Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Live order board
    • Daily Price
    • Regular Investing
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Live order board
  • Daily Price
  • Regular Investing
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Prices Jump in All Currencies, Silver Lags Badly, as India-Pakistan Bloodshed Continues

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • February 2019 (26)
  • January 2019 (33)
  • December 2018 (28)
  • November 2018 (39)
  • October 2018 (38)
More...

List of authors

Gold Prices 'Could Remain Above $1300 for Some Time' Despite Revised US Growth Figures and Gaining Dollar

Thursday, 8/31/2017 13:48

GOLD PRICES retreated on Thursday morning in London while the Dollar recovered on positive economic data from the United States and China and investors extended stock market gains, writes Steffen Grosshauser at BullionVault.

The US Dollar regained ground after the US second-quarter gross domestic product grew by 3.0% - its quickest pace in more than two years.

Furthermore, 237,000 workers were hired in the US in August, compared with an expectation of a 185,000 rise, which was the biggest increase in 5 months, according to the ADP National Employment data that was released 2 days before the official non-farm payroll report.

"Gold will be somewhat at the mercy of random month-end US dollar flows today, with the technical picture still constructive as long as the $1284 support holds," said Jeffrey Halley, senior market analyst at currency data provider Oanda.

While Asian and European stock markets advanced, gold declined to $1306 per ounce from the 9-month high at $1325 reached after North Korea fired a missile over Japan on Tuesday. But the yellow metal managed to hold above the key $1300 level, capping losses whilst heading for a 3% monthly gain, as geopolitical tensions between the US President Donald Trump's government and North Korea remain.

"Talking is not an answer," Trump tweeted about the standoff with North Korea. US Defensive Secretary James Mattis, however, sent a different signal by reassuring that a diplomatic solution remains on the table. Russia also warned the US that taking military action against the regime in Pyongyang could lead to "unpredictable consequences".

"Barring a quick resolution to the current stalemate, gold could remain buoyed above $1300 per ounce for some time," said Singapore-listed OCBC Bank in a note, revising its year-end outlook for gold from $1200 to $1250.

"[However,] given that the rhetoric coming from Japan and the US to date has been tempered, prices could drift lower," countered Cameron Alexander, analyst at the precious metals consultancy Thomson Reuters GFMS.

Support comes in at $1297 per ounce, the 23.6% Fibo retracement level of the recent 8-week rally, said Canada-based investment bank and bullion clearer Scotiabank's technical analysts in yesterday's note.

In other precious metals, silver and platinum remained steady around $17.40 and $990 respectively, while palladium was up 0.8% to $940 per ounce.

Global fuel prices, meanwhile, jumped as hurricane "Harvey" continued to batter the energy-rich Gulf of Mexico with around 23% of US refinery capacity, which raised concerns over fuel shortages ahead of the US Labor Day.

Over the next few weeks, the markets will closely monitor the looming US debt crisis as its government will need to raise the debt ceiling before the end of September to avoid running out of cash.

  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo
  • del.icio.us logo

Steffen Grosshauser is Senior Operations Executive and Head of German-speaking Market at BullionVault, the worldwide biggest physical gold and silver market for private investors.

See all articles by Steffen here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News, RSS links are shown there.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
5 February 2019

Gold Investor Index

Gold up, investing up!

 

 

 

CNBC TV-18
3 January 2019

CNBC TV-18

Gold jumps into New Year

 

 

 

Portfolio Adviser
19 October 2018

Vaulted large bar gold. Source: BullionVault

Beyond gold 'chatter'

 

 

 

Money Observer
6 August 2018

Bitcoin ain't gold

No, Bitcoin isn't "new" gold

 

 

 

  •  Email us

Market Fundamentals

  • Gold 'Set to Drive' Silver Price Gains in 2019
  • LBMA Gold Price Forecasts See Tight Range in 2019
  • Gold Mining M&A Now 'Easier' Than New Exploration
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • Google Plus
  • LinkedIn
  • YouTube