Gold December contract may continue to trade higher with resistance at Rs 53,500 per 10 gram

Gold December contract may continue to trade higher with resistance at Rs 53,500 per 10 gram

Commodity prices regained momentum on US presidential election jitters as most of the non-agro commodities witnessed strong buying during the week passed by. Silver prices rallied the most reporting gains of more than 8 percent for the week followed by Zinc, gold and crude oil. Natural gas prices on the contrary plunged by more than 13 percent during the week. The weaker dollar against major currencies boosted buying in commodities. The greenback fell to 92.23 shedding nearly 2 percent for the week against the major currencies.

Bullion prices rallied on the uncertainty of US presidential elections which has led to public protest in some parts of the US. COMEX spot gold prices gained by nearly 4 percent to $1,951 an ounce crossing a key hurdle at $1940 for the week, reporting the highest weekly run since July 2020. Spot silver prices at COMEX remained highly volatile rallied by more than […]

Gold Price Forecast: XAU Slammed to Support on Covid Vaccine News

Gold Price Forecast: XAU Slammed to Support on Covid Vaccine News

Gold Price Forecast:

When good news goes wrong, at least for Gold bulls. Gold has put in a massive bearish move of -5% on positive news of a Covid vaccine.

Gold prices had broken out from the falling wedge formation late last week, giving the appearance that bullish continuation might be in the cards. That has reversed aggressively.

This covid news is still relatively new and the situation remains fluid: Be prepared for continued volatility in Gold and other macro markets. The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. The resounding driver across global markets today is one driven by hope: If you’re reading this you probably already know that Pfizer has announced some pretty positive results for their Covid vaccine . This entails apparently a […]

Gold Falls, Yields Rise On Pfizer Vaccine

Gold Falls, Yields Rise On Pfizer Vaccine

Gold Getting Whacked As US Yields Rise On Vaccine News

The dollar isn’t faring too badly and is actually a little up on the day despite having widely been adopted as a safe haven asset. This is very much not a risk-averse day but it seems it’s the yen that’s taking the brunt of the hit, while risk currencies are doing very well.

Interestingly, gold is getting whacked in the wake of the vaccine news. US rates are rising on the back of the announcement and that’s bad news for the yellow metal which has fallen as low as USD1,900, having traded above USD1,950 ahead of the release. Investors now clearly betting on a stronger economic recovery and everything that comes with it.

Perhaps we’re now seeing a bit of a reset moment for gold, where its correlation with risk assets starts to fade and it returns to its traditional […]

Silver price falls 7% on vaccine news, but here's key difference between gold and silver

Silver price falls 7% on vaccine news, but here’s key difference between gold and silver

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Silver tumbled more than 7% on Monday as precious metals sold off in response to positive coronavirus vaccine news, which investors interpreted as good for the economy.

"The initial reaction was that stimulus may not be necessary," RJO Futures senior commodities broker Daniel Pavilonis told Kitco News. "With a vaccine, we have a way to change the dynamic of the way everybody is living post-COVID. Maybe everyone can go back to work, or maybe there is less economic risk. Maybe pent-up purchasing picks up."

Monday’s price action has seen an unwind of the pandemic-era trades, said TD Securities commodity strategist Daniel Ghali.

"Vaccine is seen as opening the door to other assets that haven’t performed as well during the pandemic. […]

Gold Price Analysis: XAU/USD nurse biggest losses in three months around $1,850

Gold stays depressed near the lowest in six weeks.

US dollar recovery, Wall Street gains shifted funds off the bullion.

Vaccine hopes from Pfizer/BioNTech magnified early Monday’s market optimism, led by US election results.

Gold prices lick their wounds around $1,956, near the lowest since September 28, during the early Asian session on Tuesday. The yellow metal posted the heaviest declines since August 11, while refreshing the multi-day low, after the news concerning the coronavirus (COVID-19) propelled market sentiment and extended the US dollar strength. Vaccine hopes bolster market optimism… With a 90% effective rate, the covid vaccine from Pfizer-BioNTech offers the biggest success in finding the cure for the deadly virus. Global markets cheer the welcome development while magnifying the initial optimism backed by Joe Biden’s victory in the US elections.The mood enthused DJI30 and S&P 500 Futures to refresh the record highs whereas the […]

P2 Gold Upsizes Financing

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OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) — P2 Gold Inc. (“P2” or the “Company”) ( TSX-V:PGLD ) reports that it intends to increase the size of its previously announced non-brokered private placement of units from 2,500,000 units to 3,307,500 units (the “Private Placement”).

