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SP Angel: Gold ‘Still Holds Its Haven Status’

Kitco News

Gold might be range-bound lately but the metal is still holding up due to its safe-haven status, says commodities brokerage SP Angel. Stock-index futures are pointing to a higher open on Wall Street in the wake of Friday’s news that the U.S. economy added 313,000 jobs last month. But while lower, gold has not sold off sharply. “The precious metal still holds its haven status, remaining persistently over $1,300/oz, as uncertainties remain over President Donald Trump’s meeting with North Korean leader Kim Jong Un and the impact of the trade tariffs,” SP Angel says. As of 8:10 a.m. EDT, spot gold was down $5.70 to $1,317.20 an ounce. The metal has been in a trading range of roughly $1,303 to $1,341 since Feb. 20.

By Allen Sykora of Kitco News; asykora@kitco.com

 

MKS: Platinum Steadies Since Holding At 200-Day Average

Monday March 12, 2018 8:57

Spot platinum has bounced since holding near the 200-day moving average last week, says Sam Laughlin, senior precious-metals trader with MKS (Switzerland) S.A. As of 8:11 a.m. EDT, spot metal was down $4.50 to $960.20 an ounce. The 200-day average has stood in the $948 area for several days in a row. The market bottomed at $947.19 last week before righting itself. “A close above $1,000 will likely be required to encourage a further leg higher; however, participants should be encouraged by light positioning, currently sitting toward the lowest level since 2016,” Laughlin adds.

By Allen Sykora of Kitco News; asykora@kitco.com

 

FXTM, U.S. CPI, Retail Sales To Be Keys For Markets

Monday March 12, 2018 8:57

Key U.S. economic data that markets will be closely scrutinizing this week include the Consumer Price Index on Tuesday and retail sales on Wednesday, says Hussein Sayed, chief market strategist at FXTM. The CPI report comes not long before next week’s meeting of the U.S. Federal Open Market Committee. “Consumer prices are expected to have cooled down last month after surging 0.5% in January, but the headline CPI is still forecasted to rise 2.2% YOY [year-on-year], from 2.1%,” Sayed says. “Investors are likely to give more attention to the core CPI, and if it remained steady at 1.8% [year-on-year], there would be no reason to think that the Fed will take an aggressive stance when it meets. Retail sales are expected to rebound after falling for two consecutive months. If they met the anticipated 0.3% rise, this may suggest that the tax cuts are finally encouraging consumers to save less and spend more.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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