Gold Traders Laying Low Ahead Of Nonfarm Payrolls
The gold market has been fairly quiet Thursday with trading volumes being “ominously low,” but analysts from Triland Metals note that traders appear to be waiting for Friday’s February jobs report. “Friday’s U.S. employment report could help to fine-tune the timing for the U.S. rate hike…” they say. They add that there is a risk of lower prices move lower in the near term. “There is a very strong feeling that repeated demand sub $1,200 may be running out of ammunition as bounces from this area are becoming ever so shallower,” they say.
Gold Could Drop As Jobs Report Supports Potential Fed Rate Hike – Analysts
The Fed appears to be on the path of tightening interest rates by the second half of the year and, according to some analysts, it would take a fairly weak jobs number Friday to dissuade markets from this view.
Read moreKitco Readers See A Turnaround In Mining After PDAC 2015
Although the mining sector has been in a rough patch for the last couple of years, Kitco readers see the sector turning around.
On Kitco News’ Prospectors & Developers Association of Canada (PDAC) convention coverage page, readers were asked if they expect to see the mining sector take a turn for the better in 2015.
Close to 200 respondents participated, of which 43% said they expect the mining sector to lift itself this year. The remaining participants said this is unlikely (28%) while some said they are hoping for it (29%).
Last year’s rallying cry at PDAC was ‘cautious optimism’ and this year, investors as well as mining executives seemed to have changed their tune for the better, which could mean Kitco readers may be on to something.
PDAC 2015 Wraps With Over 23,500 Attendees
(Kitco News) – The world’s largest mining convention drew to a close Wednesday as the 83rd Prospectors & Developers Association of Canada (PDAC) four-day event wound down.
U.S. Weekly Jobless Claims Rise To 320K
(Kitco News) – First-time weekly jobless claims in the U.S. rose by 7,000 to a seasonally adjusted 320,000 during the week to Saturday, the Labor Department said Thursday.
Read moreECB To Start Buying Gov’t Bonds March 9
(Kitco News) – The European Central Bank will start buying sovereign bonds on March 9, according to ECB President Mario Draghi during a press conference following the central bank’s monetary policy meeting.
Gold Slightly Up On Short Covering, Bargain Hunting
(Kitco News) – Gold prices are slightly higher in early U.S. trading Thursday, supported on some mild short covering in the futures market and on some bargain hunting in the cash market. A rallying U.S. dollar index that hit an 11.5-year high overnight remains a bearish “outside market” that is weighing down gold and silver. April Comex gold was last up $1.40 at $1,202.30 an ounce. May Comex silver was last up $0.052 at $16.21 an ounce.
ECB Leaves Rates Unchanged
(Kitco News) – The European Central Bank, as expected, left interest rates unchanged Thursday.
Read moreGold Ends Weaker as U.S. Dollar Index Hits 11.5-Year High
Gold prices ended the U.S. day session modestly lower Wednesday. A stronger U.S. dollar index that posted an 11.5-year high was a significantly bearish “outside market” force working against the precious metals and many other raw commodity markets on this day. April Comex gold was last down $3.90 at $1,200.50 an ounce. May Comex silver was last down $0.126 at $16.17 an ounce.
Australian Gold Production Sees Highest Total in 11 Years – Surbiton Associates
(Kitco News) – It’s been more than ten years since Australia has seen gold production totals like the ones the country saw in 2014, according to a mining consulting firm.