The Private Placement will now consist of 3,307,500 units (the “Units”) at a price of $0.40 per Unit for gross proceeds of $1.323 million. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company at an exercise price of $0.65 per common share for a period […]

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Daily Gold News: Gold Lower Following Covid-19 Vaccine News

Daily Gold News: Gold Lower Following Covid-19 Vaccine News

The gold futures contract gained 0.25% on Friday, as it extended its short-term advance following a rebound from local low of around $1,850. The markets continued to react on U.S. Presidential Election uncertainty but today we can see euphoria rally after Covid-19 vaccine news release. Gold got back to around $1,950 price level last week, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 2.4% lower this morning, as it is retracing its last week’s advance following the mentioned news about coronavirus vaccine. What about the other precious metals? Silver gained 1.87% on Friday and today it is 2.7% lower. Platinum lost 0.06% and today it is 2.1% lower. Palladium gained 4.88% on Friday and today it’s 1.8% lower. So precious metals are retracing their last week’s advance this morning .

Friday’s Nonfarm Payrolls number release has been slightly better than expected […]

Gold price plummets on news of successful Covid vaccine

Gold price plummets on news of successful Covid vaccine

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

( Kitco News ) – Gold and silver futures prices are sharply down in early U.S. trading Monday, on the just announced news from Pfizer that it has developed a very promising Covid-19 vaccine. Stock markets soared on the news, including U.S. indexes hitting record highs, as risk appetite has up-ticked markedly the past hour. Gold prices had hit a nearly seven-week high of $1,966.10 in overnight trading. December gold futures were last down $39.90 at $1,911.70 and December Comex silver was last down $0.792 at $24.855 an ounce.

Pfizer within the past hour announced a Covid-19 vaccine trial of around 44,000 subjects that is 90% effective gave the stock markets a solid boost from earlier overnight gains. […]

Demand For Gold During Pandemic Drives Strong Growth In Gold Mining Industry

Demand For Gold During Pandemic Drives Strong Growth In Gold Mining Industry

PALM BEACH, Fla., Nov. 9, 2020 /PRNewswire/ — During periods of crisis, gold has proven to be a time-honored safe-haven asset. Scarcity and built-in utility have made the yellow metal a sought after commodity throughout recorded human history. Whether in physical or paper form, gold bullion is the world’s go to financial hedge against uncertainty. The global gold market is likely to be affected by the fluctuating supply of mined gold as the global gold production is a mix of scrap recovery, central bank supply, and mined gold. More than half of the global gold supply comes from mined gold. In 2019 the U.S. produced 200 tons (6.4 million troy ounces) of gold (down from 210 tons in 2018), worth about US$8.9 billion, and 6.1% of world production, making the U.S. the fourth-largest gold-producing nation, behind China, Australia and Russia. Most gold produced today in the US comes from […]

Gold Price Crashes by Rs 1,000 Per 10 Gms Minutes After Pfizer Breaks COVID-19 Vaccine News

Gold Price Crashes by Rs 1,000 Per 10 Gms Minutes After Pfizer Breaks COVID-19 Vaccine News

Gold, Silver Price Today: Days ahead of Dhanteras, gold prices came tumbling down minutes after drugmaker Pfizer announced that its COVID-19 vaccine candidate was more than 90 per cent effective. Gold rates fell over Rs 1000 per 10 grams, while silver prices dropped more than Rs 2,000 a kg. Also Read – Pfizer Vaccine Found 90% Effective Against COVID-19, Shows Early Data

Gold futures on MCX were down by at least 2 per cent to Rs 51,165.00 per 10 gram while silver futures plummeted by 3.5 per cent to Rs 63,130 per kg. Also Read – Pfizer Says COVID-19 Vaccine 90 Per Cent Effective In Phase 3 Trial, Reports AFP

In the opening session today, gold prices increased, helped by overall weakness in the US Dollar as expectations increase for economic support after Joe Biden’s victory in the US presidential elections. Also Read – Covaxin – Bharat Biotech’s Coronavirus […]

Gold prices fall by the most in 3 months amid report of effective coronavirus vaccine candidate

Gold prices fall by the most in 3 months amid report of effective coronavirus vaccine candidate

Gold gets hammered as coronavirus vaccine talk brightens Gold futures on Monday were on pace for their steepest daily drop in three months, as a positive report on a vaccine candidate sent the dollar and government bond yields higher, pressuring bullion.

