GC=F - Gold Aug 19

COMEX - COMEX Delayed price. Currency in USD
1,383.80
+35.00 (+2.59%)
As of 5:13AM EDT. Market open.
Stock chart is not supported by your current browser
Pre. SettlementN/A
Settlement date2019-08-28
Open1,364.50
Bid1,383.80
Last price1,348.80
Day's range1,361.30 - 1,397.70
Volume217,795
Ask1,383.90
  • Can This Gold Rally Continue?
    Bloomberg3 hours ago

    Can This Gold Rally Continue?

    (Bloomberg Opinion) -- For the past six years, there’s been no number more filled with dread for gold bulls than $1,350 an ounce. Barring a few brief spikes, the metal has struggled to break through that level ever since it came off its run-up to $1,900 between 2011 and 2013. This matters, because an asset that has few fundamental factors drivingits performance (short of its negative correlation to the greenback) is unusually susceptible to the psychological hocus pocus that can sometimes make technical analysis work.Thousands of investors believe that $1,350 an ounce is a “resistance level” that gold will struggle to break above. As a result, they’re likely to sell hard as the price approaches that point, and change their view of things if it confounds them by decisively moving higher.It looks like we’re in that territory now. After a momentary incursion above $1,350 on Tuesday, spot gold decisively broke through on Wednesday afternoon and climbed as high as $1,394 early in the Asian day Thursday. That’s its most elevated level since September 2013.The question is whether this is just another temporary spike.There’s some reason to think the best is already behind us. Investors tend to flock to the yellow metal when expectations of economic growth suffer a sharp setback. If you consider flight-to-safety sovereign bond rallies(2) over the past decade, the median peak gain for gold has been 7.2%. This time around, we’re already sitting on an 8% rise. At the same time, there are signs of a more dramatic re-evaluation of economic prospects than we saw in gold’s previous pips above $1,350 in July 2016 and March 2014.Federal Reserve Chairman Jerome Powell opened the door to interest rate cuts as early as next month in a media briefing after the central bank’s policy meeting Wednesday – almost certainly the main reason that gold has been looking so peppy. If the Fed cuts in July, it’s more likely to be by half a percentage point than a quarter-point, Robert Mead, co-head of Asia-Pacific portfolio management at Pimco, told the Bloomberg Buy-Side Forum in Sydney on Thursday.Should the Fed ease significantly – providing a “Powell put” to bail out an economy struggling under the weight of trade tariffs – you can expect to see a marked weakening of the dollar. That, in turn, ought to be good for gold.The deteriorating economic picture in Europe should also provide support. Gold doesn’t produce a return, but that’s not the disadvantage it once was in a world where sovereign debt in Germany, Sweden, the Netherlands, Switzerland, Denmark, Austria and Japan – and, perhaps soon, France – provides negative yields. Funds so far seem unconvinced. Money managers, a group that’s been relentlessly bullish on the prospects for gold futures and options over most of the past decade, have been net-short for 24 weeks out of the past year and were still expecting price falls just last month. While that spiked up to a net-long position of 156,718 contracts in the most recent week, such data is subject to sharp reversals whenever movements in the underlying asset give investors a chance to take profits.Still, in a world where uncertainty seems to spike every time the U.S. president opens his Twitter app, it’s hardly surprising a metal that thrives on chaos is finally getting its moment in the sun. The $1,350 level has been a price ceiling for gold for nearly six years. It could just as easilyturn into a floor in the future.(1) We're defining this as episodes when the yield on benchmark 10-year U.S. Treasuries fell by 40 basis points or more from a month earlier.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Investing.com9 hours ago

    Gold Jumps as Fed Keeps Door Open for Rate Cut

    Investing.com - Gold prices jumped on Thursday in Asia after the U.S. Federal Reserve kept the door open for an interest rate cut later this year.

  • Gold Hits Two-Year High as Fed Seen Moving Closer to Rate Cut
    Bloomberg12 hours ago

    Gold Hits Two-Year High as Fed Seen Moving Closer to Rate Cut

    (Bloomberg) -- Spot gold climbed to close at the highest in more than two years after the Federal Reserve signaled a readiness to cut U.S. interest rates, citing increased economic uncertainties.While policy makers left their key rate unchanged on Wednesday, they dropped a reference in their statement to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year.Gold has posted four straight weekly gains, partly on bets that the Fed will lower interest rates amid signs that escalating trade disputes are affecting the U.S. economy. Low rates are a boon to precious metals, which don’t offer yields.“Even though the Fed didn’t cut rates, the market expectation for a dovish environment and a likely rate cut in July are positive for gold,” Maxwell Gold, the New York-based director of investment strategy at Aberdeen Standard Investments, said by email. “As concerns around slowing global growth and trade put further pressure on monetary policy globally, gold may see further support.”The Fed still expects a strong labor market and inflation to be near its goal but “uncertainties about this outlook have increased,’’ the Federal Open Market Committee said in the statement following a two-day meeting in Washington.Bullion for immediate delivery rose 1% to settle at $1,360.38 an ounce, the highest closing price since August 2016.To contact the reporters on this story: Joe Richter in New York at jrichter1@bloomberg.net;Marvin G. Perez in New York at mperez71@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Joe Richter, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com19 hours ago

    Gold up in Post-Settlement Trade as Fed Leaves Rate Cut Hopes Alive

    Investing.com - Gold rallied in Wednesday’s post-settlement trading after the Federal Reserve kept the door open for an interest-rate cut further down the road.

  • Block.one Paid $30 Million for a Domain
    Coindesk19 hours ago

    Block.one Paid $30 Million for a Domain

    Blockchain solution provider Block.One paid $30 million for Voice.com.

