Gold, silver correcting - buy the Labor Day dip?
Silver and gold prices have slightly declined, with silver down 4% and gold down 0.5%, leading to speculation about the potential for traders to switch back to silver from gold.
Posted 9/4/2023, 1:58:00 PM
kitco.com
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The recent uptick in gold prices may face resistance at the $2000 milestone, while a dip below $1900 could lead to a decline towards the $1800 range, as gold's volatility is intertwined with the fluctuations of the US dollar and is influenced by interest rates.
Gold and silver prices rise as the weaker U.S. dollar index and dip in U.S. Treasury yields attract futures traders and bargain hunters, while anxieties build over upcoming speeches from the Fed and ECB on future monetary policy direction and the potential shift in the Fed's inflation goal.
Both gold and silver saw significant gains as treasury yields declined, driven by poor economic reports from Europe, and the rally in precious metals might be influenced by Chairman Powell's speech at the Jackson Hole economic symposium.
Gold prices are slightly up and silver prices have hit a three-week high due to short covering and bargain hunting, with silver seeing significant improvement in its technical posture.
The gold market is experiencing technical selling pressure and a decline in response to better-than-expected US labor market data.
The gold market declined as US factory goods orders showed a larger decrease than expected, indicating possible economic weakness.
Gold and silver prices are slightly up in quieter early U.S. trading, with traders and investors anticipating a more active market next week following the Labor Day weekend holiday.
The improving economic outlook for the US has made gold less appealing to investors, but weakness in US consumers could still lead to a recession and boost the precious metal, while Chinese stimulus may support silver demand, according to Heraeus' precious metals report.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Gold prices remained stable near session lows as the latest data on the U.S. manufacturing sector showed improvement but still indicated contraction for the tenth consecutive month.
Gold prices rose slightly last week while silver remained mostly unchanged, but both metals are expected to potentially move together in an upward direction next week due to a dovish outlook on interest rates and potential repricing of the Federal Reserve's monetary policy.
The U.S. dollar declined due to weaknesses in economic growth, leading to a boost in the performance of gold and U.S. equities, while other global assets experienced mixed price movements throughout the week.
Gold price remains below the resistance level of $1,950.00 as investors await the US Services PMI data, while cooling labor market conditions increase the likelihood of the Federal Reserve keeping interest rates unchanged for the rest of the year.
Gold prices decline slightly as the dollar remains strong, with investors awaiting further signals on the U.S. Federal Reserve's monetary policy after an expected interest rate pause this month.
Gold and silver prices are lower due to technical selling and a lack of fresh fundamental news, while rising crude oil prices have potential economic and marketplace effects.
The U.S. dollar's dominance in the gold market may be losing momentum, potentially leading to new all-time highs for gold as the dollar weakens, according to market strategist Carley Garner. She expects the U.S. dollar index to hold resistance below 105 points and eventually retest support at 99 points, which could be a game changer for gold, potentially pushing prices to $2,600 an ounce. Garner also highlights the resilience of gold and the potential for a selloff if the Federal Reserve shifts to a more neutral monetary policy stance. However, she is not as optimistic about silver, preferring to focus on gold.
Gold prices in Pakistan continued to decline for the fourth consecutive day, in line with international rates, as the domestic price of 24 karat gold fell by Rs5,800 per tola and Rs4,972 per 10 grammes to settle at Rs216,500 and Rs185,614 respectively, while the price of silver 24 karat dropped by Rs50 per tola and Rs42.87 per 10 grammes to settle at Rs2,650 and Rs2,271.94 respectively; meanwhile, the rupee gained Rs2.03 against the US dollar in the interbank trading, closing at Rs304.94.
Gold prices fell around 1% after Labor Day, with retail investors expecting further declines next week, while market analysts remain bearish, citing the strength of the U.S. dollar as a key factor influencing gold's performance.
Gold prices are trading near session lows despite higher-than-expected inflation, prompting markets to price in further rate hikes.
Gold and silver prices are higher as both markets rebound from multi-week lows, while stocks in Asia and Europe rise and U.S. stock indexes are expected to open mixed; China's economic data shows signs of a fragile economic recovery and the U.S. dollar weakens.
The gold market is testing resistance around $1,950 an ounce as U.S. sentiment sours and inflation pressures ease.
Gold prices are trading at session lows due to tighter labor market conditions and significant selling pressure, as weekly jobless claims fell by 20,000 to 201,000, surprising economists who were expecting an increase.