Gold Streaks On for 5th Week as Stimulus, Virus Worries Come to Fore By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold prices fell a notch Friday but that didn’t stop the yellow metal from cruising to a fifth straight weekly gain, boosted by U.S. stimulus measures to deal with the coronavirus pandemic and surging new global infections. 

for August delivery on Comex settled down $1.90, or 0.1%, at $1,801.90 per ounce. The contract hit $1,829.80 on Wednesday, its highest since September 2011, when it scaled to a record $1,911.60.  1,787.60

was down $3.72, or 0.2%, at $1,799.83 by 3:45 PM ET (19:45 GMT). The real-time indicator of bullion prices scaled $1,809.22 earlier on Thursday, a peak since September 2011, when it hit a record high of $1,920.85.

For the week, August gold rose 0.8% while bullion gained 1.4%.

“Gold’s short-term outlook remains very bullish as tensions will likely increase next week between the world’s two largest economies, investors brace for large layoff announcements as banks kick off earnings season, and the COVID-19 spread in US and Latin America still do not show any signs of plateauing,” said Ed Moya, analyst at New York’s OANDA.

Record high daily U.S. coronavirus infections have cast doubts over the pace of economic reopenings from lockdowns, as well as the resumption of school in the fall.

Latin America and the Caribbean have become “a hot spot” for the COVID-19 pandemic, with several countries now having one of the highest per capita infection rates and absolute number of cases in the world, U.N. Secretary-General Antonio Guterres said. A 9.1% contraction in GDP was expected this year in the region, which would be the “largest in a century,” said a video and briefing report by the U.N. chief.

 

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Record Number of U.S. COVID-19 Cases Boost Gold By Investing.com



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By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, with investors turning to the safe-haven after the U.S. saw a record number of daily COVID-19 cases.

The U.S. reported over 60,000 cases on Thursday, with Texas, Florida and California among the states with record numbers of new cases.

were up by 0.15% at $1,806.50 by 12:29 AM ET (5:29 AM GMT), ending the week above the $1,800 mark.

Meanwhile, COVID-19 continues its global rampage, with over 12.2 million cases and 550,000 deaths globally as of July 10, according to Johns Hopkins University.

The numbers further dampened investor hopes of an economic recovery from the virus, which was compounded with some cities forced to reimpose lockdown measures. Hong Kong tightened social distancing measures on Thursdays, following Beijing and Melbourne, to curb a fresh outbreak of the virus in the city

The prospect of further stimulus measures from central banks continues to give the yellow metal a boost.

“These stimulus (measures) are not going away very soon. If we see the global supply chain, it has been massively disrupted and that disruption adds to inflation as well,” Ryan McKay, commodity strategist at TD Securities, told CNBC.

With $2 trillion worth of existing stimulus measures due to expire at the end of July, investors will be looking for the U.S. Federal Reserve’s next move.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Storms to 9-year Highs as Safe-Havens Spike on Virus Fears  By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold stormed past $1,800 for the third time in a week on Wednesday as bulls seized on the precious metal’s upward momentum to drive its prices to new nine-year highs.

Also aiding gold were safe-haven bids as data showed the United States had added a million Covid-19 cases in just a month, while countries spared of the worst of the pandemic earlier, like Sweden, now showed surging death rates.

“Gold is roaring higher as a number of uncertainties to the outlook persist and as the dollar slides,” said Ed Moya at New York-based online trading platform OANDA.

“The Fed has acknowledged that corporate bond buying could slow if market conditions improve further. But the intensifying wave of the virus in the U.S. will likely see that not happen anytime soon,” Moya said, reinforcing expectations that the central bank’s support for the American economy and markets will continue, weighing on the and boosting gold.

for August delivery on Comex settled up $10.70, or 0.6%, at $1,820.60. It earlier hit $1,829.65, its highest since September 2011, when it scaled to a record $1,911.60.

was up $14.12, or 0.8%, at $1,809.28 by 3:58 PM ET (19:58 GMT). The real-time indicator of bullion prices scaled $1,791.78 earlier in the day, a peak since the record high of $1,920.85 achieved by bullion in September 2011.

