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RBC's Gero: Gold Weaker After Jobless Claims Fall

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Gold is softer in the wake of a stronger-than-forecast report on U.S. jobless claims and rising Treasury yields, says George Gero, managing director with RBC Wealth Management. Spot gold was $5.70 weaker to $1,283.80 an ounce as of 8:36 a.m. EDT. Weekly U.S. initial jobless claims fell to 202,000, the lowest level since 1969, according to a government report Thursday. “Metals [are] seeing higher U.S. 10-year as well,” Gero says.

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

TD Securities: Platinum Regaining Luster; Palladium Weaker

Thursday April 4, 2019 08:56

Platinum is outperforming sister metal palladium, points out TD Securities. Both metals are used in automotive catalytic converters. As of 8:36 a.m. EDT, spot platinum was $18 higher to $884 an ounce, while palladium was $24 lower to $1,364. “On the precious-metals front, the once-hated platinum appears to be regaining its luster once again, as the substitution rhetoric grows louder and as some shorts were likely compelled to exit their positions, given headlines that the AMCU [Association of Mineworkers and Construction Union] is seeking to appeal secondary-strike ruling,” TDS says. “Meanwhile, sister metal palladium has failed to stage a material recovery after the latest meltdown, despite a stronger risk backdrop, suggesting prices could break lower once again should market sentiment take a turn for the worst.”

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

 

MKS: Gold Consolidating Ahead Of U.S. Jobs Report

Thursday April 4, 2019 08:56

Gold is consolidating as traders the market awaits Friday’s key U.S. report on March nonfarm payrolls, says MKS. “Gold looks to be consolidating around $1,290 following recent mixed data releases out of the U.S. and may see some respite from a further test toward the $1,281-$1,283 support leading into tomorrow’s NFP print following the soft ADP [private-sector jobs] figure,” MKS says. “The 100 DMA [100-day moving average] at $1,283 remains the key downside support level, with potential extension through to $1,263 and the 200 DMA around $1,250. Broad resistance through $1,295-$1,300 currently caps further top-side gains, while the 50 DMA sits at $1,308.50.”

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