Gold Rises to 3-Week High as Iraq Crisis Spurs Buying

Gold advanced to a three-week high as unrest in the Middle East spurred demand for a haven.

U.S. President Barack Obama authorized air strikes in Iraq and Russia banned agriculture imports from the U.S. and European Union in retaliation over sanctions stemming from the conflict in Ukraine. Israel said a cease-fire with Hamas forces in Gaza was violated hours before it was due to expire.

Gold Climbs Most in Three Weeks as Ukraine Sprus Demand

Gold Daily Signal. Gold futures jumped the most in almost three weeks in New York as signs of escalating tension between Ukraine and Russia fueled demand for precious metals as a haven.

NATO said there’s a risk of Russia sending troops into Ukraine under the “pretext” of a humanitarian or peacekeeping mission after President Vladimir Putin massed soldiers on his country’s western border. The MSCI All-Country World Index of equities fell as much as 0.6 percent.

Gold May Be Entering a Golden Age

"Inflation is when you pay $15 for the $10 haircut you used to get for $5 when you had hair." - Sam Ewing

The Golden Age in Greek mythology was a beautiful period to live in. As legend had it, this was a period of time where people never had want, work was leisurely, and peace reigned. Men lived like gods, and there was no struggle or strife. Makes me wonder if quantitative easing was around back then, given that the Fed seems to think we are in or about to re-enter a time when asset values will never fall, the economy is improving, and money is plentiful for all.

Gold Rebounds as Prices Below $1,300 Seen Spurring Demand

Gold Daily News. Gold climbed in New York on speculation prices below $1,300 an ounce will spur demand before the Indian wedding season and China’s Golden Week.

Gold is trading at a premium in Shanghai over London, signaling more demand for gold out of London, said Adrian Ash, head of research at Bullion Vault, an online service for investors to trade and store gold and

Gold extends bounce off 6-week low after NFP

NEW YORK (MarketWatch) — Gold futures extended a modest bounce off a six-week low, rebounding as the U.S. dollar lost ground after data showed the U.S. economy added fewer jobs than expected in July.

August gold futures GCQ4 +0.94%  rose $5.30, or 0.4%, to $1,286.60 an ounce, while September silver SIU4 -0.18%  rose 1.8 cents, or 0.1%, to $20.43.

The U.S. economy added 209,000 jobs in July, marking the sixth straight month of 200,000-plus gains for the first time since 1997, but coming in below the consensus forecast for again of 235,000. The unemployment rate edged up to 6.2% from 6.1%.

Gold futures drop after strong jobs report

Gold futures dropped in choppy trade on Friday after a stronger-than-expected U.S. jobs report for November raised expectations that the Federal Reserve may scale back its bond-buying program as soon as later this month.

The Labor Department said Friday the U.S. economy added 203,000 jobs in November and the unemployment rate fell to 7.0% from 7.3%. Economists surveyed by MarketWatch had expected a gain of 180,000 nonfarm jobs and an unemployment rate of 7.2%.

Gold Rises as Slow U.S. Inflation Boosts Stimulus Bets

Gold advanced for the first time in three days as the smallest gain in U.S inflation in five months bolstered expectations that Federal Reserve policy makers meeting today will delay curbing stimulus measures.

Consumer prices increased 1.2 percent in the 12 months through September, the lowest since April, a government report showed today. U.S. central bankers are set to maintain $85 billion in monthly bond purchases until March, a Bloomberg News survey of economists on Oct. 17-18 showed. Bullion rose 70 percent from December 2008 to June 2011 as the Fed pumped more than $2 trillion into the financial system.

Gold futures score first gain in five sessions

Gold declined for the fifth time in six sessions as a government report showed the cost of living in the U.S. rose less than forecast, crimping the appeal of the precious metal as a hedge against inflation.