Gold was also supported by data showing that it took the United States just 28 days later to reach another million cases of the Covid-19 that brought the total case to over 3 million.

The virus itself is experiencing a new wave in the United States, with some 40,000 new infections being reported daily. Top U.S. pandemics expert Anthony Fauci warned recently that the daily case growth could reach 100,000 without proper social-distancing and other safety measures. 

A new model by the University of Washington, meanwhile, predicts 200,000 U.S. coronavirus deaths in the United States by Oct. 1, casting further doubts on economic reopening from lockdowns. 

In Sweden, the pandemic is now being blamed for 5,420 deaths, after the country decided to go light on social distancing in a reverse strategy to fight the virus. As a result, by per million people, Sweden has suffered 40% more deaths than the United States, 12 times more than Norway, seven times more than Finland and six times more than Denmark.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Shoots Past $1,800 Again as New Covid-19 Wave Hits Markets  By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold settled above $1,800 for the second time in a week on Tuesday as a wave of new coronavirus infections in the United States and the world pushed more investors to seek protection with the safe haven, amid a slide in global equity markets.

“Gold seems poised to make a run for the $1,850 level as economic uncertainty is here to stay, as too many virus hotspots are re-emerging globally,” said Ed Moya, senior markets strategist at OANDA in New York.  

“The stimulus trade component for gold also got some positive developments after the White House told Congress the next stimulus package needs to be done by the first week in August,” Moya said, referring to the new round of financial aid for ordinary Americans that Wall Street hopes will boost consumer spending.

for August delivery on Comex settled up $16.40, or 0.9%, at $1,809.90. It marked the second settlement above $1,800 for Comex’s benchmark gold futures contract, after it broke above that level on June 30, for the first time in nearly nine years.

was up $12.80, or 0.7%, at $1,796.99 by 3:58 PM ET (19:58 GMT). The real-time indicator of bullion prices scaled $1,789.48 last week, a peak since the record high of $1,920.85 achieved by bullion since its September 2011.

Stock prices fell across the world on Tuesday, with Wall Street’s Dow closing down 1.5%, as investors reacted grimly to the rising global toll of Covid-19, led by news that Brazilian President Jair Bolsonaro, who had downplayed the virus for months, had tested positive now.

The United States itself has been reporting some 40,000 new cases of coronavirus daily and the country’s top pandemics expert Anthony Fauci said recently this could grow to 100,000 daily without proper social-distancing and other safety measures. 

Data shows that some 3 million Americans have been infected by the virus so far, with a death toll exceeding 133,000.  A new model by the University of Washington also predicts 200,000 coronavirus deaths in the United States by Oct. 1, casting further doubts on economic reopening from lockdowns. 

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold up for 4th Week Despite Resurgent U.S. Jobs By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold finished up on Thursday and not too far from $1,800 highs hit earlier in the week as the safe-haven crowd stayed loyal to the precious metal despite upbeat U.S. jobs numbers for June.  

for August delivery on Comex settled up $10.10, or 0.4%, at $1,790.90. On Tuesday, August gold hit $1,803.95, the highest for a benchmark contract on Comex since the all-time  peak of $1,911.60 set in September 2011.

was up $5.33, or 0.3%, at $1,775.73 by 3:30 PM ET (19:30 GMT). The real-time indicator of bullion prices scaled $1,789.48 on Wednesday, a peak since the record high of $1,920.85 achieved by bullion in September 2011.

Gold rose for a fourth straight week despite a surge in risk appetite earlier in the day on Wall Street, sparked by the U.S. Labor Department’s non-farm payrolls report showing the economy added 4.8 million jobs in June versus a forecast growth of 3 million jobs.

U.S. stocks gave up much of their early gains by the close as rising Covid-19 infections across the U.S. Sunbelt suggested that new economic lockdowns might be in order, stunting the nascent recovery seen over the past two months.

“Gold prices initially declined but that was short-lived as a large part of the labor market is still unemployed and virus uncertainty in the U.S. Southeast to Southwest region will not do any favors for new job placements in July,” said Ed Moya, analyst at New York’s OANDA.

