GC=F - Gold Aug 20
| Pre. Settlement | N/A |
| Settlement date | 2020-08-27 |
| Open | 1,720.80 |
| Bid | 1,682.80 |
| Last price | 1,727.40 |
| Day's range | 1,671.70 - 1,723.20 |
| Volume | 265,989 |
| Ask | 1,682.90 |
- Bloomberg
Gold Sags as ‘Mind-Blowing’ Unemployment Rate Curbs Haven Demand
(Bloomberg) -- Gold posted the longest run of weekly losses since September as surprisingly better U.S. job numbers provided further signs the global economy is picking up faster than anticipated, curbing haven demand.A key gauge of payrolls rose by 2.5 million, trouncing forecasts for a sharp decline following a 20.7 million tumble the prior month. The jobless rate fell to 13.3% from 14.7%.“The U.S. unemployment rate has shocked everyone because the number was much lower than the market expectation,” Naeem Aslam, chief market analyst at Ava Trade, says in an emailed message. “This is a mind-blowing number and shows that the economy is improving.”After climbing to a seven-year high in April, bullion’s haven appeal has weakened as more economies reopen awash with stimulus following coronavirus lockdowns. Global equities are near the highest since early March amid optimism for a quick economic recovery. And holdings in gold-backed exchange-traded funds fell for the first time since April on Thursday, ending the longest run of inflows in more than a year.Gold futures for August delivery fell 2.6% to settle at $1,683 an ounce at 1:30 p.m. on the Comex in New York. Prices are down 3.9% this week, a third straight weekly drop, the longest losing streak since mid-September. Spot gold was 1.9% lower.A Bloomberg Intelligence index of senior gold miners also took a hit, falling 4.7% so far this week and heading for the worst such drop since March. The index was dragged lower in part by Agnico Eagle Mines Ltd.’s 13% decline in Toronto and Newmont Corp.’s 7.9% loss in New York.Still, U.S.-China tensions, risks around the global recovery and expectations of more stimulus may support prices. The European Central Bank announced a larger-than-expected boost to bond-buying on Thursday and investors are awaiting plans for the next round of U.S. stimulus.Even though gold prices may face a near-term correction, the metal may climb toward a record in the second half of this year as yields remain low and real rates stay negative, according to Metals Focus Director Nikos Kavalis.Some banks have raised forecasts on the metal. J.P. Morgan Asset Management changed its recommendation on gold and other precious metals to overweight, and Credit Suisse raised its price expectations, seeing the metal averaging as high as $1,800 an ounce in 2021, according to a Friday research note. Both banks see U.S. dollar weakness and inflationary pressures supporting prices.Holdings in gold ETFs are still near a record high, according to initial data compiled by Bloomberg. Assets fell by 2.1 tons to 3,129.2 tons as of Thursday, though they are up more than 20% so far this year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Zacks
Gold Loses Luster on Economic Optimism, Anti-Pandemic Aid
Investors' penchant for risk is honed on the hopes of an economic salvage, resulting in a gold price dip for the third consecutive week.
- FX Empire
GBP/JPY Weekly Price Forecast – British Pound Slamming Into Major Resistance
The British pound has rallied significantly during the week and what can only be described as a parabolic break out.
- FX Empire
EUR/USD Weekly Price Forecast – Euro Struggles at 200 Week EMA
The Euro has rallied rather significantly during the week but seems to be running into trouble near the 200 week EMA.
- FX Empire
Oil Rallies On Hopes That OPEC+ Will Meet On Saturday
WTI oil gets closer to $40 per barrel as traders expect that OPEC+ will extend current production cuts by at least one month.
- FX Empire
Exclusive S&P 500 Technical Analysis for June 5 2020
Today and next week the S&P; 500, market sentiment, volatility, Put/Call Ratio have created the perfect storm for blow-off top and reversal.
- FX Empire
USD/JPY Price Forecast – US Dollar Continues to Grind Higher Against Japanese Yen
The US dollar has rallied a bit during the trading session on Friday, perhaps mainly in reaction to the jobs number which came out much better than anticipated
- FX Empire
GBP/JPY Price Forecast – British Pound Shoots Towards Next Resistance
The British pound has taken out to the upside again during the trading session on Friday after a better than anticipated jobs report.
