Gold sells off following comments from Fed Chairman Powell

Speaking at an event in New York, Powell struck a relatively neutral tone on the U.S. economy and monetary policy; he reiterated his outlook for slow but positive growth this year, despite rising crosscurrents in the global economy. “Against the backdrop of heightened uncertainties, the baseline outlook of my FOMC colleagues, like that of many other forecasters, remains favorable, with unemployment remaining near historic lows. Inflation is expected to return to 2 percent over time, but at a somewhat slower pace than we foresaw earlier in the year,” he said.…

Gold continues to rally as investors flee to safe havens

Gold has climbed this week, largely on the back of more tension between the U.S. and other countries over trade and tariffs along with expectations for lower interest rates as bond yields have fallen sharply. Gold for August delivery on Comex GCM19, +0.25% rose 80 cents, or nearly 0.1%, to settle at $1,328.70 an ounce after spending much of the session struggling for direction. The settlement was the highest since Feb. 25, according to FactSet data. Futures for the yellow metal have now posted gains for five consecutive sessions, the longest since a…

Gold Miner ETFs soar amid political uncertainty

June 3, 2019 12:33pm NYSE:GDX NYSE:GDXJ From Timothy Smith: Despite geopolitical tensions popping up everywhere investors look, gold prices have failed to capitalize on the yellow metal’s safe-havenstatus amid sustained U.S. dollar strength – typically, the two assets have an inverse relationship, which has put downward pressure on the “risk-off” commodity since late February. That changed Friday when U.S. President Donald Trump threatened Mexico with a 5% tariff on all imports to curb illegal immigration. The move raised global uncertainty to levels not seen since the fourth quarter of 2018,…

Gold prices jump on trade war escalation with Mexico

The U.S. “intending to impose trade tariff on Mexico, Germany and other eurozone nations apart from China will be bullish for gold,” said Chintan Karnani, chief market analyst at Insignia Consultants. Also, the “investment world is filled with speculation that China is preparing to retaliate over the Huawei issue. Rare earth exports to [the U.S.] could be stopped in extreme circumstance,” he said. Gold for August delivery on Comex GCM19, +1.02% rallied by $16.20, or 1.3%, to $1,308.60 an ounce, putting the metal on track for the highest finish for a most-active contract…

Gold prices move higher as the US housing sector is starting to wane

Thursday, the U.S. Commerce Department said that new home sales fell 6.9% in March, to a seasonally adjusted annualized rate of 673,000 homes, down from the March revised rate of 723,000 units. The drop was slightly weaker than expected; according to consensus forecasts, economists were expecting to sales of around 678,000 units. The report said that annually, new home sales are up 7%, compared to April 2018. The housing data has had little impact on gold prices, which were trading near session highs following disappointing reports from the U.S. manufacturing and…