Gold Futures: Further upside appears limited

Open interest in Gold futures markets extended the downtrend for yet another session on Monday, this time by just 114 contracts in light of preliminary readings from CME Group. Volume, in the same line, decreased for the third consecutive session, now by around 48.3K contracts.

Gold met support around $1,860/oz.

The positive performance of Gold prices at the beginning of the week was on the back of shrinking open interest and volume, leaving the likeliness of further upside somewhat limited in the very near-term. That said, initial contention now emerges at the October’s low at $1,860 per ounce. Read more… Gold Price Analysis: XAU/USD looks firmer and closer to $1,900/oz Gold prices reverse the initial bearishness and refocus on the upside, trading at shouting distance from the key barrier at the $1,900 mark per ounce troy. The better tone surrounding the precious metal […]

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Gold futures were trading higher early Tuesday as investors focused on uncertainty around the outcome of the U.S. elections and the Federal Reserve’s two-day policy meeting this week.

“Gold prices are rising ahead of Election Day and all the turmoil that comes with it and before a Fed policy meeting that will likely signal they are about to do more, and that Congress still needs to deliver fiscal support,” wrote Edward Moya, senior market analyst at Oanda, in a note.

Gold has seen choppy trade in recent weeks but has managed to hold above $1,900 amid concerns about the outcome of the U.S. election and the spread ofCOVID-19 in many U.S. states.

Bullion remains supported by worries about expected delays in election results due to the size and scope of mail-in voting in most states, analysts said.Fears of civil unrest or a contested election result, where the apparent loser declines to concede […]

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Gold markets have rallied a bit during the trading session on Tuesday as more optimism of a quick election result has crept into the markets. Whether or not that is true is totally irrelevant, because this comes down to the US dollar either rising or falling. The argument on Wall Street is that the Biden administration would be extraordinarily loose with stimulus, but then again so will Trump. The idea is eventually the US dollar gets crushed. However, there are other things out there moving markets. Gold Price Predictions Video 04.11.20

Once we get past the election, I suspect that we may get a bit of a pullback in gold as the US dollar may get a little bit of a bid. This will be especially true if the elections do not get called rather quickly. Quite frankly, I do not see that happening but that is the scenario […]

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November 3, 20:20

More results are coming in and Biden is still leading in the Electoral College vote 85 to 55. AP is calling the Mississippi, Oklahoma, Alabama, Tennessee and South Carolina for Trump. Biden is expected to win Illinois, Maryland, New Jersey, Massachusetts, Connecticut, Rhode Island and Delaware. So far, no major surprises in the election.

Gold prices are down as the results start to come in, but the precious metal continues to hold support above $1,900 an ounce.

November 3, 20:12 Gold price loses daily gains and turns negative. Spot gold is trading at $1,902.10, down 0.30% on the day. November 3, 20:00 In Senate races, Mitch McConnell, Republican Senate Majority Leader has been reelected in Kentucky. November 3, 19:54 Gold price is giving up some gains as spot gold is currently trading flat, last at $1,906, down 0.06% on the day. November 3, 19:53 According to […]

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YLG gold bars on display. Gold prices are expected to move in a range of $1,800-1,950 an ounce this month, according to YLG Bullion & Futures. Gold traders estimate gold prices will increase no matter which candidate wins the US presidential election, as the US central bank is expected to continue its aggressive monetary stimulus programme regardless of the victor.

MTS Gold Futures managing director Nuttapong Hirunyasiri said US political factors will support a gold price rise in the fourth quarter. Unlimited quantitative easing (QE) will weaken the US dollar in the long run, thus increasing the price of gold.

Market watchers should also keep an eye on the outcome of the US election today. If Donald Trump wins, stocks worldwide will increase because global trade policy will remain unchanged, he said. If Joe Biden wins, Chinese and Asian stocks will rise in hopes of global trade policy easing.

