Gold Ends Higher On Short Covering, Bargain Hunting, Bullish Outside Markets-Shanghai Metals Market

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Gold Ends Higher On Short Covering, Bargain Hunting, Bullish Outside Markets

Industry News 04:29:06PM Sep 11, 2015 Source:SMM

By  Paul Ploumis 11 Sep 2015  Last updated at  04:15:28 GMT

(Kitco News) - Gold prices ended the U.S. day session moderately higher Thursday. Short covering in the futures market and bargain hunting in the cash market were featured after prices fell to a four-week low Wednesday. The key “outside markets” were also in a bullish daily posture for the precious metals today, as the U.S. dollar index was lower and crude oil prices were higher. December Comex gold was last up $7.50 at $1,109.70 an ounce. December Comex silver was last up $0.074 at $14.655 an ounce.

The latest U.S. weekly jobless claims data released Thursday morning showed claims fell by 6,000 in the latest week, which was in line with trade expectations, but still falls into the camp of the U.S. monetary policy hawks. Gold prices were not impacted by the report.

World stock markets were mostly lower Thursday, as uncertainty about the outcome of next week’s U.S. FOMC meeting has moved to center stage and is causing a bit a trader and investor anxiety. The Federal Open Market Committee meets next Tuesday and Wednesday to discuss monetary policy. There is no clear consensus among traders and investors on whether the Fed will make an interest rate hike for the first time in several years at next week’s meeting, or wait until December, or later.

China’s Shanghai stock index closed down 1.4% Thursday. Japan’s Nikkei stock index was down 2.5% on the day. European stock markets were also weaker Thursday. U.S. stock indexes were firmer in preopening trading, after posting solid losses Wednesday.
China's consumer price index rose 2.0% in August, year-on-year, which was stronger than expected. However, China’s August producer price index fell 5.9% from a year ago, which was worse than expectations.

The Bank of England left its interest rates unchanged at its Thursday monetary policy meeting. No change in rates was expected.

The London P.M. gold fix today was $1,109.50 versus the previous London A.M. fixing of $1,107.75.

Courtesy: Kitco News


Key Words:  gold prices 

Gold Ends Higher On Short Covering, Bargain Hunting, Bullish Outside Markets

Industry News 04:29:06PM Sep 11, 2015 Source:SMM

By  Paul Ploumis 11 Sep 2015  Last updated at  04:15:28 GMT

(Kitco News) - Gold prices ended the U.S. day session moderately higher Thursday. Short covering in the futures market and bargain hunting in the cash market were featured after prices fell to a four-week low Wednesday. The key “outside markets” were also in a bullish daily posture for the precious metals today, as the U.S. dollar index was lower and crude oil prices were higher. December Comex gold was last up $7.50 at $1,109.70 an ounce. December Comex silver was last up $0.074 at $14.655 an ounce.

The latest U.S. weekly jobless claims data released Thursday morning showed claims fell by 6,000 in the latest week, which was in line with trade expectations, but still falls into the camp of the U.S. monetary policy hawks. Gold prices were not impacted by the report.

World stock markets were mostly lower Thursday, as uncertainty about the outcome of next week’s U.S. FOMC meeting has moved to center stage and is causing a bit a trader and investor anxiety. The Federal Open Market Committee meets next Tuesday and Wednesday to discuss monetary policy. There is no clear consensus among traders and investors on whether the Fed will make an interest rate hike for the first time in several years at next week’s meeting, or wait until December, or later.

China’s Shanghai stock index closed down 1.4% Thursday. Japan’s Nikkei stock index was down 2.5% on the day. European stock markets were also weaker Thursday. U.S. stock indexes were firmer in preopening trading, after posting solid losses Wednesday.
China's consumer price index rose 2.0% in August, year-on-year, which was stronger than expected. However, China’s August producer price index fell 5.9% from a year ago, which was worse than expectations.

The Bank of England left its interest rates unchanged at its Thursday monetary policy meeting. No change in rates was expected.

The London P.M. gold fix today was $1,109.50 versus the previous London A.M. fixing of $1,107.75.

Courtesy: Kitco News


Key Words:  gold prices