The consumer-price index rose 0.1 percent in August from July, the Labor Department said today. The median forecast in a Bloomberg survey called for a 0.2 percent gain. Federal Reserve officials meet today and tomorrow, when policy makers are forecast to cut monthly bond buying by $10 billion to $75 billion, according to a Bloomberg survey. Gold fell 21 percent this year through yesterday as bets that the Fed will slow stimulus curbed demand.

Technical Level, Gold Climbs to Highest This Month on Dollar

Gold climbed to the highest level this month in New York after the dollar’s decline and bullion’s advance above $1,320 an ounce spurred more purchases.

The metal advanced 4.2 percent since reaching a three-week low of $1,271.80 an ounce on Aug. 7. The Bloomberg U.S. Dollar Index, a measure against 10 major currencies, rose for the first time in more than a week after reaching a seven-week low Aug. 8.

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Gold for December delivery rose as much as 1.6 percent to $1,333 an ounce, the highest since July 31, and was at $1,325.60 by 7:42 a.m. on the Comex in New York. Photographer: Alessia Pierdomenico/Bloomberg

5:05

Aug. 12 (Bloomberg) -- Dominic Schnider, head of commodities research at UBS AG’s wealth-management unit in Singapore, talks about the outlook for precious metals and crude oil. Schnider also discusses aluminum prices. He speaks with Rishaad Salamat on Bloomberg Television's "On the Move." (Source: Bloomberg)

Gold fell into a bear market in April and is down 21 percent this year as some investors lost faith in the metal as a store of value and inflation failed to accelerate amid unprecedented money printing by central banks. Charles Evans, Sandra Pianalto and Richard Fisher, regional Federal Reserve presidents in Chicago, Cleveland and Dallas, said last week the Fed may be closer to tapering debt buying as the jobs market recovers.

Gold Jumps Most in a Year

Gold Jumps Most in a Year as Bernanke Backs Sustained Stimulus. Gold futures rose the most in a year after Federal Reserve Chairman Ben S. Bernanke said yesterday that the U.S. economy needs “highly accommodative monetary policy for the foreseeable future.” Silver also gained.

Bullion slumped 23 percent last quarter as Bernanke said that the central bank may reduce its $85 billion of monthly asset purchases this year. Minutes of a Fed policy meeting released yesterday showed many officials wanted to see more signs of improving employment before backing a cut in bond buying. The number of Americans filing for unemployment benefits unexpectedly increased to a two-month high in the week ended July 6, Labor Department figures showed today.

‘Paradigm shift’ to send gold sliding to $1,200 an ounce

Gold has tumbled further and faster than even the bears at Societe Generale thought in April, leading the bank on Monday to cut its year-end forecast for the yellow metal.

In a fresh note, analysts led by commodities-research chief Michael Haigh penciled in a a drop to $1,200 an ounce by Dec. 31, down from their April 2 call of $1,375 — a call that was made when gold GCQ3 -0.82%– now changing hands near $1,382 — was trading closer to $1,600. They write:

Technical Analysis; Gold Bear Market Seen Extending to $1,303

Gold’s recovery to a three-week high last week is over and prices that entered a bear market in April may fall another 5.5 percent to about $1,303 an ounce, according to technical analysis by UBS AG.

The $1,303 level would be the 50 percent retracement of bullion’s rally from October 2008 to its record in 2011, one of the levels singled out in so-called Fibonacci analysis. A “cross lower” in Stochastic momentum indicators would be a bearish signal, UBS said in a report June 7, when prices dropped the most in three weeks.

Roubini: Why gold, ‘that barbarous relic, will trade below $1,000

The week could be a big one for gold GCQ3 +0.08%. If Friday’s key payrolls data disappoints in some fashion, then many may relax on the idea the Federal Reserve will pull back on its bond-buying program. And that could be supportive of gold’s view as an inflation hedge against a weak dollar.

Bloomberg

But that’s not the whole story for gold, which is also up against some bearish investor flows. Barclays analysts point out the latest CFTC data shows a big fall in long positions on gold, while short positioning is on the rise. And while physical demand has been strong, from China and India for example, exchange-traded outflows are still a problem, the strategists note.

