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INTL FCStone remains largely neutral on Gold for July
Jul 6,2017 20:22CST
industry news
 INTL FCStone is largely neutral on gold for July, suggesting the U.S. dollar may soften but gold may have a hard time benefitting if global bond yields continue to rise. In their monthly commodities

UNITED STATES July 06 2017 4:14 PM

NEW YORK (Scrap Register): INTL FCStone is largely neutral on gold for July, suggesting the U.S. dollar may soften but gold may have a hard time benefitting if global bond yields continue to rise. In their monthly commodities outlook, analysts call for a range for the month of roughly $1,190 and $1,270 an ounce.

Gold traded to nearly $1,300 in early June before falling back over the rest of the month due to a rise in yields. “Although we expect the dollar to move lower this month, we think that its bullish impact could be more than offset by rates moving higher,” said the firm. 

A churn in equities has not been enough to send investors piling into gold, but a more long-lasting correction could change that, INTL FCStone added.

The U.S. political situation has not been enough to warrant large-scale buying either. One wild card is North Korea – the country fired its most potent rocket yet just as we went out with this note and it remains to be seen how the U.S. administration responds.

The firm projects silver will trade between $15.67 and $16.70 an ounce in July.

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