If neither Mr […]

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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 ) – A closer than expected U.S. election has taken some wind out of gold’s sails, but analysts warn investors not to count the precious metal out just yet as safe-haven demand can still drive prices higher.

According to some political pundits, it could take until the end of the week before the U.S. presidential race is officially called as some states still have to count mail-in and advance ballots.

Political analysts say that it could take time to get the results from Pennsylvania, Michigan, Wisconsin, Georgia.

The gold market appears to be settling in for a contested election as prices pushed off Tuesday’s lows and are hovering around the $1,900 an ounce level. December gold futures […]

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Key Currencies vs. the US Dollar Kumtor Q3 cash provided by mine operations Kumtor Q3 All-in sustaining costs on a by-product basis per ounce sold (non-GAAP) Kumtor YTD cash provided by operations Kumtor YTD All-in sustaining costs on a by-product basis per ounce sold (non-GAAP) Water Inventory Mount Milligan Q3 cash provided by mine operations Mount Milligan Q3 All-in sustaining costs on a by-product basis per ounce sold (non-GAAP) Mount Milligan YTD cash provided by mine operations Mount Milligan YTD All-in sustaining costs on a by-product basis per ounce sold (non-GAAP) Moly Oxide Weekly Pricing All figures are in United States dollars and all production figures are on a 100% basis unless otherwise stated. This news release contains forward looking information regarding Centerra Gold’s business and operations. See “Caution Regarding Forward-Looking Information”.

TORONTO, Nov. 04, 2020 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) today […]

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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 ) – Wishbone Gold’s share price has shot over 62% higher this morning in the London trading session. The firm says they have identified four magnetic targets of considerable size on its Patersons Range project. The area covers 2.4 kilometres by 400 metres (m) and is much shallower than the nearby Havieron discovery, with the top of the magnetic targets ranging from 150m to 250m below the surface.

Wishbone has also confirmed it has now completed legal and technical due diligence on the Patersons Range project, in the Havieron and Telfer region of Western Australia, and will now move to close the acquisition on the previously announced terms.

As you can see from the daily chart […]

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In Monday’s analysis , I wrote that the market situation is likely to become more specific right before, during, and perhaps shortly after the U.S. presidential elections . And by “specific”, I mean that the markets could begin moving against their previous trends.

Well, that’s precisely what we’ve witnessed so far. The overnight volatility is significant as the markets try to estimate the election outcome, with the odds keep changing quickly. Let’s start today’s market examination with the USD Index.

Yesterday, I indicated that I wouldn’t be surprised to see a corrective move lower that would trigger a brief move higher in the precious metals and mining stocks. I’ve also indicated that such a move would only be temporary, and most likely, it won’t last more than several days.

That’s what we have witnessed. Indeed, the USD Index has moved lower, almost touching the previously broken red resistance line. Yes, it rallied […]

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While there was a modest sequential recovery of 20 per cent on-quarter in the gold jewellery demand, the demand for gold bars and coins saw a sharp surge in the quarter. India’s gold consumer demand has seen a strong rebound in the July-September quarter, however, investment has a bigger role to play than jewellery in the increased demand. Overall gold consumer demand — including jewellery, bars and coins — witnessed a 35.8 per cent growth to 86.6 tonnes on a quarterly basis, said a report from Motilal Oswal Financial Services . While there was a modest sequential recovery of 20 per cent on-quarter in the gold jewellery demand, the demand for gold bars and coins saw a sharp surge in the quarter. With the continued momentum in gold price rise, consumers perceived gold bars and coins as a lucrative investment option, the report added.

Jewellery demand was more severely affected […]

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Gold bounces around the day after the U.S. general election Gold futures early Wednesday were under pressure as the 2020 race for the White House and Democratic majorities in the Senate looked uncertain, and the prospects of a substantial fiscal aid package, which might bolster the bullish case for bullion, appeared to be diminished.

