, the analysts said that they see prices averaging around $1,900 an ounce, up from the prior estimate of $1,800 an ounce. Read More
The Fed won't be able to get inflation under control, gold price is going much higher - Wilshire Phoenix
Investors are once again turning to gold, pushing prices back above $1,800 an ounce, and one firm expects gold prices to continue to move higher as it is unlikely the Federal Reserve will be able to get the inflation under control anytime soon.
In a recent interview with Kitco News, Wade Guenther, managing partner at Wilshire Phoenix, which launched the Wilshire wShares Enhanced Gold Trust (NYSE Arca: WGLD) earlier this year, said that it's not surprising that gold has been lackluster through most of the summer as bond yields have been rising. Read More
Risk-on market sentiment and dollar strength take gold below $1800
Yesterday inflationary fears stoked the fires of gold bulls taking the precious yellow metal above $1800 for the first time since the middle of September. Although rising inflationary concerns did not diminish, a robust U.S. stock market coupled with dollar strength took gold lower, back below $1800. As of 5:45 PM EDT gold futures basis, the most active December 2021 contract is currently trading at $1794.10, a net decline of $12.70 on the day. Read More
Gold and silver dip slightly heading into the European open
Gold and silver have pushed lower overnight heading into the Europen open. The yellow metal has dipped back below $1800/oz while silver is trading at $24/oz. In the rest of the commodities complex, both copper (-1.19%) and spot WTI (-0.89%) struggled also in a tough session for commodities. Read More
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.
