Gold news & headlines
Latest breaking stories, features and analysis
- Centamin stock price hits a 10-year high on surging gold prices and a rise in production outputs
- The firm plans to take part in the auction for exploration concessions in Egypt’s Eastern Desert
- Shares of the gold miner have retraced in the meantime as early investors look to collect their profits
Features & analysis
Latest Gold news
Gold prices (XAU/USD) have gained over 5% in the past two weeks after setting a 6-week low near the $1,670 mark on June 05. The buyers have now successfully broken above the ascending triangle’s resistance just below the $1,750 handle to pave the way for more significant gains in the coming days. Fundamental analysis: Banks bullish on gold, COVID-19 infections on the rise Bank analysts have been long bullish on gold prices, arguing that the low r...
Gold price rose by more than 0.80% after a bullish call by Goldman Sachs. Its price is trading at $1,736, which is the highest it has been since June 12. Goldman Sachs bullish on gold Goldman Sachs updated its prediction on gold today. In a note, the Wall Street firm said that gold price will hit $2,000 in the next 12 months. It expects it to hit $1,800 in the next three months and $1,900 in the next six months. The analysts point to currency deb...
Gold prices are trading more than 1% lower on the day as the price action approaches the key short-term support around the $1700 mark. Two weeks ago, the price of yellow metal reached its highest levels since 2012. Fundamental analysis: Profit taking pushes prices lower Gold prices have lost around 2% in the past two days, most likely on some profit-taking activities from the early investors. Prior to this pullback, gold prices hit a 7-year high...
June gold futures closed Tuesday lower by 1.7% at $1705.60 an ounce. A confluence of factors forced gold traders to assume a bearish view on gold. Higher supplies from mines and scrap, vaccine development, and a rising stock market combined to weaken gold bulls’ resolve. Gold is facing bearish developments According to SFA (Oxford) analysts, a surge in recycling volume is likely to swamp the bullion market as lockdown restrictions ease. Gold mine...
Following the month when the largest monetary and fiscal packages in history were unveiled, the U.S. banking giant JPMorgan Chase & Co (NYSE: JPM) believes there’s only one winner going forward, and that’s gold prices. Fundamental analysis: Currency debasement coming In the latest report published by JPMorgan, the bank’s analysts John Normand and Federico Manicardi believe that there is an increased risk of the currency debasement in the comi...
The world’s most precious metal, gold, is an excellent way to hedge the tail risk from COVID-19, according to a research report by Matthew Miller, CFRA. Further, gold’s fundamentals have strengthened following the massive amount of quantitative easing unleashed across the globe to combat the economic damage from the pandemic. An investment in gold mining companies is a great way to ride an appreciating gold price because gold miners are lev...
Data from the U.S. Labor Department showed that April nonfarm payrolls declined by 20.5 million jobs, while the unemployment rate surged to 14.7%, the highest level since the early 1930s. Contrary to expectations, as markets are wont to do, the dismal data sparked a rally in stocks with the S&P 500 index closing 1.69% higher. On the other hand, the Comex June future contract for gold fell by $11.90, or 0.7%, to $1,713.90 an ounce. The only ex...
Barrick Gold Corp (NYSE: GOLD) doesn’t want to be known as a gold mining company, rather a provider of a hedging tool for investors to protect their other assets against a global financial crisis, CEO Mark Bristow said Wednesday during a CNBC interview. ‘Pressure on paper money’ The global COVID-19 pandemic forced central banks across the world to take drastic measures to support their economies. In the U.S., the Federal Reserve has taken its qua...
After gaining nearly 7% in April, gold prices are consolidating near highs. The price action is forming a bullish pennant chart formation that can extend the current uptrend to $1,900 in the coming weeks. Fundamental analysis: Gold mines to start running soon The COVID-19 outbreak has caused a halt in manufacturing activities across the globe and the gold mines are no different. Still, the world’s largest gold mining company – Newmont...
At the time of writing the London gold spot price is trading at $1,705 per ounce while the Comex June future is at $1,719, showing a spread of $14. However, last month this spread had ballooned to as much as $100. According to one analyst, the futures price is being impacted by short-covering by bullion banks who have traditionally held large short positions. A fundamental change in large positioning has probably disrupted a supply squeeze in the...
The COVID-19 outbreak has seen many investors running for the exits. In the space of just a few days, the Dow Jones stock index printed a series of huge one-day losses on March 09, 12, and 16, when the Dow plummeted 12.93% in a single day, topping the original October 1929 Black Monday drop of 12.8%. Just eight days later, the index skyrocketed more than 11%, its biggest one-day gain since 1933. Swings like this, as traders work on huge selling a...
Gold price has been on a tear in April, trading 9% higher in the first two weeks of the month. A respected market analyst now believes that the yellow metal can go as high as $2,000 this year on a specific bullish chart pattern that it had developed over the past few weeks. Fundamental analysis: Buy gold for your portfolio, suggest Baruch Bill Baruch, president of the U.S.-based Blue Line Capital, believes that gold can continue to gain for...
Gold ended on a high note on Thursday, reacting to dismal jobs data and the Fed’s announcement of a $2.3 trillion additional stimulus package. The unemployment data prompted fears of economic distress, while the Fed action raised concerns of additional liquidity – both supportive of gold prices. Comex gold futures for June delivery closed the day at $1736.20, gaining a solid $70.80, or 4.2%. The yellow metal’s session high was $...
Gold ratcheted higher Monday to a more than seven-year high as investors turned to the sanctuary of the yellow metal amidst dire predictions of the virus. Comex gold futures on Monday tested the $1,700 high water mark again for the third time this year, falling back from a session high of $1,709.50 to close at $1693.30 – up by $48.20, or 2.9%. The U.S. Surgeon General Jerome Adams on Sunday said that “this is going to be the hardest a...
The latest data showed US initial jobless claims touched a record 6.64 million, painting a grim picture of the weakness in the country’s labor market. Analysts expected a figure of 3.5 million. The latest jump in jobless claims came on the heels of a 3.8 million rise in the previous week. “These data certainly suggest that the unemployment rate will peak higher than we previously assumed in the near-term, with a rise above 10% now lik...
Gold price is trading slightly higher today after recording a 2.8% drop yesterday following Russia’s central bank announcement that it has halted bullion purchases amid the coronavirus outbreak. Fundamental analysis: Russia pulls the plug Russia’s central bank announced it will stop buying gold from local markets to allow space for gold exporters to sell commodities in international markets. “Further decisions on gold purchases will depend...
Delta Exchange seems to be using a new approach to attracting traders, and this time, it appears to be specifically targeting gold bugs. In the new move, the exchange announced the launch of Tether Gold (XAUt) Perpetual Contracts, accompanied by 20x leverage, against USDT. The new trading product will let traders hedge against the market risk, simply by letting them buy Tether Gold futures with leverage. The futures themselves are quite new on th...