  • Near-Term Outlook for Silver Mining Industry Looks Grim
    Zacks20 hours ago

    Near-Term Outlook for Silver Mining Industry Looks Grim

    Near-Term Outlook for Silver Mining Industry Looks Grim

  • Investing.com22 hours ago

    Oil Prices Turn Higher After Bullish U.S. Inventory Data

    Investing.com - Official government data released Wednesday showed a larger-than-expected fall in U.S. crude inventories, sparking a turnaround in oil prices.

  • Investing.comyesterday

    Gold Prices Unchanged Ahead of Fed Meeting; Sino-U.S. Trade Development in Focus

    Investing.com - Gold prices were unchanged on Wednesday in Asia as traders await the conclusion of the Federal Reserve’s two-day meeting.

  • Investing.comyesterday

    Oil Prices Inch Up as OPEC Edges Closer to Agreeing on Meeting Date

    Investing.com - Oil prices edged up on Wednesday in Asia following reports that OPEC and its allies are close to agreeing on a date for their next meeting.

  • Why Jeffrey Gundlach Likes Gold
    Market Realist2 days ago

    Why Jeffrey Gundlach Likes Gold

    During DoubleLine's investor webcast on June 13, Jeffrey Gundlach said, “I am certainly long gold.” His call on gold is based on his expectation that the US dollar (UUP) will finish lower this year.

  • New Research Targets a Big Worry for Some Blockchains: Double-Spent Transactions
    Coindesk2 days ago

    New Research Targets a Big Worry for Some Blockchains: Double-Spent Transactions

    A recent research paper outlines a possible way to detect and punish double-spending on a blockchain network.

  • Investing.com2 days ago

    Gold’s $1,400 Dream Rests on Fed as Trump Resumes Trade Talks

    By Barani Krishnan

  • Bulgari celebrates ancient coins as old as 337AD with its new Octo Romana Monete watch
    The Telegraph2 days ago

    Bulgari celebrates ancient coins as old as 337AD with its new Octo Romana Monete watch

    Exploring ways to bring material interest to a watch dial is as old as timekeeping itself. And one of the most interesting ways to add face value has been using coins - either as a dial or as the entire case. Rare versions of pocket and wristwatches from Patek Philippe, Vacheron Constantin and Audemars Piguet featuring currencies from the US, Switzerland, France and Mexico have all raised their heads at auction.

  • Investing.com2 days ago

    Oil Prices Pressured by Global Growth Concerns

    Investing.com - Oil prices were lower for a second day on Tuesday, weighed down by worries that global economic growth is being hit by the U.S.-China trade war, although losses were limited by tensions in the Middle East after last week's tanker attacks.

  • Investing.com3 days ago

    Oil Down Almost 2% as OPEC Can’t Agree on Meeting Dates

    By Barani Krishnan

  • The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners
    Zacks3 days ago

    The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners

    The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners

  • Russia’s Central Bank Is Considering Launching a Digital Currency
    Coindesk3 days ago

    Russia’s Central Bank Is Considering Launching a Digital Currency

    The head of Russia's central bank has said the institution is investigating the possible future launch of a digital currency.

  • Investing.com3 days ago

    Gold Prices Flat, Reflecting Caution Ahead of Fed Meeting

    Investing.com - Gold prices were little changed on Monday, losing steam after five consecutive sessions of gains as investors turned cautious despite expectations for hints at looser policy from the Federal Reserve on Wednesday.

  • Highland Gold Mining (LON:HGM) Shareholders Have Enjoyed An Impressive 154% Share Price Gain
    Simply Wall St.3 days ago

    Highland Gold Mining (LON:HGM) Shareholders Have Enjoyed An Impressive 154% Share Price Gain

    The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...

  • Fed Messaging the Key Focus for Week Ahead
    FX Empire3 days ago

    Fed Messaging the Key Focus for Week Ahead

    All eyes will be on the Federal Reserve’s policy announcement on Wednesday, where any hint of waning patience from policymakers could undermine the Greenback’s recent gains.

  • E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weekly Chart Strengthens Over 7551.00, Weakens Under 7439.75
    FX Empire3 days ago

    E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weekly Chart Strengthens Over 7551.00, Weakens Under 7439.75

    Based on last week’s price action and the close at 7504.75, the direction of the September E-mini NASDAQ-100 Index this week is likely to be determined by trader reaction to the Fibonacci level at 7551.00.

  • E-mini S&P 500 Index (ES) Futures Technical Analysis – Weekly Chart Strengthens Over 2877.75, Weakens Under 2850.00
    FX Empire3 days ago

    E-mini S&P 500 Index (ES) Futures Technical Analysis – Weekly Chart Strengthens Over 2877.75, Weakens Under 2850.00

    Based on last week’s price action and the close at 2894.75, the direction of the September E-mini S&P 500 Index this week is likely to be determined by trader reaction to the Fibonacci level at 2877.75.

  • Crude Oil Going Nowhere Despite the Rising Tensions and Supply Cuts?
    FX Empire4 days ago

    Crude Oil Going Nowhere Despite the Rising Tensions and Supply Cuts?

    Crude oil bulls proved weaker and the strength they attempted to project yesterday, evaporated to a considerable degree. Neither today, they appear any stronger.

  • Will the US Economy Fall into Recession? Or Will It Accelerate? Lessons from the 1990s Expansion for the Economy and the Gold Market
    FX Empire4 days ago

    Will the US Economy Fall into Recession? Or Will It Accelerate? Lessons from the 1990s Expansion for the Economy and the Gold Market

    The current economic expansion has just equaled with the longest boom in US history. Is that not suspicious? We invite you to read today’s article, which provides you with the valuable lessons from the 1990s expansion for the gold market and find out whether the US economy will die of old age.