Metals News
Gold may advance further in June
industry news
Jun 6,2017

UNITED STATES June 05 2017 10:13 PM
NEW YORK (Scrap Regisyer): INTL FCStone sees potential for more gold upside during June, although the firm also cautions about potential volatility with Federal Reserve policymakers scheduled to meet mid-month. 

“We have been relatively upbeat on gold lately and suspect that it could move slightly higher again in June, although we think that a significant part of its advance has already been put in during May and therefore, there might be only limited upside from here,” INTL FCStone said in its monthly commodities outlook. 

“We do expect gold to hit some turbulence as we approach the June Fed rate hike, but things could open up for the precious metal post-meeting if the central’s bank language remains dovish. Silver is expected to be steady as well, but we are fairly neutral on platinum as its supply picture does not look as tight as it once did,” the firm added. 

Palladium baffles analysts, they say, since a longtime high of just under $840 an ounce recently took place despite slowing car sales in the U.S. and China. 

“Nevertheless, considering that we are now in breakout territory, we suspect that prices could move higher still, although we would not want to necessarily go long here, tempting as the charts are,” INTL FCStone noted.

The firm forecasts a fairly resistant band of trading for gold during June of $1,235 to $1,310 an ounce, with a silver range of $16.60 to $18.20. Platinum is seen between $895 and $1,000, while palladium’s range was forecast to be between $750 and $895.

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