Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Daily Resources Overview

 
Gold and silver prices are down in midday U.S. trading Tuesday and fell to four-month lows. Gold prices have moved well off their daily lows, however. A solid rally in the U.S. dollar index today and more gains in the U.S. stock market that have the indexes at or near record highs, are the main bearish elements working against the precious metals markets recently. The safe-haven metals continue to be hamstrung by not much risk aversion in the world marketplace at present. June gold futures were last down $2.90 an ounce at $1,274.50. May Comex silver was last down $0.195 at $14.78 an ounce. With no major geopolitical hotspots in play at present, focus of traders and investors is on corporate earnings reports. U.S. earnings have been generally upbeat so far. Rising oil prices that saw Nymex crude push above $66.00 a barrel and to a six-month high today, with Brent crude above $74.00, are getting some more attention in the marketplace. More gains in crude oil would likely prompt some keener concerns about problematic inflation, as well as economic growth concerns. Oil’s surge this week is mainly due to the U.S. not renewing waivers it had given to some countries on sanctioned Iranian crude oil imports. And with oil being arguably the leader of the raw commodity sector, crude’s rally should at least be limiting selling interest in the metals. The other key outside market today finds the U.S. dollar index solidly up and not far below the for-the-move highs scored a few months ago. The strong greenback makes metals that are priced in U.S. dollars on the world market more expensive to purchase in non-U.S. currency.
 
24/04/2019 10:00:00 AM

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