Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 55 mins.Mar 02, 2020 11:05 NY Time
| Bid/Ask | 1595.50 / 1596.50 | |
| Low/High | 1590.90 / 1611.30 | |
| Change | +10.00 | +0.63% |
| 30daychg | +7.00 | +0.44% |
| 1yearchg | +302.60 | +23.40% |
| Alerts Charts |
Silver Price & PGMs
Mar 02, 2020 11:05 NY TimeKitco 10AM Silver Fix
| Silver | 16.73 | +0.11 |
| Platinum | 861.00 | -3.00 |
| Palladium | 2418.00 | -71.00 |
| Rhodium | 10200.00 | 0.00 |
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see the associated charts
(Kitco, Mon. Mar.2nd, 2020) – Gold and silver prices are sharply higher in early U.S. futures trading Monday, on a corrective bounce following sharp losses posted late last week. The precious metals are seeing some perceived bargain hunting and safe-haven demand. There is still keen risk aversion in the marketplace as the coronavirus scare continues to play out. April gold futures were last up $37.30 an ounce at $1,604.00. March Comex silver prices were last up $0.313 at $16.77 an ounce.
Global stock markets were mostly higher overnight, rebounding from last week’s shellacking. While the coronavirus outbreak continues to grip the global marketplace and is still causing trader and investor anxiety, the marketplace Monday morning is focusing on the likely stimulatory effects of central banks’ easing of their monetary policies in the days and weeks ahead. Fed Chairman Jerome Powell said Friday afternoon the Federal Reserve stands ready to act if conditions warrant. Other major central banks have just recently made similar comments. U.S. stock indexes are pointed toward mixed openings when the New York day session begins after hitting multi-month lows overnight.
The Organization for Economic Cooperation and Development (OECD) has issued a report saying the coronavirus outbreak will take a heavy toll on the global economy this year. The think tank said the scale of the economic slowdown cannot be estimated at this point, but said a best-case scenario would be global growth being dinged by 0.5% annually, which would put it at 2.4%, according to the OECD. The OECD said the best-case scenario for China’s economic growth in 2020 would be down 0.8% from the OECD’s earlier projection of 5.7% growth.
Over the weekend China’s manufacturing purchasing managers index (PMI) came in at a record low of 35.7 in February versus 50.0 in January. Expectations were for a reading of around 45.0. A reading below 50.0 suggests contraction in the sector. The global manufacturers’ supply chains have been seriously disrupted as many factories in China, the world’s second-largest economy, are still closed.
The yield on the benchmark U.S. Treasury 10-year note has dropped to a record low of 1.031% overnight before rebounding a bit as global stocks recovered. Gold and silver prices are sharply higher early Monday.
The key outside markets today see Nymex crude oil prices higher after hitting a 14-month low overnight, and trading around $45.50 a barrel in early trading. The U.S. dollar index is trading solidly down again today and hit a four-week low.
U.S. economic data due for release Monday includes the U.S. manufacturing PMI, the ISM manufacturing report on business, construction spending, and the global manufacturing PMI.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com