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Gold Inches Higher in Choppy Trading

blog | Published On 5/14/2018 10:00:07 AM by Everett Millman

charting gold priceGold saw volatile action on Monday but stayed in a fairly tight trading range.

Spot gold was up modestly (+0.2%) to about $1,320/oz.

However, spot silver lost 4¢ (-0.25%) to $16.60/oz.

Platinum held unchanged at $922/oz and palladium jumped 0.8% (+$8) to around $995/oz.

After trading higher, the precious metals gave up most of their gains by the end of Friday's session. Gold and silver continue to fail at key resistance levels from a technical perspective.

The premium on gold in India is particularly high amid the traditional wedding season.

China Talks Trade, Dollar Falls Again

Trade tensions between the U.S. and China appear to be easing. Both sides are focused on reviving China's second-largest telecom equipment maker, ZTE.

The company has been in crisis of late, but even President Trump tweeted his support for helping ZTE recover.

Negotiations between Chinese and American trade representatives will continue throughout this week in Washington.

Wall St advanced as much as 0.5% to begin the week. The Dow Jones added more than 90 points (+0.37%) Friday for its seventh straight day in the green, yet the Nasdaq closed marginally lower to snap its own winning streak.

The dollar ended last week virtually flat, erasing earlier gains. The USD was off 0.3% on Monday to 92.25 on the DXY index.

This helped the British pound and euro each gain 0.4% against the dollar. The two currencies traded near $1.36 and $1.20, respectively.

Most global bonds fell in early trading. The 10-year Treasury yield was up two basis points this morning to 2.99%.

Stocks Slide in Europe as Italian Parties Form Coalition

stock market © Jan Miks | 123rf.com

Italy is close to assembling a new government, avoiding new parliamentary elections after months of uncertainty.

European stocks lost ground on the news. Both parties that are forming the governing coalition, 5 Star and League, are populist movements that generally oppose the EU.

The DAX in Germany was down 0.45% while most other indices in the region were down 0.2%.

Shares were higher across Asia last night.

Even as most analysts are expecting the Federal Reserve to raise rates in June, there is some cause for pessimism. James Bullard, head of the St. Louis Fed, believes no more rate hikes are needed at the moment.

Rising rates in the U.S. are also having an adverse impact on emerging markets. A stronger dollar also hurts commodity prices.

Crude oil slipped to close out last week as the Baker Hughes rig count rose for the sixth consecutive week. Prices moved just slightly higher Monday morning.

In the Middle East, demonstrations against the relocation of the U.S. embassy in Israel from Tel Aviv to Jerusalem resulted in dozens of protestors dying in Gaza.

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as n offer, solicitation, or recommendation to buy or sell any product.

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