| Gold Prices Tuesday, August 27th, 2019
Bid/Ask |
1530.30 / 1531.30 | |
| Low/High | 1526.80 / 1535.20 | |
| Change | +3.70 | +0.24% |
| 30daychg | +112.00 | +7.90% |
| 1yearchg | +319.50 | +26.39% |
| (Kitco, Tuesday August 27th, 2019) – Gold prices are moderately higher in early U.S. trading, while the silver market is again sharply higher and hit another two-year high overnight. Bullish technical postures in both metals continue to invite the chart-based buyers to climb on board the long side. A weaker U.S. dollar index is also supportive to the precious metals markets today. December gold futures were last up $4.60 an ounce at 1,541.90. December Comex silver prices were last up $0.295 at $18.075 an ounce.
Asian and European stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward near-steady openings when the New York day session begins. While there is still a bit more trader and investor optimism regarding a U.S.-China trade agreement being reached down the road, it appears President Trump’s comments Monday at the G-7 meeting in France were probably too optimistic, following rhetoric coming out of China. While traders and investors are may not quite as anxious so far this trading week, there are still elements lingering that could quickly induce a headache for the world marketplace, including civil unrest in Hong Kong, and instability in the Persian Gulf and in Venezuela. The months of September and October are right around the corner, which have been problematic for the stock market in the past. And this year the U.K. is scheduled to leave the European Union (Brexit) in October—so far without a planned departure. Gold and silver markets are continuing to see underlying buying support from the above matters. In overnight news, another report showed weakening world economic growth, as Germany’s second-quarter gross domestic product was down 0.1%. Germany auctioned is two-year note for a yield of minus 0.89% today, which is a record low. The key “outside markets” today see Nymex crude oil prices up and trading around $54.25 a barrel. The U.S. dollar index is weaker. U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the quarterly and monthly house price indexes, the S&P-Core-Logic house price index, the Richmond Fed business survey, and the consumer confidence index.
Posted by : Jack Dempsey, President 401 Gold Consultants LLC jdemp2003@gmail.com |
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