Pfizer and BioNTech on Monday said their COVID-19 vaccine candidate was 90% effective at preventing COVID-19, derived from the novel strain of coronavirus.

“Interestingly, gold is getting whacked in the wake of the vaccine news. U.S. rates are rising on the back of the announcement and that’s bad news for the yellow metal which has fallen as low as $1,900, having traded above $1,950 ahead of the release,” wrote Craig Erlam, senior market analyst at Oanda in a Monday note.

“Investors now clearly betting on a stronger economic recovery and everything that comes with it,” the Oanda analysts wrote.December gold GCZ20, -3.66% GOLD, -1.53% was trading off 63.40, or 3.3%, […]

ASA Gold and Precious Metals Limited Announces Distribution Declaration and Adviser Voluntary Fee Waiver

PORTLAND, Maine–( BUSINESS WIRE )–ASA Gold and Precious Metals Limited (the “Company”) (NYSE: ASA) declared a distribution of $0.01 per common share of the Company. The distribution is payable on November 25, 2020 to shareholders of record as of the close of business on November 16, 2020. Due to a continued low level of dividends received by the portfolio, this distribution will be paid from accumulated undistributed net investment income. Should current market conditions persist, future distributions, if any, from this source may be unsustainable. The Company has paid uninterrupted distributions since 1959.

In addition, Merk Investments LLC (“Merk”), the investment adviser for the Company, announced that it has voluntarily agreed to waive a portion of its advisory fee, equal to an annual rate of 0.05% of the Company’s managed net assets exceeding $300 million, and an additional 0.10% of the Company’s managed net assets exceeding $500 million, effective at […]

Gold sees no serious chart damage yet; and a postulation

Gold sees no serious chart damage yet; and a postulation

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

( Kitco News ) – See on the daily bar chart for December Comex gold futures that Monday’s big losses have pushed the yellow metal back into the bottom portion of the recent sideways trading range – after prices hit a seven-week high overnight. Importantly, no significant chart damage has been inflicted on the daily or the longer-term charts. However, bulls need to defend strong technical support at the September low of $1,851.00. A drop below that price level would inflicted serious near-term chart damage to suggest a new leg down in prices.

Here’s a postulation for the gold market bulls to ponder: This vaccine news is short-term negative for gold, no doubt. However, could it be that […]

Gold price down $100 on vaccine news, but analysts don’t see change in inflation, uncertainty narrative

Gold price down $100 on vaccine news, but analysts don’t see change in inflation, uncertainty narrative

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here! ( Kitco News ) – In what has been a wild morning, gold prices are down nearly $100 Monday but so far, holding critical support levels after Pfizer and BioNTech announced a potential vaccine for the COVID-19 virus.

However, some analysts are warning that the selling pressure appears to be overdone as there is plenty of uncertainty and liquidity in the marketplace to support the precious metal. December gold futures last traded at $1,855.60 an ounce, down 5% on the day.

Robin Bhar, an independent commodity analyst, said that while the latest headlines are negative for gold, there is still a lot of investors who don ’t know about the potential vaccine. He added that investors should wait for […]

Stone Gold Inc. Announces Fall Glenrock Property Exploration Results

Stone Gold Inc. Announces Fall Glenrock Property Exploration Results

Map 1: Glenrock Property Compilation Map 2: Stone Gold: Glenrock and Coppercorp Properties TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) — Stone Gold Inc. ( TSX-V / STG ) (" Stone Gold " or the " Company ") is pleased to announce that the results from its fall 2020 surface rock and soil geochemical sampling program are available for the Glenrock Gold Property (“Property”) located 100 km north of Sault Ste. Marie, Ontario. The exploration program was undertaken in follow-up to the results of the surface sampling program reported in the Sept 10, 2020 News Release.

http://stonegold.ca/cr-capital-corp-announces-summer-glenrock-property-exploration-results

During the program, 28 surface rock geochem samples were obtained from outcrop and 30 soil geochem samples were collected over a GPS located grid covering the Glenrock West and Glenrock Northwest occurrences with the larger Glenrock Property area.

