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Gold prices down after trade truce

ByVictoria

Gold prices have fallen almost 10% from a record high just above $3,500 per ounce in April as a de-escalation in U.S.-China trade tensions punctured momentum, but analysts are sticking with a bullish outlook due to strong underlying support for the metal.

Spot gold was trading around $3,180 an ounce on Friday, leaving prices on track for their worst week in six months.

“Gold prices are more likely to rise than to fall from this stage onwards as other factors like central bank demand and very strong investor demand from China are not going away anytime soon,” said Nitesh Shah, commodities strategist at WisdomTree.

Source – Reuters

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    Gold rises during holiday trade

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    Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the U.S. Federal Reserve’s interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal’s direction in the coming year.

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  • Gold toilet thief and accomplice convicted!

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    “This was an audacious raid which had been carefully planned and executed,” prosecutor Shan Saunders said. “But those responsible were not careful enough, leaving a trail of evidence in the form of forensics, CCTV footage and phone data.”

    The purloined potty was stolen just days after its installation. It has never been recovered but is believed to have been cut up and sold.

    Jones, 39, was convicted of burglary in Oxford Crown Court.

    The theft was planned by James Sheen, 40, who previously pleaded guilty to burglary, conspiracy and transferring criminal property.

    Doe, 36, also known as Frederick Sines, was convicted of conspiracy to transfer criminal property.

    A fourth man charged in the conspiracy, Bora Guccuk, 41, was acquitted by jurors.

    Source – CBS News

    WOW! Looks like justice was served. I will continue to follow up on jail time. Stealing a gold toilet from Winston Churchills house is bold to say the least. I wonder if the art will be made again after this. We’ll see! – V.

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    Australian gold reinvigorated

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    Australia has not escaped the threat of increased tariffs on its exports to the U.S., but it does have one world-class industry which is reveling in commodity market confusion, gold.

    Both Citi and RBC Capital Markets see the gold price continuing to rise while the Resources Department of the Australian Government is forecasting an increase in national output from 286 tons this year to 309 tons next year, cementing Australia’s position as the world’s third biggest gold producer after Russia and China.

    Gold’s rise in U.S. dollars is magnified in Australia by the currency effect with an exchange current rate of US63 cents delivering an Australian gold price of A$4903/oz, a record which easily eclipses all earlier gold booms.

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    Silver price around $39, could go up

    ByVictoria
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    The Silver price (XAG/USD) attracts some sellers to around $39.00 during the early European session on Friday. Optimism surrounding the US trade deal allayed trade war concerns and dampened demand for safe-haven assets.

    The Wall Street Journal (WSJ) reported on Friday that US President Donald Trump is now pursuing dealmaking with China. Trump might shift from a strategy of pressure to negotiation, with the goal of securing an economic agreement that will increase US access to Chinese markets, particularly in business and technology. 

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    UBS raised gold target to $3200

    ByVictoria
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    “With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.

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    UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.