|Day's range||1,724.00 - 1,738.90|
The S&P; 500 continues to grind sideways, as there is nowhere to be at these extended levels. It is as if Wall Street is starting to notice something’s wrong.
Silver markets have pulled back a bit during the trading session on Tuesday. At this point, the question is whether or not we can continue to go higher?
Square Crypto supports Bitcoin's lightning network development, crypto mining pool Poolin expands lending and ICE is going after the petro dollar's creator.
The economic fallout from the coronavirus pandemic led dealers to sell gold in China, the world's largest bullion consumer, at massive discounts versus the international spot prices. Companies applying to export gold no longer need to submit physical gold inventory certificates approved by the State Council, China's cabinet, or gold production capacity certificates, the central bank said. The People's Bank of China and the General Administration of Customs said in a statement the changes were aimed at reducing paperwork to make the process more convenient.
Logically, the street protests roiling America should help gold advance or least stay around the key $1,750 per ounce level. U.S. gold futures for August settled down $16.30, or 1%, at $1,734 per ounce on Comex after a seventh day of protests across U.S. cities following the death of George Floyd. Spot gold, which tracks real-time trades in bullion, slid by $15.02, or 0.9%, to $1,724.98 by 2:32 PM ET (18:32 GMT).
Silver met resistance below $18.50 but stays above $18.00.
World stock markets have rallied nearly 36% from March lows on hopes for a swift global economic recovery.
S&P; 500 futures are gaining ground in the premarket trading session as investors favor riskier assets.
The direction of the July WTI crude oil futures contract is likely to be determined by trader reaction to the 50% level at $36.07.
Essentially, the current rally lacks the momentum to continue as bullish traders await the next catalyst to drive gold prices higher.
The Commitments of Traders report covering positions held and changes made by money managers in the week to May 26 found that speculators maintained strong buying interest in crude oil while selling was most noticeable in natural gas, gold and the three major crops.
EBW Analytics Group analysts on Monday estimated gas prices could drop to $1.50 or lower later this month.
Russia is likely to be the key obstacle in any extension. Furthermore, they are unlikely to agree to an extension which goes beyond two months.
Spot gold was up 0.1% at $1,741.65 per ounce by 10:41 a.m. ET. U.S. gold futures rose 0.2% to $1,753.30. "People know they need to be invested in the U.S. equity markets ... but they also need that gold exposure because there's so much uncertainty," said Michael Matousek, head trader at U.S. Global Investors.
Pandora has become the first big jeweller to target using all recycled gold and silver in its products as the Danish group aims to replace mined precious metals by 2025. The world’s largest jewellery maker by volume, Pandora already uses mostly recycled silver and gold in the products it makes itself, but is now seeking to get all its suppliers to reach 100 per cent recycled, chief executive Alexander Lacik told the Financial Times. Pandora, known for its charms, is aiming to become carbon neutral by 2025 and currently 71 per cent of the silver and gold it uses is recycled.
Mergers and acquisitions have taken a hit because of coronavirus but one bright spot is mining where there has been a flurry of deals, many of them involving smaller gold producers. According to data from Refinitiv, there have been 292 deals worth a total of $11.8bn in the metals and mining industry since March 23, when Canada’s Endeavour Mining announced plans to combine with Semafo in a $690m deal to create the largest gold miner in west Africa. Over the past month Anil Agarwal, the Indian metals tycoon, launched a $2bn-plus bid to take control of natural resources group Vedanta, and Colorado-based Alacer Gold announced plans to merge with Canadian rival SSR Mining in a $1.7bn deal.
European stock markets are set to open in a mixed fashion Tuesday, with cautious trading likely given the fraught relationship between the U.S. and China and the civil unrest throughout America. At 2:00 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.3% lower, underperforming its rival indices. France's CAC 40 futures were up 0.6%, while the FTSE 100 futures contract in the U.K. rose 0.3%.
US ISM Manufacturing was also stronger than expected
Silver markets rallied significantly during the trading session on Monday to kick off the week but gave back the gains just below the crucial $19 level.
Gold markets went back and forth during the trading session on Monday, reaching towards the top of the triangle that we have been forming for some time.