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Gold

Gold rebounded mildly on the week to close at $1,180.60, up $8.80 or 0.75%. With the struggling U.S. dollar this week we should have seen a stronger push by gold, yet the fact that we did not is an indication of the lack of conviction for the metal. Perhaps the market is waiting to see the outcome of the FOMC meeting next week, as it will be an important event to monitor with ...

Gold

Last week, gold dropped $18.70 on the week as stronger labour market data out of the U.S. pushed the dollar higher and put further pressure on the already compromised gold price. The strong NFP numbers on Friday was the final push that had the metal dropping below support at the $1,175 level and out of the 2-month consolidation zone. The metal has shed $60 in the past three weeks, largely as a ...

Gold

Gold was under pressure once again last week as U.S. data is showing signs of improving over the weak first quarter. Following the good data across the board on Tuesday, the metal dropped $10 to the $1,186 level, and the market spent the rest of the week undecided on the next direction. After a 1.44% sell-off the preceding week, gold ended the week down another 1.24% to close at $1,190.50 an ounce.

Gold ...

Gold

Gold shed $17.60 last week to close at $1,205.40, down 1.4%. The week started off on a positive note with the metal pushing above $1,230 during intraday trading on Monday. However the metal plunged $20 the following day after strong housing numbers were released out of the U.S. on Tuesday morning. The solid housing numbers set the tone for the week, and had the U.S. dollar bouncing off of a 4-month low ...

Gold

Gold gained $35.80 last week to close at $1,223, up 3%. The catalyst was the further weakness in economic data out of the U.S. last week, which has begun to raise important questions about the true health of the U.S. economy. If the weakness continues it will start to cast serious doubt about the possibility of near-term rate-hikes, as well as on the effectiveness of the Fed’s policy tools. This would be ...

Gold

Gold struggled to break back above $1200 last week and was unable to clear this psychological hurdle. The soft NFP numbers of Friday gave gold a small boost, helping the metal gain $10 on the week and close the session at $1187.20. Mixed signals given by recent economic data out of the U.S. has kept gold oscillating over the past few weeks in a narrow trading range between $1175 and $1215. However, ...

Gold

Gold initially found strength early in the week leading up to the FOMC statement, reaching a high of $1215 during intraday trading on Tuesday. However, in reaction to the less dovish than expected FOMC statement on Wednesday, the market quickly sold off gold. The following day gold was beaten down further as data showed that the Initial Jobless claims had reached a 15-year low. Gold will have a hard time making ground ...

Gold

After lingering above the $1185 support level for most of last week, gold finally broke through this level with sustained selling pressure that pushed the metal all the way to $1175. It then regained some ground and closed at a 5-week low of $1179.90, down $23.90 or 2% on the week. The main drivers behind the selloff on Friday appears to have been the strong gains in U.S. equities and the better ...

Gold

Gold was supported last week by a declining U.S. dollar, as the market was forced to stop turning a blind eye to the weak economic data perforating out of the U.S. The NFP numbers were recently shrugged off, as were the weak retail sales and the continuously poor manufacturing and production numbers. However, the market could not ignore the compounding weak data any longer, and in the process the dollar was sold ...