“Gold should see support stem from a weakening U.S. dollar, expectations for more global monetary and fiscal stimulus, and Chinese retaliatory expectations following the U.S. steps to roll back special trading privileges for Hong Kong.  A complete collapse of relations between the world’s largest two economies is not expected, but it should derail some of the exceedingly strong optimism that is for U.S. equities.” 

The United States has been reporting some 40,000 new cases of coronavirus daily in the so-called “second-wave” of the outbreak. Top U.S. pandemics expert Anthony Fauci said earlier in the week that this could grow to 100,000 daily without proper social-distancing and other safety measures. 

Data shows that some 2.8 million Americans have already been infected by Covid-19, with a death toll exceeding 131,000. A new model by the University of Washington also predicts 200,000 coronavirus deaths in the United States by Oct. 1, casting further doubts on economic reopening from lockdowns.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



UK government recognises Guaido as Venezuela’s president in gold dispute, judge rules By Reuters


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© Reuters. FILE PHOTO: Venezuelan opposition leader Juan Guaido speaks during a news conference after Venezuela’s pro-government supreme court replaced the leaders of two key opposition parties, months ahead of legislative elections in Caracas

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LONDON (Reuters) – A London court ruled on Thursday that the British government recognizes Juan Guaido as Venezuela’s president, instead of Nicolas Maduro, in a case to decide which leader controls $2 billion worth of Venezuelan central bank gold stored in the Bank of England.

The British government “has unequivocally recognised Mr. Guaido as President of Venezuela. It necessarily follows that (it) no longer recognises Mr. Maduro as President of Venezuela,” the judge wrote in his ruling following a trial last week.

In a statement, lawyers for Maduro’s central bank said they would appeal the judgement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Down Over Hopes For a COVID-19 Vaccine By Investing.com



© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia, with investor sentiment boosted by positive results from yet another potential COVID-19 vaccine.

U.S. pharmaceutical company Pfizer (NYSE:) announced the results from the early stage human trial for BNT162b1, its mRNA candidate jointly developed with German biotech firm BioNTech (NASDAQ:), on Wednesday. The results showed production of neutralizing antibodies in all the patients who were inoculated after 28 days.

Pfizer also has three other mRNA candidates under development.

were up by 0.66% at $1,671.75 by 12: AM ET (5: AM GMT), as investors retreated from the safe-haven asset as their appetite for riskier assets increased. Stocks, which usually move in the opposite direction to gold, were up on Thursday.

But the yellow metal could yet shine gain back its shine. The ever-increasing numbers of COVID-19 cases prompted the World Health Organization to warn on Wednesday that re-instatement of lockdown measures could be required for some countries. California heeded the call on the same day as the state reimplemented some lockdown measures including bar closures and bans on indoor restaurant dining.

Meanwhile, the number of COVID-19 cases has surpassed the 10.6 million mark, according to data from Johns Hopkins University.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Back Below $1,800, But Virus Limits Downside By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold fell back swiftly on Wednesday after investors booked profits on its rally to $1,800 an ounce, but backers of the safe haven said they did not expect it to fall too much in the near future owing to the resurgence in COVID-19 cases.

“The virus presents the most risk to rising long-term breakevens, which have been a powerful driver supporting gold prices,” TD Securities said in a note.

“Looking forward, however, we expect that this driver has room to run, as the entire maturity spectrum of inflation breakevens are still priced below policy objectives. In this context, declining real rates should imminently support gold prices into the $1,800s.”

for August delivery on Comex settled down $20.60, or 1.1%, at $1,779.90. On Tuesday, August gold hit $1,803.95, the highest for a benchmark contract on Comex since the all-time peak of $1,911.60 set in September 2011.

was down $8.66, or 0.5%, at $1,771.83 by 4:00 PM ET (20:00 GMT). The real-time indicator of bullion prices scaled $1,785.97 in the previous session, a peak since the record high of $1,920.85 achieved by bullion since September 2011.

The United States has reported some 40,000 new daily coronavirus cases in the so-called “second-wave” of the outbreak, and top U.S. pandemics expert Anthony Fauci said on Tuesday this could grow to 100,000 daily without proper social-distancing and other safety measures. 

