Kitco News

Gold Shows Good Follow-Through Strength, Hits 3-Week High Apr 28 2015 2:01PM

Gold prices pushed to moderately higher levels in late-morning trading Tuesday and held those gains into the close of futures trading. More follow-through short covering in the futures market and bargain hunting in the cash market, following the big gains scored Monday, were featured today. The gold market got a boost when the U.S. dollar index extended its early losses to trade solidly lower on the day. There continues to be some safe-haven buying interest in the gold market amid the ongoing debt negotiations between Greece and the European Union/International Monetary Fund--which are not going well. June Comex gold was last up $11.00 at $1,214.20 an ounce. May Comex silver was last up $0.0251 at $16.65 an ounce.


Commentary

Don't Underestimate The Effects Of A Strong Dollar Mar 11 2015 11:00AM

The effect and impact of a strong US dollar cannot be underestimated. Today we saw the US dollar climbed to a 12 year high. This move dramatically affected the US equities markets which gave up almost 300 points today, negating all of the gains of 2015. When we look at the US dollars impact on gold, we see a proverbial salmon swimming upstream. Believe it or not gold traded roughly $5.30 higher today based upon normal trading. When we add in dollar strength we need to subtract over $11 on the day. The net effect of course was gold trading approximately six dollars lower today.


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Global Indices

Index data delayed 30 min.
updown DJIA 18,083.04 +45.07
updown NASDAQ 5,062.68 +2.43
updown NIKKEI 20,058.95 +75.63
updown RUSSELL 1,258.95 +6.25
updown NYSE 11,195.30 +28.03
updown TSX 15,338.50 -5.57
updown USD 96.06 -0.66
updown Crude Oil 57.16 +0.17
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