2020 Fall Program Results The results of the fall 2020 program further advance and […]

Price of Gold Fundamental Daily Forecast – Sharp Rise in Risky Assets Shakes Up Gold Market

Price of Gold Fundamental Daily Forecast – Sharp Rise in Risky Assets Shakes Up Gold Market

Gold futures plunged more than 4% on Monday as news of the first successful late-stage COVID-19 vaccine trials encouraged investors to buy higher-yielding assets like the U.S. Dollar. This drove down demand for dollar-denominated gold. Earlier in the session, gold edged higher amid a weaker dollar and hopes for more stimulus following Joe Biden’s victory in the U.S. elections.

At 17:44 GMT, December Comex gold is trading $1861.00, down $90.70 or -4.77%. Demand for Higher-Risk Assets Surges

Equities jumped after Pfizer Inc said its experimental COVID-19 vaccine was more than 90% effective. Pfizer and German partner BioNTech SE said they expect to seek U.S. emergency use authorization later this month.

Along with the surge in stock prices, U.S. Treasury yields leaped on Monday following news from Pfizer. This made the U.S. Dollar a more attractive investment to the detriment of gold.The yield on the 10-year Treasury note jumped 13 basis points […]

Gold spot dives 5.5% on vaccine news

Highlights

Gold correction on the back of a coronavirus vaccination expected

Stimulus package timing and size remains unclear

Gold supported by lower dollar, lower US real yields, high fiscal deficitsLondon — Gold sank 5.5% in the spot market on Nov. 9 as investors rushed to liquidate their long position on positive coronavirus vaccine news.Not registered?Receive daily email alerts, subscriber notes & personalize your experience. Register Now The price came under intense selling pressure after US pharmaceutical company Pfizer and German biotechnological company BioNTech announced an experimental coronavirus vaccine developed by both companies was found to be more than 90% effective."Immunity is expected to last for at least a year and doses could be selectively available in late December and more broadly available by the end of Q2 2021," ED&F Man Capital Markets analyst Edward Meir said in a research note Nov. 9.The news obliterated gold’s Nov. 9 morning gains, when the yellow […]

Stocks Versus Gold: Which Is A Better Investment? The Answer May Surprise You

Stocks Versus Gold: Which Is A Better Investment? The Answer May Surprise You

getty I’ve been getting a bunch of spam in my inbox recently telling me in panicked tones that the world as we know it is on the verge of ending and the only solution is to invest in gold. Touting its great returns, risk hedge capabilities and inflation protection for my portfolio, these missives implore me that if I want to preserve any semblance of wealth after the upcoming apocalypse, I must sell [ enter the asset class of your choice here ] and put that money to work in gold. Today. Now. Immediately.

Whenever the markets and world affairs are in turmoil—war, plague, political strife, social unrest—the gold-bugs emerge from their cocoons as predictably as cicadas do in the spring and making about as much noise. Maybe more.

It’s tempting. After all, who doesn’t seek some emotional stability and comfort during a crisis? For centuries, people have turned to gold […]

2020-W 24-Karat Gold Coin and 2020-P Silver Medal for End of WWII

2020-W 24-Karat Gold Coin and 2020-P Silver Medal for End of WWII

Debuting today from the United States Mint are two new collectibles commemorating the 75th anniversary of the end of the second world war. Available beginning at Noon ET are the End of World War II 75th Anniversary 24-Karat Gold Coin and Silver Medal. U.S. Mint images of a 2020-W Proof $25 End of World War II 75th Anniversary 24-Karat Gold Coin. The West Point Mint-struck piece is in 1/2-ounce of .9999 fine gold. These two pieces, which are struck in a collector proof finish, follow the End of World War II American Eagle Coins which launched Nov. 5 . Both were hot ticket items selling out quickly, causing significant issues for most while ordering.

The latest anniversary products share designs and they have limited mintages — 7,500 for the 1/2-ounce $25 gold coins and 20,000 for the 1-ounce silver medal. As indicated in its name, the proof gold coin is […]

EUR/USD And GBP/USD Rallies, Gold Price Breaks Key Hurdle

EUR/USD And GBP/USD Rallies, Gold Price Breaks Key Hurdle

Key Highlights EUR/USD started a strong rally above the 1.1750 and 1.1800 resistance levels.

GBP/USD surged above 1.3050, gold price climbed higher sharply towards $1,960.

The US nonfarm payrolls increased 638K in Oct 2020, more than the market forecast of 600K.