Data shows that some 2.7 million Americans have already been infected by the Covid-19, with a death toll exceeding 130,000.  A new model by the University of Washington also predicts 200,000 coronavirus deaths in the United States by Oct. 1, casting further doubts on economic reopening from lockdowns.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Shatters $1,800 Ceiling, Record High Eyed By Investing.com




By Barani Krishnan

Investing.com – Gold broke beyond the $1,800 per ounce target long eyed by bulls in the precious metal as concerns about a second wave of coronavirus infections colluded with stimulus measures aimed at helping economic recovery from the pandemic.

Some analysts predicted the yellow metal would set record highs above $2,000 in the coming months as Covid-19 cases ramp up.

“Speculation is a reason for change in gold prices,” tweeted Rachit Mehndirrata, an independent strategist on gold. “Investors speculate as to what government and central banks are going to do and then act.”

on Comex settled up $19.30, or 1.1%, at $1,800.50, after hitting an intraday high at $1,803.95. It was the highest ever reached by a benchmark Comex contract for gold since the all-time  peak of $1,911.60 set in September 2011.  

was $8.58, or 0.5%, higher at $1,781.20 by 3:40 PM ET (19:40 GMT), after a session high of $1,785.97.  That was the highest for bullion since its September 2011 record of $1,920.85.

“I believe that with additional lockdowns happening globally that central banks will continue to support the market at any cost,” said Philip Streible, Chief Market Strategist at Blue Line Futures in Chicago.

“This should result in the Fed’s balance sheet continuing to grow and in turn provide underlying support in the precious metals markets. Gold should continue to track higher with $1900 by Labor Day, $2000 by Thanksgiving.” 

New cases of the Covid-19 have been raging again across the United States and other key economic centers of the world —  a phenomenon that those long the market have done their best to downplay or ignore.

The United States has reported some 40,000 new coronavirus cases in the so-called “second-wave” of the outbreak and top U.S. pandemics expert Anthony Fauci said on Tuesday this could grow to 100,000 without proper social-distancing and other safety measures. 

Other health officials said the true national caseload was probably 10 times the official count. These come as 2.7 million Americans have already been infected by the coronavirus, with a death toll nearing 130,000.  A new model by the University of Washington also predicts 200,000 coronavirus deaths in the United States by Oct. 1. 

Outside of the United States, China to India to New Zealand have all had higher caseloads recently. 

The U.S. Federal Reserve and Congress have passed more than $3 trillion in stimulus to aid economic recovery from the pandemic. 

The International Monetary Fund has, meanwhile, slashed its already gloomy growth projections for 2020, saying it expected the global economy to now contract by 4.9 percent this year. That was much lower than the 3 percent drop it forecast in April.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Up, Remains Within Striking Reach of $1,800  By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – Gold stayed within striking distance of the $1,800 per ounce target on Monday, with the safe-haven crowd keeping the yellow metal in positive territory despite an unexpected ramp up in risk by investors shrugging off some of their fears over the Covid-19.

for August delivery settled up 90 cents, or 0.05%, at $1,781.20 per ounce on New York’s Comex. On Thursday, the benchmark gold futures contract spiked to $1,796.10 , the highest reached on COMEX since November 2011.

, which tracks real-time trades in bullion, rose by 80 cents, or 0.05%, at $1,772.27 by 3:24 PM ET (19:24 GMT). The bullion indicator hit an intraday high of $1,779.45 on Thursday, marking a peak since October 2012. 

“Gold is continuing to edge its way towards its next huge test, which will come around $1,800,” said Craig Erlam, markets strategist at New York-based online trading platform OANDA.

“A break above here could be huge but, as has been the case for so long with gold, we may just have to be a little patient. The strength of the dollar continues to slow the ascent but it is gradually falling out of favor as economies reopen.”

The , a contrarian trade to gold, was up 0.07% at 97.472, measured by an index pitting the greenback against a basket of six currencies.

On Wall Street, the rose 1.8% as investors overcame some lingering jitters over the Covid-19, whose global infection rate surpassed the 10 million mark over the weekend. U.S. stocks also rallied on Monday as Boeing (NYSE:) made a show of the rectification process for its grounded 737 MAX jets that gave some hopes of recovery for the badly impacted aviation industry.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.