Gold Gains Overnight Despite Dollar: Morning Market Update June 9 - Gainesville Coins News
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Gold Gains Overnight Despite Dollar: Morning Market Update June 9

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Gold Gains Overnight Despite Dollar: Morning Market Update June 9

Gold rallied overnight in Europe, but gave back some of the gains as the dollar showed sudden strength in early New York trading.

Silver is also up modestly, while the platinum group metals are flat.

The dollar is gaining as the euro finally responds to the new ECB stimulus measures. A strong euro has been hurting economic recovery efforts in Greece, Italy, Spain, and Portugal. A weaker euro means a stronger dollar, and a stronger means fewer dollars are needed to purchase an ounce of gold.

In other equities news, European stocks are riding the afterglow of the ECB stimulus announcement, and the better than expected non-farm payrolls report from the U.S. Likewise, the Nikkei in Tokyo closed at a three-month high on the strength of the U.S. stock rally after the NFP. Shanghai and Hong Kong stocks were up on strong export numbers out of China - almost doubling from April, to hit $35.92 billion. China recorded a surprise drop in imports of 1.6%, when an increase of 5.3% was expected. This moved the Chinese trade surplus to the widest point since 2009.

Today is a light day for economic news. China will release consumer prices and producer prices tonight. It will be Thursday, and the U.S. first-time jobless claims and retail prices reports, before anything of significance comes across the wire.

plat

Platinum may see a knee-jerk drop if and when a resolution to one of the most destructive strikes in the industry is announced in South Africa, but any lower prices are expected to be short-lived, once the fact of a supply shortage of over 1.2 million ounces of platinum this year sinks in.

 

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

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