The Euro Area Sentix Investor Confidence could improve from -14 to -8.3 in Nov 2020. EUR/USD Technical Analysis The Euro formed a support base near 1.1600 before starting a fresh increase against the US Dollar. EUR/USD surged above 1.1800 and traded to a new two-month high. Looking at the 4-hours chart, the pair gained pace after it broke the 1.1750 resistance and a connecting bearish trend line. There was a proper close above the 1.1800 zone, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).The pair even climbed above the 76.4% Fib retracement level of the downward move from the 1.1880 high […]

Biden win boosts oil and gold prices

Beware oil rallies bearing gifts

Oil prices have hitched a ride aboard the Biden bandwagon this morning, after enduring a torrid session on Friday. Both Brent crude and WTI have erased the losses of Friday. Brent crude and WTI have leapt 2.15% to USD40.50 and USD38.20 a barrel respectively. Despite the rallies this morning, in the bigger picture, prices have only moved to the middle of their respective two-month ranges.

Although OPEC+ will be relieved, caution should be exercised about oil rallies bearing gifts. Libyan production has returned to 1 million barrels per day (they are exempted from the OPEC+ cuts), and a Biden presidency may be more conciliatory towards Iran. An increase in Iranian oil to international markets would undoubtedly be a negative price development.

Even without that theory, the US and Europe are facing renewed slowdowns inactivity, and therefore consumption, due to the Covid-19 pandemic. National lockdowns in Europe, […]

Equinox Gold Commences Full Construction of Santa Luz Project

Equinox Gold Commences Full Construction of Santa Luz Project

NPV 5% of $305 million and IRR of 58% at $1,500/oz Gold
Initial 9.5-year Mine Life with 110,500 oz of Average Annual Production from 2022–2026

all dollar figures in US dollars, unless otherwise indicated

VANCOUVER, BC, Nov. 9, 2020 /PRNewswire/ – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce Board of Directors approval to commence full construction of the Company’s 100% owned Santa Luz Gold Mine ("Santa Luz" or the "Project") located in Bahia State, Brazil, with an approved construction budget of $103 million. Using the base case $1,500/oz gold price, Santa Luz is expected to produce 903,000 ounces ("oz") of gold and generate $436 million in after-tax net cash flow over an initial 9.5-year mine life from 1.1 million oz of open-pit gold Mineral Reserves (a breakdown of Mineral Reserves and Mineral Resources is provided in tables below), […]

Equinox Gold Reports Third Consecutive Quarter of Record Results with 128,400 Ounces of Gold Sold and Earnings from Mine Operations of $98 Million

Equinox Gold Reports Third Consecutive Quarter of Record Results with 128,400 Ounces of Gold Sold and Earnings from Mine Operations of $98 Million

all dollar figures in US dollars, unless otherwise indicated

VANCOUVER, BC, Nov. 9, 2020 /PRNewswire/ – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to report its third quarter 2020 summary financial and operating results. The Company’s unaudited condensed consolidated interim financial statements and related management’s discussion and analysis for the three and nine months ended September 30, 2020 are available for download on SEDAR, on EDGAR and on the Company’s website.

The Company will host a conference call and webcast today commencing at 8:00 am PT (11:00 am ET) to discuss third quarter results and upcoming milestones. Further details are provided at the end of this news release.

"Equinox Gold again delivered record results with more than 128,000 ounces of gold sold, $98 million in earnings from mine operations and adjusted net income of $39 million," said Christian Milau, Chief Executive Officer. "Proactive […]

Gold Price Analysis: XAU/USD tumbles after Pfizer says covid vaccine 90% effective, levels to watch

Gold Price Analysis: XAU/USD tumbles after Pfizer says covid vaccine 90% effective, levels to watch

A COVID-19 vaccine seems closer after Pfizer announced that its immunization candidate is 90% effective after its 43,500-strong Phase 3 trial. Hopes of a quick solution for the coronavirus pandemic is sending markets higher.

The implication for gold is that the chances of additional vast fiscal and monetary stimulus are diminishing. The US Congress was debating a relief package and the precious metal was moving in response to every twist and turn in the talks.

The levels to watch are $1,880, $1,860, $,850 on the downside, and $1,930, $1965, and $1,972 on the upside. The Relative Strength Index has been flirting with overbought conditions ahead of Pfizer’s announcement and is now falling toward 30, oversold conditions.

XAU/USD four-hour chart: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as […]