Asian markets are expected to follow the global trend of weakness in stocks, a buoyant dollar, elevated bond yields, and souring investor sentiment, with no major catalysts to change the current market condition.
Gold prices in Asia rose after the recent decline in bond markets, as lower yields boosted demand for the precious metal, while investors await more information on the US Federal Reserve's policy stance at the Jackson Hole symposium this week.
Bitcoin's correlations with various assets can provide insight into its price movements, with crypto-specific stocks like MSTR, COIN, and RIOT showing strong correlation due to their Bitcoin holdings, and silver demonstrating a higher correlation than gold as a commodity mirroring Bitcoin's price moves. However, correlations are not set in stone and can change rapidly, so these relationships may not always predict future price moves accurately.
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.
The gold market is in need of a catalyst to break its current downtrend, with the upcoming economic data playing a crucial role in determining its direction.
The US Dollar performed well against major currencies, with the British Pound, Euro, and Canadian Dollar underperforming, while the Chinese Yuan and Australian Dollar fared better; the Federal Reserve's indication of a higher terminal rate and potential further borrowing cost increases contributed to the market sentiment, leading to lower US equity markets; upcoming economic data includes consumer confidence, inflation gauges from key European countries, and manufacturing PMI gauges from China.
China's economic slowdown is causing alarm worldwide, with countries experiencing a slump in trade, falling commodity prices, and a decrease in Chinese demand for goods and services, while global investors are pulling billions of dollars from China's stock markets and cutting their targets for Chinese equities.
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.
Gold price is aiming to sustain above $1,920.00 as pressure builds on the US Dollar and Treasury yields, with the upcoming labor market data playing a crucial role in guiding the Federal Reserve's policy action.
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.
Gold reaches its highest point in nearly a month due to weak U.S. economic readings, suggesting that the Federal Reserve may halt its interest rate hikes.
Asian stock markets mostly lower as Japanese factory activity and Chinese service industry growth weaken, while Wall Street's benchmark S&P 500 rises on hopes that economic data will convince the Federal Reserve that inflation is under control.
Gold prices could receive a boost from key technical indicators, U.S.-China tensions, and weaker economic data, despite some challenges, according to Arslan Butt, Lead Commodities and Indices Analyst at FX Leaders.
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 US dollar weakened against major counterparts due to disappointing economic data, leading to a rally in gold prices and a less dovish Federal Reserve outlook, while the Australian and New Zealand Dollars performed well due to gains in Wall Street; crude oil prices also rallied despite deteriorating economic conditions in China.
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.
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.
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 prices slipped to a one-week low due to rising bond yields and a stronger U.S. dollar, as investors sought a hedge against global economic growth concerns.
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.
Asia-Pacific markets were mostly lower on Thursday, following a sell-off on Wall Street and as investors assess trade data from China and Australia, with Chinese imports and exports falling less than expected.
The gold market is experiencing selling pressure due to better-than-expected jobless claims data, easing fears of an economic slowdown and potentially leading to a longer maintenance of elevated interest rates by the Federal Reserve.
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 are slightly higher and silver prices are steady in early U.S. trading due to mild short covering and bargain hunting, with traders awaiting the consumer price index report for August.
Gold prices are trading near session lows despite higher-than-expected inflation, prompting markets to price in further rate hikes.
Gold gained as the dollar weakened against the yuan due to positive China economic data, although the possibility of further U.S. interest rate hikes kept investors cautious.
The US Dollar underperformed against major currencies last week, crude oil continued to rally, and gold prices were cautiously higher, while upcoming events like central bank rate decisions and the Bank of England rate hike are expected to impact the market.
Summary: The USD is trading down, Crude is trading up, the 30 Year T-Bond is trading lower, the S&P 500 emini ES contract is higher, and Gold is trading higher, indicating a lack of correlation in the market.
Asia-Pacific markets are expected to continue declining as investors wait for China's loan prime rates and the U.S. Federal Reserve's rate decision, while oil prices rise due to supply concerns and all 11 sectors in the S&P 500 trade down.
The reduced volatility in the US Treasury market has supported risk assets like cryptocurrencies and stocks, with the MOVE index falling to its lowest level since the Fed began raising rates, providing a positive outcome for assets such as bitcoin.
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.
Gold and silver prices rise as silver hits a two-week high, while the United Auto Workers strike in the US and concerns about the weakening Japanese yen impact trader and investor risk appetite.