Commodity investors are also awaiting the Federal Reserve’s latest policy update on Thursday in the wake of the tight election race.

“Gold prices did not get a ‘blue wave’ that was supposed to reignite the longer-term bullish trend,” wrote senior market analyst Edward Moya at Oanda in a note.

U.S. election day results haven’t revealed a clear winner between incumbent Donald Trump and the Democratic challenger and former Vice President Joe Biden, with a number of key states still too close to call and mail-in ballots due to the coronavirus pandemic lengthening the process of tabulating state returns.Key […]

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watch now

Gold and gold miners are set to benefit no matter who wins the U.S. election this week, one investor told CNBC.

That’s because the United States will likely to adopt a sizeable fiscal stimulus program no matter which candidate wins the presidency, James Rasteh, CIO of Coast Capital, told CNBC’s “ Squawk Box Asia ” on Tuesday.

“We would be printing trillions of dollars more and all of that ultimately has extraordinarily positive repercussions for gold,” he said.“The fiscal and monetary policies would be almost identical under either leadership. I think that the differences that are being delineated are really more imaginative than real,” Rasteh added.We are discovering a lot less gold than we are producing. We will be producing 50% less gold than we do today.James RastehCIO of Coast CapitalFiscal stimulus — or policies such as government spending or tax reduction aimed at boosting economic activity — typically leads […]

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(Bloomberg) — Commodity traders steadied themselves for a potentially wild ride as voting wrapped up across the eastern U.S. in a historic year that’s seen more than 9 million Americans infected by the coronavirus, a crash in global demand for goods and sub-zero oil prices.

Oil in New York rose more than 2% at the open, while spot gold edged higher. The U.S. dollar fell as polling stations started to close. Market uncertainty may lead to heightened volatility over the next few hours as traders react to headlines and early clues of a possible Donald Trump or Joe Biden victory. While Trump has been trailing Biden in polls this year, the surprise 2016 election result is a reminder that early indications aren’t always accurate.

Oil has been whipsawed this year as millions went into lockdown and factories shuttered, crimping demand for fuels from gasoline to diesel. Concerns over a pile-up of […]

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Torex Gold’s El-Limon Guajes. (Credit: Torex Gold) The company posted record net earnings of $60.3 million ($51.3 million adjusted) on revenues of $256.5 million. That compares to $17.1 million in net income on revenues of $198.2 in last year’s third quarter.

“Q3 was simply extraordinary — a record-breaking quarter across many facets of the business,” said Torex president and CEO Jody Kuzenko in a release.

“Gold sales of 133,036 ounces were the highest in our history, as was the realized gold price of $1,884 per ounce. The record realized margin of $1,250 per ounce generated during the quarter underpins our best quarterly financial performance ever, including $163 million of EBITDA, $173 million of operating cash flow ($138 million before changes in working capital) and US$124 million of free cash flow.”

The company ended the quarter with a net cash position for first time since beginning commercial production at El Limon Guajes in […]

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GOLD PRICES fell another $20 per ounce in London trade Thursday, sliding within $10 of the cheapest since before August’s new all-time high as new US data beat analyst for forecasts for the summer’s GDP rebound in the world’s largest economy.

Crude oil meantime slid towards 5-month lows at $35 per barrel as the surging second wave of Coronavirus saw France and Germany re-impose national lockdowns while Japan and the Eurozone both failed to add new monetary stimulus.

Economic output in the US grew 33.1% at an annualized rate between June and September, twice the previous best on modern records and putting 2020 on track for a decline of 2.7%.