- FX Empire
EUR/USD Price Forecast – Euro Stalling After Parabolic Move
The Euro has dropped a little bit during the trading session on Friday after initially shooting straight up in the area again.
- FX Empire
Silver Price Daily Forecast – Silver Declines Below $17.50
Silver is losing ground as demand for precious metals decreases as traders bet on a robust recovery from the coronavirus crisis.
- Reuters
India gold dealers offer big discounts as virus fears stifle demand
Physical gold dealers in India offered the highest discounts in about two months this week as customers kept away with coronavirus cases in the country continuing to mount, while Singapore saw steady safe haven demand. In thin volume trade, discounts of up to $32 an ounce were offered over official domestic prices in India, the highest since early April. The domestic price includes a 12.5% import and 3% sales tax.
- FX Empire
Daily Gold News: Friday, June 5 – Gold Selling Off After Nonfarm Payrolls’ Positive Surprise
Gold is trading 1.8% lower this morning following better-than-expected U.S. economic data releases.
- FX Empire
EUR/USD Mid-Session Technical Analysis for June 5, 2020
The direction of the EUR/USD on Friday is likely to be determined by trader reaction to 1.1334.
- Reuters
In Iraq's fields of black gold, thousands lose livelihoods
Mohammed Haider, a security worker in Iraq's southern oilfields, thought he was safe after signing a new one-year contract to guard oil facilities. Haider had been hired to drive vehicles for a British security firm around the giant West Qurna 1 oilfield that produces hundreds of thousands of barrels of crude each day - part of OPEC member Iraq's principal source of wealth. Haider is one of thousands of workers in Iraq's oil sector who were laid off this year after a fall in oil prices caused by the COVID-19 pandemic, and who struggle to find any other source of income.
- FX Empire
U.S. Stocks Set To Open Higher As Unemployment Rate Drops To 13.3%
S&P; 500 futures are gaining ground in the premarket trading session after better-than-expected unemployment rate and non farm payrolls reports.
- Zacks
Gold ETFs Attain Record YTD Inflows Amid Global Uncertainties
Gold ETFs report record inflows during the January-May period as investors continue to pile onto the metal seen as a safe haven during turbulent times.
- FX Empire
Will Great Unlock Push Gold Prices Down?
As Great Lockdown was positive for the gold prices, the Great Unlock will be bad, right?
- Investing.com
Gold Slumps to 7-Week Low as Investors Abandon Havens After Jobs Shock
By Geoffrey Smith
- FX Empire
Natural Gas Price Fundamental Daily Forecast – Tropical Storm Cristobal Tracking Toward Production Facilities
A shutdown of production facilities over the weekend could spike prices higher on Monday.
- FX Empire
Price of Gold Fundamental Daily Forecast – Don’t Chase Hoping for Momentum, Wait for Pullback into Value Areas
The best thing for short-term gold traders to do at this time is to wait for a pullback into a value area like $1621.90 to $1582.40.
- FX Empire
Oil Price Fundamental Daily Forecast – OPEC+ to Meet Saturday on Extending Cuts; Demanding High Compliance
Iraq, which had one of the worst compliance rates in May according to Reuters, agreed to the additional pledge, OPEC sources said.
- Coindesk
Fed Paper: Central Bank Digital Currencies Could Replace Commercial Banks – But at a Cost
The research explores how "central banking for all" via digital currency could affect commercial banks.
- FX Empire
EUR/USD Huge Rally Could Come to a Stop
The EUR/USD has rallied towards 1.1390 zone after yesterday’s ECB. The EUR/USD has rallied for a ninth consecutive day.
- Reuters
Gold falls over 2% as strong U.S. jobs data boosts recovery bets
Spot gold slid 2% to $1,675.70 per ounce at 11:08 a.m. ET (1508 GMT). U.S. gold futures fell 2.8% to $1,678.40. "We had significantly stronger-than-expected U.S. payroll numbers - an increase of 2.5 million versus an expectation of a decline of 7.5 million - that 10-million swing has brought forward expectations of the economic recovery in the United States," said Bart Melek, head of commodity strategies at TD Securities.