Gold above $1,400 for best close in over two weeks

SAN FRANCISCO— Gold futures on Thursday scored their highest settlement in more than two weeks as a weaker dollar, disappointing U.S. economic data and strong physical demand in Asia combined to lift prices above $1,400 an ounce.

A rise in gold holdings in the SPDR Gold Trust (NAR:GLD) , the largest U.S. gold-backed exchange-traded fund, was also a key supportive factor for the metal, analysts said.

Gold for August delivery (CNS:GCQ3) rose $20.20, or 1.5%, to settle at $1,412 an ounce on the Comex division of the New York Mercantile Exchange. That was the highest close for a most-active contract since May 14, according to FactSet data. On Wednesday, prices settled higher by $12.10, or 0.9%.

Gold Gains on Demand for Protection as

Gold climbed, snapping two days of losses, after data showed China’s manufacturing contracted in May for the first time in seven months, boosting demand for the metal as a protection of wealth as equities fell.

The preliminary reading for a Chinese purchasing managers’ index missed analysts’ estimates and came in below the level of 50, indicating a contraction. Commodities and stocks tumbled, with Japanese equities falling the most since the aftermath of the Fukushima disaster two years ago. Bullion also gained as the U.S. dollar declined.

Gold bounces higher after 7-session losing streak

SAN FRANCISCO — Gold futures bounced higher Monday, finding support after a seven-session losing streak, while silver rebounded from a level not seen since 2010.

Gold for June delivery (CNS:GCM3)  was last up $17.40, or 1.3%, to $1,382.10 an ounce on the Comex division of the New York Mercantile Exchange after tapping a low under $1,340.

The “very sharp reversal in gold and silver” appears to be due to short covering after gold’s inability to fall below an April low of $1,321.50,” said Chintan Karnani, an independent bullion analyst based in New Delhi.

Credit Suisse sees $1,100 in a year, Gold bears going grizzly

Brace perhaps for another wave of slash-and-burn gold forecasts, with Credit Suisse leading the charge this time and gold GCM3 -2.06% looking at a weekly loss of over 5%.

Ric Deverell, head of commodities research at Credit Suisse Group, told reporters in London on Thursday that gold will trade at $1,100 an ounce in a year and $1,000 in five years. And then for emphasis he added this:

Gold Below $1,400, Set for Lowest Close in a Month

SAN FRANCISCO — Gold futures dropped below $1,400 an ounce Wednesday, set for their lowest close in about a month as the U.S. dollar strengthened, equities climbed and outflows from gold exchange-traded funds continued.

“Whatever the long run benefits of holding gold in a portfolio, the fact that both the U.S. dollar and equities are showing such strength right now tells us that now is not gold’s moment in the sun,” said Ben Traynor, chief economist at BullionVault.

Physical Demand for Gold is On the Rise

By now, anyone who tracks the precious-metals market knows that physical demand for gold has jumped in the wake of the plunge in gold prices last month, but physical demand for silver has shown an impressive increase as well — just as the U.S. Mint gets ready to start selling its latest five-ounce silver bullion coin on Monday.

Year to date, the U.S. Mint has sold more than 19 million one-ounce American Eagle silver bullion coins. For the four months ended in May last year, they sold about 14.5 million.

Gold Seen Tumbling Toward Support at $1,227: Technical Analysis

Gold’s rally from a two-year low may not endure as the metal will probably drop to test a key support at $1,227.20 by the end of the year, according to technical analysis by Commerzbank AG.

Bullion for immediate delivery rallied 4.8 percent in the past two weeks through May 3 after entering a bear market last month. The metal touched $1,321.95 an ounce on April 16, the lowest level since January 2011. Cash gold advanced 0.4 percent to $1,476.61 an ounce by 1:40 p.m. Seoul time.