With the Bureau of Economic Analysis also saying that prices across the US economy rose much faster than Wall Street forecasters expected, currency traders pushed the Dollar up to new 1-week highs, while the London gold price fell to $1860 per ounce, […]

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Gold markets fell during the course of the week, reaching down towards the $1850 level again. This was an area where we had seen a bit of a bounce as of late, so it is not a huge surprise to see that there was a reaction. However, it is not as if it was an explosive reaction to the upside and quite frankly, I think that the $1800 level is much more interesting from a longer-term standpoint. We have the 50 week EMA coming into that area, and the 200 day EMA on the daily chart is starting to reach towards their as well. I think there is enough confluence therefrom the breakout that a lot of people will be interested in buying gold at that price. Gold Price Predictions Video 02.11.20

Although I believe in gold longer term, it would make a bit of sense for the US […]

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Today is Election Day in the United States and voter turnout is expected to be record-setting. The big question: will the results of the Presidential Election affect the price of metals? The simple answer is No.

Markets have already picked their winner based on the price action and expectations. Gold , silver and platinum have been in downtrends for months as the markets were debating the next president. Over the past few days, President Trump has made dramatic strides; markets are now predicting a solid win for the incumbent.

Through all the rhetoric and smears, the markets are clearly saying the winner will be Trump. Through all the voting process, the metals have remained in a downtrend that has not changed. However, the opinions of the election have. Despite the recent rally in metals, the trend remains lower, we remain short and nothing has changed other than some of the news […]

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PALM BEACH, Fla., Nov. 3, 2020 /PRNewswire/ — In uncertain economic times, investors tend to put their money in gold. So it’s perhaps little surprise that gold prices started to rise at the beginning of the year as the coronavirus started spreading in China and Europe and investors feared a global economic downturn. Gold prices have soared so far this year and many analysts predict gold will top $2,000. Gold usually rises alongside investors’ uncertainty in the economy. It’s a "safe haven" for investors who want to hedge their bets against a falling dollar and instability in financial markets, and, as long as investors are still unsure about the health of the market, they’ll continue putting money into gold. Justin Waring, a strategist at UBS Global Wealth Management, says financial markets are unlikely to stabilize until a coronavirus vaccine is widely available. Markets will remain volatile "until we have […]

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A few gold mining companies are lined up to release their quarterly numbers on Nov 4. Per the Zacks industry classification, the mining industry falls under the broader Basic Materials sector. Per the latest Earnings Trends, the sector is anticipated to log a decline of 17.1% in the third quarter. However, the slump is not restricted to this sector alone as 13 of the 16 Zacks sectors are expected to suffer declines this earnings season — mostly casualties of COVID-19 pandemic. On a positive note, the decline in third-quarter earnings will be less pronounced than 48.8% slump witnessed in the second quarter. This can primarily be attributed to demand recovery in China and rising commodity prices in the third quarter.

Gold has outperformed other major asset classes this year mainly riding on the COVID-19 crisis. The pandemic and its devastating impact on the global economy has impacted investor’s risk appetite […]

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Gold prices rose for a 3rd consecutive trading session, to the highest levels since October 21. This comes as the dollar dropped and US yields moved higher. Riskier surged ahead of the US election results, which helped buoy the yellow metal. US factory orders increased for the 5 th straight month.

Trade gold with FXTM Technical analysis

Gold prices moved higher on Tuesday testing resistance near the 50-day moving average at 1,914. Support on the yellow metal is seen near the 10-day moving average at 1,896. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 48, up from 28 which reflects accelerating positive momentum. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses […]

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The future is looking a bit more golden for CORO Global.

The company – and its gold trading app – just expanded its reach in the United States with the addition of a license to operate in Alabama.

The Alabama Securities Commission on Tuesday (Nov. 3) granted the Miami-based CORO a money transmitter license, giving it a green light to do business in the state.

The license approval comes along with a rise in gold prices amid anxiety over the election and a spike in coronavirus cases across the country. The precious metal has long been seen by enthusiasts as a hedge against uncertain times.CORO’s app is all about gold. App users can trade in U.S. dollars for gold, save it up or send it to other users through Coro’s app.With the approval in Alabama, CORO is now available in the Apple App Store and Google Play store to residents in 13 […]

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